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Rents for a one-bedroom apartment dropped most in the cities richest in high-paying tech jobs, falling 9.2% in San Francisco compared with May of 2019. In Mountain View, home to Google, rents fell 15.9% year over year, while in Apple’s hometown of Cupertino rents dipped 14.3%, according to the rental search engine Zumper. In San Bruno, where YouTube has its offices, rents tumbled 14.9%.
High rents has been harming the startup ecosystem in Silicon Valley because it increases the costs of gathering talented entrepreneurs. Steve Chen, the co-founder of YouTube, also said on May 11th 2020 in Taipei that people often visit Silicon Valley first and then found their partners. Since entrepreneurs have to encounter each other first before they start their journeys, the expensive living expense decreases the chances for those entrepreneurs to find each other in Silicon Valley.
So, happy to hear the news Silicon Valley rents plunge. Let’s meet in Silicon Valley.