MCViewPoint

Opinion from a Libertarian ViewPoint

EconomicPolicyJournal.com: San Francisco Tech Firm Paying Employees $20,000 If They Leave San Francisco

Posted by M. C. on September 27, 2020

https://www.economicpolicyjournal.com/2020/09/san-francisco-tech-firm-paying.html

This is how crazy it is getting for big lefty cities.

The San Francisco-based high-tech payments company Stripe is offering employees a one-time cash payment of $20,000 if they leave San Francisco, Seattle or New York, reports The San Francisco Business Times.

Firms such as Stripe have begun to realize that it is extremely expensive to have a large office presence in these lefty cities where local taxes are sure to spike and it is expensive to compete for employees 

The mad lockdowns instituted by the local governments in these cities ended up teaching these firms that it is not necessary to have employees all located together in one giant complex. That working at home for some does not cut productivity.

Stripe will still maintain a significant office presence in SF but the offer should be tempting to many. Stripe plans to pay employees up to 10% less if they leave the big cities but the combination of the $20,000 payment plus much lower costs for housing in most other parts of the country will make it a sound move for many.  

According to Bloomberg, VMware Inc. has instituted a similar policy, and Facebook Inc., Twitter Inc. and ServiceNow Inc. are also considering similar measures.

RW

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