Silicon valley companies scramble amid sky-high rent to keep employees close by

CCTV News

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Silicon valley brain battle and companies compete to attract talent.

Despite some disappointing earnings from the country’s tech titans, Silicon Valley is still one of the U.S.’ main engines of economic growth. But that boom has a darker side, and a lot of residents from the San Francisco Bay Area said it’s displacing the disadvantaged.

CCTV America’s Mark Niu reports.

Silicon valley companies scramble amid sky-high rent to keep employees close by

Silicon valley companies scramble amid sky-high rent to keep employees close by

Silicon valley brain battle and companies compete to attract talent Despite some disappointing earnings from the country’s tech titans, Silicon Valley is still one of the U.S.’ main engines of economic growth. But that boom has a darker side, and a lot of residents from the San Francisco Bay Area said it’s displacing the disadvantaged. CCTV America’s Mark Niu reports.

The booming tech sector in the San Francisco Bay Area has its costs.

Some studies show it has the second worst traffic in the nation, only behind Los Angeles. Rental prices there are also very close to the top, with the average apartment rent within ten miles of the city costing $3,770.

And that doesn’t even include parts of Silicon Valley where prices run even higher, making companies and city services scramble for ways to keep their staff living nearby.