Photo: BEImages/Henry Lamb/Photowire
If you think New York is the most expensive real estate market in America, think again. Over the last year, thanks to the migration of tech companies from Silicon Valley, San Francisco has wrestled the undesirable distinction from The Big Apple.
At the forefront of this paradigm shift is Square CEO and Twitter chairman Jack Dorsey. Twitter alone is responsible for the creation of 1600 new millionaires this year, after the stock went public in November. So it's no surprise that when Forbes Magazine asked Dorsey about the backlash by the Bay in a recent interview, the tech guru had a lot to say. "It is really disappointing and it weighs on everyone." said Dorsey. Always the pragmatist, Dorsey's at least pleased that the conversation is being had. "Our mindset here is we are going to act locally." he continued. "One of the things that we did which I am very proud of is that every Friday at 11 am, we had a bunch of people, including me, go out and pick up trash around the neighborhood.
Still, Dorsey feels that the problem is far from being solved. "There's a lot more of that that we can do." Um, no kidding. San Francisco has the least affordable housing in the country, with a median rent of $3,250 a month for a two-bedroom apartment. Wow. Thank you New York, for being so affordable. (Forbes)