While the tech industry had typically required its employees to live within commuting distance in years past - Facebook even used to give a bonus the closer employees lived to the office - the pandemic has shifted how many companies value in-office work. Its median rental price is 2.5 times the national average, making it the most expensive city in the US for renting a two-bedroom apartment. 'It's very clear right now, people are shifting their preferences pretty massively,' Rabois told Fortune.Ĭalifornia has some of the highest taxes in the nation and is one of the most expensive cities for homebuyers. Rabois recently announced that he's 'moving imminently' to Miami, telling Fortune that 'San Francisco is just so massively improperly run and managed' that 'it's impossible to stay here.' Rabois also cited Florida's lack of a state income tax and Miami's 'interesting mix of New Yorkers, Latin Americans, and Europeans' as factors in his decision to move there.

Startup investor Keith Rabois seems to have had similar motivations for leaving Silicon Valley. Account icon An icon in the shape of a person's head and shoulders.

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