This is 100% correct. Housing has killed the golden goose that is Silicon Valley, yet network effects (VC, exec hires) don't fall apart that quickly. Solution? HQ in SF + pockets of leadership where possible, distributed everything elsehttps://twitter.com/andrewchen/status/1013877283633934342 …
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They can go live by family, have a ridiculously high standard of living, and work on really cool problems for quickly-growing companies. Remote work isn't perfect; still good to get in person, but easy to justify flights + hotels when the alternative is SF salaries
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Think the pay gap is much less in tech. If I moved to our Austin office my cut would be no where near 50%.
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That’s only true for people making $300k+ in the SFBA. Your run of the mill engineer isn’t 50% less.
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FAANG = Facebook, Apple, Amazon, Netflix, Google ?
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Remote work needs to get better for this take off though .
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Remote work is still very suboptimal. I hope that there's serious investment made there, now that SF has decided to irreversably shoot itself in the foot
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Remote work is very suboptimal… for whom? For the companies who don’t have to run huge engineering offices or can tap from more than the local talent pool? Or for the developers who can work for anyone anywhere with a twenty-foot commute from the living room to the office?
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Remote work is way more optimal than in office work.
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Like everything, there are tradeoffs in both directions. Office work means immediate collaboration and feedback, where remote work gives people time to focus. There is a time where both are necessary. Video conferencing software has not solved this problem.
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The only collaboration that I think is worse over remote is when you want a whiteboard. We have had great success and satisfaction with everything else. Watching my kids work remotely with their peers makes me think the whiteboard problem is merely a legacy issue.
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They’ve never used a whiteboard so they aren’t trying to replicate it digitally.
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Sounds like SF real estate is the token that captures a good chunk of SF’s network value
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