A growing number of San Francisco tech executives are abandoning the city to move to London, fueling an American-led boom in foreign home sales in the UK capital city.
‘Tech workers have grown disenchanted with San Francisco,’ Annie Ingram, a private banker at Coutts, told The Telegraph this week, citing concerns about rising crime, homelessness and open-air drug use in the Golden Gate City.
Last year, Americans became the largest group of overseas buyers in prime central London, replacing Chinese buyers in the top spot the prior year, and the French in 2020, according to data from real estate agency Knight Frank cited in the report.
The trend has been helped by favorable exchange rates, which gave dollar buyers an effective 30 percent discount on purchasing property in London during parts of last year, according to a January study from Beauchamp Estates.
Last year, Instagram head Adam Mosseri made a high-profile move from the Bay Area to London’s posh Kensington neighborhood, although he has been recalled by bosses at parent company Meta and will return to the US later this year.
www.dailymail.co.uk/news/article-12116729/San-Franciscos-tech-millionaire-quitting-city-London.html
Yup! Cali needs to hurry up and instate an 80% wealth confiscation of any millionaire who leaves!!!!! That would incredible!
h/t Simian_Stacker