According to a study by Open Listings, software engineers at Apple, Google, and Facebook, would have to pay more than 28 percent of their monthly salaries to pay for a home within a 20 minute commute of their office.
Many tech companies in the Bay Area are aware that many current and potential employees can't afford to buy a home near the office, potentially hampering recruitment and keeping existing employees. Open Listings Chief Executive Judd Schoenholtz says "If that's not going to be attainable, I wonder what the long-term viability of these companies [is]," per The Los Angeles Times.
It's an issue already on the radar of many Bay Area tech companies. Last month, more than 100 tech executives and venture capitalists signed a letter supporting a bill by Sen. Scott Wiener (D-San Francisco) that would make it easier to build dense housing near transit stations. "The lack of home building in California imperils our ability to hire employees and grow our companies," the letter said.
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