New San Francisco Tech Boom Brings Jobs but Also Worries
Far from Silicon Valley’s self-enclosed campuses, Twitter and other tech start-ups are gravitating to an urban core in San Francisco that has defied development for decades. Its soon-to-be neighbors include liquor stores, check-cashing stores and discount hotels.
At the Ironwok Japanese and Chinese restaurant, whose half-torn storefront banner flapped in the wind on a recent afternoon, the owners were waiting for Twitter with the same mixture of expectation and trepidation shared by much of the city toward the second tech boom in a little over a decade. “Of course, Twitter is good for the city, but how about me?” said the owner, Jenny Liu, 41, explaining that her landlord was raising her monthly rent to $12,000 from $8,000. Even more than the dot-com bubble of the 1990s, this boom could transform the fabric of the city. In a city often regarded as unfriendly to business, Mayor Edwin M. Lee, elected last year with the tech industry’s strong backing, has aggressively courted start-ups. But this boom has also raised fears about the tech industry’s growing political clout and its spillover economic effects.