The cost of living in the Bay Area has soared. Poll- 80% of people blame the technology industry

In a recent discussion, Russell Hancock, the CEO of Joint Venture Silicon Valley, expressed his surprise at the staggering number of residents who view the tech industry negatively. A recent poll from the Bay Area News Group and a nonprofit think tank revealed that many locals no longer think the tech sector is beneficial to the general public. There’s a widespread belief that the tech industry has amassed too much power, lacks ethical oversight, and is a significant contributor to the soaring housing costs, traffic problems, and growing homelessness in the Bay Area.

Alex Woods, a 38-year-old customer service representative, reflected on how his views have evolved. Once, he saw the tech industry as a source of numerous job opportunities in the Bay Area. Now, however, he thinks it’s at the heart of the region’s challenges. He emphasized how the high salaries of executives and tech employees are pushing housing prices to unsustainable levels, putting homeownership and even reasonable rental options out of reach for the average person. This starkly highlights the widening gap between the rich and the poor.

The survey findings are striking: 80% of registered voters attribute rising housing and living costs to the tech industry. Moreover, 75% believe that tech companies wield excessive power and influence, while 69% feel these firms lack a moral compass. Hancock was taken aback by the level of negativity directed at high-tech companies by the local population.

On another note, artificial intelligence (AI) is currently the hottest topic in Silicon Valley, yet it brings with it a wave of concerns and skepticism. Ladasha Wheeler, who coordinates MRI appointments for patients, shared her apprehensions about AI, suggesting that the rapid advancements in this field seem to elevate humans to a god-like status, and she advocates for a slowdown in progress. According to the poll, only 41% of registered voters believe their financial circumstances improve alongside Silicon Valley’s economic growth.

Despite being recognized as the largest and most vital tech hub globally, only 40% of registered voters think that the industry’s success translates to benefits for everyday people. Three-quarters of respondents are concerned that the income disparity between tech workers and those in non-tech jobs will keep widening.

Olwen Puralena, a former employee of Google and Facebook, pointed out that large corporations are under immense pressure from shareholders to generate profits, which contributes to perceptions of a lack of ethical guidance. At the same time, many individuals rely on the stock performance of these companies for their retirement savings, blurring the line between ethics and profit.