In San Francisco, the rent — as they say — "is too damn high."
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The cost of living in San Francisco is so high, a tech company is paying workers $10,000 to leave
Tech company Zapier is launching a "de-location" incentives program.
San Francisco has become unlivable for artists, artisans, and even tech entrepreneurs.
In an effort to help employees avoid the high cost of living, a small tech company will pay new hires $10,000 to move out of the Bay Area and work remotely.
In a blog post published March 17, Zapier CEO Wade Foster announced an experimental "de-location" incentive program that will reimburse moving expenses up to $10,000 if a person accepts a position at the startup and moves out of the Bay Area in the first three months.
The Bay Area is one of the most competitive rental markets in the US. In San Francisco, the median rent tops $4,200 a month, according to real estate site Trulia. One analysis suggests mid- to senior-level engineers at companies like Google, Uber, Airbnb, and Twitter can expect to pay between 40% and 50% of their salary renting an apartment near work.
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Millennials, who make up roughly 30% of the San Francisco population, are driving prices sky high.
Zapier's answer to the red-hot housing market? Let someone else battle it out.
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