So what happened?
Details from the Silicon Valley Index report show in detail the massive divide between the haves and the have-nots. One of main reasons for this gap comes from income disparities.
Since 2012, the income divide has grown twice as quickly compared to the rest of California and the U.S. The gap between residents of varying educational attainment levels is also wider here than elsewhere.
Around 30% of households living in Silicon Valley don’t earn enough to meet their basic needs, and 37% of children live in households that face food insecurity.
Since 1993, the region has seen a net addition of 472,000 people from abroad and a loss of 641,000 residents to other parts of the state and nation.
“It used to be this race to growth, and now it's this efficiency push, and that's translating into tremendous profits, but it means slow growth or no growth for our region,” said Hancock.
After working in the tech industry for several decades and even running a business at one point, Robert Aguirre ended up losing everything in the dotcom bust.
He told CBS News Bay Area that he lost his business after his manufacturing clients moved their work overseas. He also ended up losing his house and became homeless, living on the streets.
“People are pushed out, they’re priced out, they're voted out,” Aguirre told the news outlet. “They’re just not given a voice, not given an opportunity, and it just wears down on everybody and suddenly there's just no money coming in.” Aguirre now receives government assistance for housing and food.
“When you start telling people if you can’t afford to live here move somewhere else, I ask them, do you expect your barista to come from Central Valley to come here to make your coffee, or to groom your dog, or to do your hair?” he said. “You just can't expect people to come from outside of the area, they need to be able to afford to live here as well.”
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