San Francisco has fallen in the rankings of America’s best cities as its high cost of living, rampant crime, homelessness and an exodus of companies take a heavy toll.
The once-bright city by the Bay fell from 27th last year to 126th in the latest study from the Milken Institute, which ranks metro areas nationwide.
The sharp fall from grace comes after San Francisco ranked No. 1 in 2020 — the year it began its struggles caused by COVID.
The Milken Institute’s annual report ranks the best cities based on metrics including job and wage growth, affordable housing, economic equality and other factors.
Topping the list was Raleigh, NC, followed by Ogden, Utah and Salt Lake City. Huntsville, Ala. and Colorado Springs, Colo. rounded out the top five.
As of 2020, several large companies, including X, Oracle, Tesla, Hewlett Packard, Charles Schwab, and Palantir have moved their headquarters from the San Francisco Bay Area to states like Texas and Colorado. Companies cited California’s high costs and regulatory challenges, and a more business-friendly climate in other states.
This trend reflects a broader shift as corporations seek lower taxes, reduced operating expenses and better economic conditions, impacting the commercial real estate and employment market in the Bay Area.
Since the pandemic, the Bay Area has also faced significant challenges related to crime.
Oakland has experienced an increase in homicides, with 114 reported in 2023, marking the fourth consecutive year of over 100 homicides.
Meanwhile, a brazen wave of shoplifting prompted California Gov. Gavin Newsom to sign legislation in August aimed at combating organized retail crime.
The San Francisco Police Department has deployed high-tech drones equipped with surveillance capabilities to boost crime-fighting efforts, leading to more arrests and improved response times.
San Francisco also consistently ranks among the most expensive cities in the US along with New York, San Jose, California and Honolulu.
The deterioration of the quality of life in San Francisco has had political consequences.
In the November 5 mayoral election, billionaire philanthropist and Levi Strauss heir Daniel Lurie defeated incumbent Mayor London Breed, winning approximately 56% of the vote to Breed’s 44%.
Lurie, the founder of the community nonprofit Tipping Point, is the first political outsider to be elected mayor of San Francisco since 1911.
His campaign focused on tackling crime, homelessness and housing affordability.
During the race, Lurie pledged to provide 1,500 housing units within his first six months in office and to prioritize public safety by increasing police staffing.
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