Are tech giants going to bail on Silicon Valley?

Silicon Valley is bearing the brunt of the region's housing and job crises on many fronts. Facebook’s recent activity may point to dangerous implications for the valley’s future as a home to tech companies. Taylor Hatmaker reports for TechCrunch.

“In a live-streamed town hall, Mark Zuckerberg gave an overview for what he expects in the near future as Facebook pursues accommodations to keep workers productive and safe during the COVID-19 crisis. The move comes as large tech companies reassess the viability of their iconic Silicon Valley campuses, now empty as the pandemic keeps most employees at home.

“Part of Zuckerberg’s vision, announced Thursday, includes the surprise announcement that Facebook will be setting up new company hubs in Denver, Dallas and Atlanta. Zuckerberg also noted that Facebook will focus on finding new hires in areas near its existing offices, looking to cities like San Diego, Portland, Philadelphia and Pittsburgh. The Facebook CEO estimated that over the course of the next decade, half of the company could be working fully remotely.

“For Menlo Park employees looking for greener pastures, there’s one sizable catch. Starting on January 1 of next year, the company will localize all salaries, scaling compensation to the cost of living in the enclaves Facebook employees may soon find themselves scattered to other States.

Read the whole thing here.