Are the Techno Rich Really Ruining San Francisco?

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Jan. 7 (Bloomberg) –- Center for Investigative Reporting Executive Chairman Phil Bronstein discusses tech companies having to pay the city of San Francisco for their buses to use the public infrastructure and the tech industry’s impact on the area’s rising housing costs. He speaks to Emily Chang on Bloomberg Television’s “Bloomberg West.” (Source: Bloomberg)

Should they have to pay?

This thing hashed this issue has been going on of income disparity probably sense the 49er days when the madness of gold and silver were building these mansions amidst poverty.

I remember back as a reporter in the 1970s when jennifer -- when gentrification became a word.

This has been happening and happening.

It is not just san francisco.

It is repeated in cities around the world.

I was a foreign respondent for many years.

Of late, the tech industry has boomed in san francisco.

Companies take out huge corporate office spaces and they are revitalizing certain neighborhoods.

At the same time, they are driving up real estate prices.

The pissed factor is not quite high enough.

No one has been guillotined in 150 years.

You have this war were they are bumping chests against each other when nothing is happening.

The charging of the shuttle companies will pass it on to the tech companies.

It is a dollar a day per stop.

We have not been able to figure out how much.

They are not allowed.

Of course, you cannot make a profit.

The cost is estimated at $1.5 million.

If you do the math, it is more like 8 million.

The problem with this is that there were a couple of quotes, the president of the board of supervisors said, we have seen wild wild west in our streets.

Have you ever been to manhattan?

You are calling out new york city.

There will be a bus.

I am not predicting anything.

You think -- it goes up and down.

There is a push off people -- there is a push of people out of san francisco.

Hunters point, i remember when willie brown first ran for mayor . he had never been to hunters point.

There are places that are still struggling where people can still find places to live.

It is not just the lowest income -- the people in the lowest income bracket that are complaining.

Middle-class people trying to find an apartment in san francisco cannot find one.

It is so expensive.

The housing around the bus stops is especially inflated.

There is no question about it.

Where i used to work at the chronicle, there was a corner bar and there were literally cockroaches at the table.

Now there are bluebottle coffee shops where a coffee is 28, 29, $30. it is a change of culture.

It is a conflict of culture.

What about this sudden wealth?

It is a phenomena in that i do not believe -- end of year bonuses for 2013 were pretty good.

There was a trickle-down effect to artisans and others who sell goods and services to these people.

There is a question as to whether there is a trickle-down effect.

In the 1970s and 1980s, japan airlines would sell japanese tourists and give them a credit card.

They would not spend a single dime that would stay in san francisco.

It is a silly symbol, the bus.

I spoke to the mayor about this last year.

There seems to be this divide between techie community and everybody else, whether there are poor people or not.

The industry can be closed.

We live inside our own bubble.

Do you think it is creating a different class of citizen?

I asked that question of the mayor.

He did not think so.

Of course not.

The language alone, they speak a different language.

I do not understand it.

There is this cultural bubble.

Does it benefit others san franciscans?

You may be irritated or pissed off if you see the's fancy buses pulling into your muni stop.

You may be benefiting from the fact that these people live in san francisco.

It is not an entirely closed society.

What you may be war -- you should be more worried about, when you get on a website to complain about it, whoever owns that website have data on you they are using to get wealthy.

The collection of individual data, people ought to be more worried about that.

Always great to have your perspective.

We will see how this one

This text has been automatically generated. It may not be 100% accurate.


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