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Bay Area tech icon Keith Rabois has announced he’s definitely leaving San Francisco – and he’s criticizing the city on the way out.
Rabois, an early executive at PayPal, Square, LinkedIn and more, told Fortune that he is “moving soon” because he finds “impossible to stay” in San Francisco. After living in the Bay Area for 20 years, he said he plans to move to Florida.
“I think San Francisco is so badly run and run that it’s impossible to stay here,” Rabois told Fortune. He told the post that other friends in his peer group have followed suit, and a look at his Twitter account shows several tweets about the so-called exodus from San Francisco.
Rabois is a Silicon Valley legend as an investor and technical director. He rose to prominence within the PayPal mafia, a group of early PayPal employees, including Peter Thiel and Elon Musk, who have since grown into big names in the industry.
His Glen Park residence made local headlines in 2017 when he submitted a renovation project to the city. Rabois purchased two properties on Everson Street with the intention of adding a gym, basketball court and sauna. Neighbors feared he would create a Mark Zuckerberg-style tech complex and went so far as to set up a website to protest his plans.
Rabois is not the only person to have left San Francisco during the coronavirus pandemic. In August, real estate site Zillow released its 2020 Urban-Suburban Market Report, which showed inventory in San Francisco was up 96% year-over-year.
“It may be tempting to credit the city of San Francisco’s inventory boom to the advent of remote working that accompanied the pandemic, but one need only look to San Jose to question that narrative,” said Zillow economist Josh Clark at SFGATE in August. . “The San Jose Metro, which like the city of SF is dominated by tech workers, has not seen a similar increase. Two things that could make the difference are San Francisco’s density and its smaller share of family households. “
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