For those at the top, the economic recovery has been robust with appreciating portfolios and rising home values, but one UC Berkeley professor says it’s a different story for the working poor.
The latest income data shows that about 20 percent of the Bay Area lives in poverty and that figure is rising while local home prices, the stock market, and the incomes of the very rich are soaring to record levels.
As many in their mid-20s enjoy the riches from tech and dot-com companies in Silicon Valley, another section is struggling just to “get by” on their middle-class paychecks.
The Bay Area has the highest median income in the nation and San Francisco has the fastest-growing gap between rich and poor. That economic inequality is on stark display in the very places where the latest technology boom is transforming the city.
The Bay Area is grappling with an accelerating shift in its socioeconomic structure. The rich are getting richer, the poor are getting poorer and the middle-class is, simply, disappearing. In a five-part Cover Story series, KCBS’ Doug Sovern investigates just how hard it is for working-class people to make a living and how quickly American dream for advancement is slipping away.