The San Francisco Bay Area has more billionaires than any other metro region in the world. In the number of millionaires, the Bay Area is number two in the world. after New York City, yet there are more than 1 million residents who live below the poverty line of $28,000 per year. Another 800,000 people live just above the poverty line, according to the Nov. 19 annual report by the anti-poverty organization, Tipping Point.
Half the people living in poverty in the Bay Area have at least one full-time job. The cost of living in the Bay Area is rising at nearly double the rate of wages. Full-time employment does not ensure economic security. Working at least two jobs is now considered “normal.” One man, who was born and raised in the area, told reporters that he has two jobs to work his way out of poverty, adding, “But you’re actually working your way further in.” Even area tech workers are facing layoffs by the tens of thousands.
Another 4% of the population fell into poverty in just one year; however, all of these poverty figures are from 2023, and the report warns that the situation has only become worse since then. The growing AI frenzy has only driven housing costs out of the reach of more people. Pandemic-era safety-net programs have expired, including the child tax credit, stimulus payments and expanded unemployment and food assistance. San Francisco and the metro area, consisting of the six counties that surround San Francisco Bay, are considered the most economically unequal metro region in the U.S. Some may live in luxury and privilege, but many others struggle to put food on the table.
