The coronavirus pandemic upended the region’s economy — and many of the changes are likely to be permanent
Population growth. Transit ridership. Office demand. Property tax revenues. The coronavirus pandemic upended the Bay Area economy — and many of the changes are likely to be permanent.
The fallout is monumental. Transit ridership has plummeted. For example, weekday ridership on BART, which depends heavily on office workers, continues to hover at aboutabout 73% of what it was pre-pandemic.Pain lies ahead The big driver of the downturn, which is continuing in 2023, is, not surprisingly, office buildings. “The office market is now at the bottom of desired real estate property in Santa Clara County,” Stone says. That’s the Silicon Valley, a key driver of the Bay Area economy.
This is the time when they should be reevaluating how they allocate their precious revenues. How they respond will tell us whether they will meet this moment.BART officials, for example, should be rethinking rail service, scaling back because of reduced demand. Instead, they are increasing service, suicidally accelerating the race toward the “fiscal cliff” that’s right in front of them.
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