Homepage / Technology / It's time for tech to fix the wealth inequality problem in the Bay Area, says start-up CEO
Amazon says this Prime Day was its biggest shopping event ever Kudlow says President Trump is 'so dissatisfied' with China trade talks that he is keeping the pressure on As stocks regain their footing, an ominous warning looms Goldman Sachs downgrades Clorox to sell, says valuation is 'unsustainably high' How Satya Nadella has spurred a tripling of Microsoft's stock price in just over four years Kudlow says economic growth could top 4% for 'a quarter or two,' more tax cuts could be coming The one chart that explains Netflix’s stunning comeback US housing starts plunge 12% in June to a nine-month low Aerospace titans Boeing and Airbus top $110 billion in orders at Farnborough Target uses Prime Day to its advantage, logging its 'biggest online shopping day' so far this year Billionaire Marc Lasry sees bitcoin reaching up to $40,000 as it becomes more mainstream and easier to trade These are the 10 US airports where you're most likely to be hacked Amazon shares slightly higher as investors await Prime Day results Wreck of Russian warship found, believed to hold gold worth $130 billion A bullish ‘phenomenon’ in bond market is weeks away from fading, top credit strategist says Stocks making the biggest moves premarket: MS, GOOGL, TXN, UAL, NFLX & more Twitter shares up 50% since late April means most upside priced in, analyst says in downgrade EU fines Google $5 billion over Android antitrust abuse Mortgage applications fall 2.5% as buyers struggle to find affordable homes America may not have the tools to counter the next financial crisis, warn Bernanke, Geithner and Paulson Investors are getting spooked as the risk of a no-deal Brexit rises EU expected to fine Google $5 billion over Android antitrust abuse Ex-FBI chief James Comey urges Americans to vote for Democrats in midterm elections Elon Musk apologizes to British cave diver following baseless 'pedo guy' claim Disney, Comcast and Fox: All you need to know about one of the biggest media battles ever Xiaomi shares notch new high after Hong Kong, mainland China stock exchanges reach agreement The trade war is complicating China's efforts to fix its economy European markets set for a strong open amid earnings; Google in focus Hedge fund billionaire Einhorn places sixth in major poker tournament The biggest spender of political ads on Facebook? President Trump Asian stocks poised to gain after Fed's Powell gives upbeat comments; dollar firmer Stocks are setting up to break to new highs Not all FAANG stocks are created equal EU ruling may be too little, too late to stop Google's mobile dominance Cramer explains how Netflix's stock managed to taper its drop after disappointing on earnings Airbnb condemns New York City's 'bellhop politics,' threatens legal retaliation Amazon sellers say they were unfairly suspended right before Prime Day, and now have two bad choices Investor explains why 'duller' tech stocks can have better returns than 'high-flying' tech names Elon Musk is 'thin-skinned and short-tempered,' says tech VC Texas Instruments CEO Brian Crutcher resigns for violating code of conduct Google Cloud Platform fixes issues that took down Spotify, Snapchat and other popular sites Uber exec: We want to become the 'one stop' transportation app 'What a dumb hearing,' says Democrat as Congress grills tech companies on conservative bias Amazon shares rebound, report says Prime Day sales jumped 89 percent in first 12 hours of the event How to put your medical history on your iPhone in less than 5 minutes Investment chief: Watch these two big events in 2018 Even with Netflix slowing, the market rally is likely not over Cramer: Netflix subscriber weakness debunks the 'sky's the limit' theory on the stock Netflix is looking at watch time as a new area of growth, but the competition is stiff Why Nobel laureate Richard Thaler follows Warren Buffett's advice to avoid bitcoin Rolls-Royce is developing tiny 'cockroach' robots to crawl in and fix airplane engines After Netflix plunge, Wall Street analysts forecast just tame returns ahead for the once high-flying FANG group Roku shares rise after analyst raises streaming video company's price target due to customer growth China is investing 9 times more into Europe than into North America, report reveals Amazon says US Prime Day sales 'so far bigger than ever' as glitch is resolved Netflix is on pace for its worst day in two years US lumber producers see huge opportunity, rush to expand San Francisco to consider tax on companies to help homeless Homebuilder sentiment, still high, stalls as tariffs, labor and land drive up costs Powell backs more rate hikes as economy growing 'considerably stronger' Netflix history is filled with big stock declines – like today – followed by bigger rebounds Intel shares get downgraded by Evercore ISI due to rising competition from Nvidia, AMD Petco aims to reinvent the pet store with something you can't buy online Genetic testing is coming of age, but for consumers it's buyer beware Tech 'FAANG' was the most-crowded trade in the world heading into the Netflix implosion, survey shows Netflix weak subscriber growth may indicate a 'maturity wall' that could whack the stock even more: Analyst This chart may be predicting the bull market's demise Wall Street says Netflix's stock plunge is a ‘compelling’ buying opportunity because the streaming giant ‘never misses twice’ Tesla sinks after Musk tweets, again Boeing announces new division devoted to flying taxis Stocks making the biggest move premarket: NFLX, UNH, GS, AMZN, WMT & more Deutsche Bank downgrades Netflix, but says big subscriber miss is not 'thesis changing' IBM is experimenting with a cryptocurrency that’s pegged to the US dollar North Korea and Zimbabwe: A friendship explained Virgin Galactic spinoff Orbit to launch rockets from the UK with space deal Artificial intelligence will create more jobs than it destroys? That’s what PwC says ‘Treasonous’ Trump and ‘Putin’s poodle:' Scathing headlines follow the Trump-Putin summit China’s fintech companies offer ‘enormous’ opportunity, investment manager says Trump's performance at summit with Putin was 'unprecedented,' experts say Walmart and Microsoft link up on cloud technology as they both battle Amazon European stocks seen mixed amid earnings; Fed’s Powell to address Congress How I knew I should quit my day job and run my start-up full-time: Viral website founder China's stocks have been trounced, but the trade war may ultimately be good news for those shares Billionaire tech investor Peter Thiel bets on crypto start-up Block.one Asian shares subdued open after mixed close on Wall Street; energy stocks under pressure Amazon cloud hits snags after Amazon Prime Day downtime Netflix isn't doomed by one quarter unless people start questioning the long-term investor thesis Tech stocks set to sink on Tuesday after rough evening for ‘FANG’ Netflix plummets after missing big on subscriber growth This wristband lets humans control machines with their minds The U.S. has a rocky history convincing Russia to extradite computer criminals Amazon suffers glitches at the start of Prime Day Jeff Bezos is now the richest man in modern history 'The United States has been foolish': Read Trump and Putin's full exchange Goldman Sachs recommends these 5 highly profitable companies — including Nvidia — to combat rising inflation Goldman Sachs releases 'tactical' stock picks for this earnings season Three red flags for Netflix ahead of its earnings report The bond market may be raising recession fears, but don't expect one anytime soon Cramer: Banks are 'making fortunes' but are still as hated as they were during the financial crisis Putin told Trump at summit: Russia never meddled in US election

Technology

It's time for tech to fix the wealth inequality problem in the Bay Area, says start-up CEO

A couple of years ago, Catherine Bracy was sitting on her couch in Oakland watching TV and scrolling through Twitter when a headline came across her computer screen. Uber announced that it was buying the Sears building right across the street from where she lives, and bringing 2,500 employees there.

“I’ll admit my initial reaction was one of dread,” said Bracy, the CEO and co-founder of TechEquity Collaborative. She began building out the nonprofit startup about a year ago.

“I was picturing what it would mean for all of those Uber employees to be parachuted into my neighborhood, where the median income was about $25,000 a year,” said Bracy, whose expertise is in civic technology. “What would it mean for my neighbors? What would it mean for my rent?”

Bracy didn’t have to look very far for the answers. Just across the bay in San Francisco was what her neighbors feared was a classic example of what happens when tech companies move into an economically depressed urban center: rising inequality and gentrification. In many ways they thought it was a glimpse into what would likely be Oakland’s future, she said.

“People would say, ‘No, don’t come … we don’t see that this is a valuable addition,'” she said. “I grew up in Detroit in the ’80s, and if a company had made a similar announcement it would have been met with fanfare. Instead, my neighbors in Oakland were against it.”

The rise of the creative class in San Francisco, Oakland and the surrounding areas has long been a point of contention for members of the local community, many of whom have watched as property values skyrocketed, making their neighborhoods unaffordable.

Bracy and her team at TechEquity Collaborative want to bridge the gap between the tech industry and the local community. “I decided we need to do something about it, at least from a very local on-the-ground perspective … because literally this is my neighbor and personally it’s very real for me,” said Bracy.

“In sort of a bigger picture way it’s just not a great sign for our economy and what it symbolizes in terms of where wealth creation is happening and who it’s going to,” she said.

“Any industry that is growing as fast as tech is in this context is going to create the same dynamic. There’s nothing specific about tech that makes this crisis worse except maybe the fact that there is a perception that they don’t care,” said Bracy.

While the tech industry did not cause the deepening housing crisis in the Bay Area, it is driving growth there. “So, they have some responsibility … in fixing the problem. They also have some outside political power and privilege that by and large goes unused on local issues like this,'” said Bracy.

“A line that is stuck in my head is from a housing activist who said, ‘Everyone is at the table; tech is not at the table,'” said Bracy.

It isn’t uncommon to see tech employees walking to work along streets where people are living in tents. “They’ve been seen as living in their parallel universe and not really caring about the community. That feeds this perception that tech is the cause and that they’re the enemy,” she said.

“I think it’s unfortunate and it’s a missed opportunity because people in tech and folks who are working to protect the most vulnerable communities are on the same page as far as policy.”

The first thing TechEquity Collaborative is focused on is raising awareness among its members about the fundamental challenges low-income communities face when tech companies move in, and how to reduce harm and maximize opportunities for everyone.

“The second is organizing things they can do, using their skills and resources to support the community and community organizations that are working on these issues every day,” she said.

TechEquity members often reach out to their local officials, “actually raising our voices around policies that need to change,” she said.

The group advocated for the city of Oakland to include $5 million in its budget for the next two years for anti-displacement services. “[We recognize] that we need to build more units of affordable housing, but that those units won’t come online for several years,” said Bracy. “In the meantime, Oakland is losing its low-income and communities of color at a really rapid pace. So we need to do what we can in the short term to help protect those communities and keep them in place while we create more housing.”

Since starting the organization Bracy has seen rapid growth in its member base and interest, all signs that tech workers want to bring about change, she said.

“Tech does want to be a part of the solution, and tech isn’t the underlying cause of the crisis,” she said. “I am a part of the creative class that has some responsibility for contributing to the conditions in the first place. … I think it’s incumbent on us to create a new political narrative about the role that tech and the creative class can play in driving growth in big cities and doing that in partnership with community organizations,” said Bracy.

“So, the next time an Uber announces they’re moving to Oakland it’s greeted with applause and not concern.”

Source: Tech CNBC
It's time for tech to fix the wealth inequality problem in the Bay Area, says start-up CEO

Comments are closed.