Calamities Challenge California’s Economic Foundation
An article in the New York Times highlights how the overlapping effects of climate change and pandemic-induced remote work, combined with the Bay Area's high housing prices, could threaten the economic foundations of California's economy. Although it remains to be seen how large-scale remote work will affect companies, many companies had already started re-locating employees to areas with lower real estate and labor costs prior to the pandemic. Although a return to relative normalcy may occur in the near-term when we emerge from the pandemic, the events of 2020 have raised serious questions about how the state can sustainably and safely accommodate new economic growth as it moves forward from the pandemic.
"Having a prosperous and growing economy ultimately means finding new ways to add jobs and homes. So California’s looming battles over climate change promise to be another round in a debate that predates statehood, which is how many people it really wants, and how much water will be required to sustain them," says the article.
Calamities Challenge California’s Economic Foundation, New York Times