San Francisco split by Silicon Valley's wealth
Source: Los Angeles Times
... The private mass transit system has become the most visible symbol of the digital gold rush sweeping this city, and of the sharpening division between those who are riding the high-tech industry's good fortunes and those who are not.
... Fueling the growing rift is a common belief that the vast wealth being amassed by the tech industry is not spilling over into the community.
... Unlike in previous booms, the tech industry isn't creating as many middle-class jobs or as much goodwill. The gap between Silicon Valley's high and low earners is widening, with average per-capita incomes going up while median household incomes have fallen for the third consecutive year, according to Joint Venture Silicon Valley, a private group that publishes an annual report card on the region.
In a region that lays claim to some of the world's wealthiest companies, food stamp participation has hit a 10-year high, and homelessness has increased 20% in the last two years, the group found.
Read more: http://www.latimes.com/business/la-fi-silicon-valley-backlash-20130814,7274675,6754834,full.story