Professor Richard Florida began researching the geography of the high-tech industry in the 1980s. Since that time, he has noticed a dramatic shift, from a time when there were no major tech companies in urban areas and tech settlements were scattered through various suburbs, to today’s urban tech renaissance. Major investment into tech businesses in urban areas pushed the migration, and now thanks to venture capital investment, cities like New York, San Francisco, Boston, and Seattle all have a thriving tech presence.
The shift was based in large part on a realization that tech companies could avoid contributing to urban sprawl and stop demanding that employees put in oppressive commute times by resettling in urban areas. At the same time, they would benefit from the vibrant urban settings they would occupy, naturally attracting more talent and offering more appealing amenities. However, this has all come at a cost.