Written by Mary Meisenzahl
Facebook CEO Mark Zuckerberg told employees in a public Q&A on Thursday that the social media company plans to expand primarily outside the Bay Area.
One employee had asked Zuckerberg about the possibility of remote work. In response, he said that Facebook believes in the importance of large hubs for engineers, but the company is planning to grow outside of the Bay Area.
“The infrastructure here is really, really, tapped,” he said. He mentioned high housing costs and bad traffic as other limits to growth in the area.
San Francisco is the most expensive city in the United States for home buyers, with a median price for a single-family home at $1.3 million, a 329% increase since 2000. Average rents are more than $1,700, and the average one-bedroom apartment goes for $3,700 per month.
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