Just in case you had not noticed, San Francisco and the nearby peninsula have become the Internet headquarters. For the whole planet.
Who is here? Google, Facebook, Youtube, Twitter, eBay, Craigslist and a dozen other sites that generate the most Internet visits.
That of course means that employment in this area has attracted 100,000 new, higher paid, workers in the past few years. This is a boom town with longevity.
On the face of it this should be a boon for tax revenues in San Francisco and California. But because of high local taxes, progressive income taxes and open hostility toward business, nearly all the employment growth at these companies is out of state.