SAN JOSE, Calif. (KCBS) -- A new report released at the annual State of the Valley conference finds that the income gap in Santa Clara Valley is widening with more middle-income levels families being squeeze out.
According to the report, the number of households making $100,000 or more a year has gone up by five percent in the past five years, but at the same time, those making less than $35,000 a year are increasing as well.
Russell Hancock, CEO of Joint Venture says Silicon Valley is developing into an hour-glass community with the middle class slowly being pushed out.
KCBS’ Matt Bigler reports
Emmett Carson, CEO President of the Silicon Valley Community Foundation says the region can’t survive without middle-income professions, including teachers, nurses and social workers.
Carson says changing that figure will take a concerted effort by all 40 cities by creating “livable” communities with room for higher income families but also middle and lower income as well.
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