Word: tech
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Dates: during 2000-2000
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Dotcom-related price spurts in real estate aren't confined to the tech-heavy Bay Area. The cities with the highest rates of growth when it comes to technology companies--places like Phoenix, Ariz.; Denver; Boston; Portland, Ore.; Fort Worth and Austin, Texas--also happen to be the cities with the fastest-rising house prices. "This is no coincidence," says Ross DeVol, an economist at the Milken Institute in Los Angeles, a nonprofit think tank. "The indirect effect of [dotcoms'] being there is that landlords jack up the rates on everyone else. It's out of control...
Dotcom-driven rents have become a hot-button election issue. Two propositions headed for the November ballot in San Francisco attack the way tech firms have wiggled around strict zoning restrictions on office space by defining their space as anything but an office. The radical Prop L would force live-work lofts to be used as affordable housing and ban dotcom development in areas like the Mission. The much milder Prop K, backed by Mayor Willie Brown and an assortment of business interests, would limit dotcoms in only a couple of neighborhoods--and compensate with a hefty raise...
...N.Y.S.E., allowing investors to bet on the kinds of long shots VCs do. The focus of meVC is on private and pre-IPO companies. But VCs get big cuts, and with annual fees of 2.5% and 20% on realized gains, you'd better pray one of the 12 tech companies it's invested in becomes the next Cisco...
...Take the Verizon strike, in which management took the risk of a labor walkout and then discovered that in the high-tech, high-growth telecommunications industry, where employees are hard to find, hard to train and harder to keep, the lowly worker has quite a bit of clout. Some of the workers' victories in the deal, reached early Monday, that should effectively end the 15-day strike, according to the Wall Street Journal...
...Oliver Carr, the city's premier bricks-and-mortar developer for the past 40 years, now belongs to James V. Kimsey, co-founder of America Online and the guy who brought the new economy to Washington's doorstep by keeping AOL in his hometown. He entered the high-tech world in the early '80s when he became chief executive of Control Video Corp., an interactive-games company. Then Kimsey hired a kid from Pizza Hut named Steve Case. In 1985 he and Case started Quantum Computer Services, the company that became AOL, now a $135 billion giant that...