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At Insperity and TriNet we went thru this in prior cycles with SF. City holds too much industry risk. it's why TriNet moved Eastward in 2009. Factors such as dependency on VC funding, reallocating staff.
For city coffers = wages, commissions, new hires vs attrition, overtime, etc
SF/Cali always endured because of the large reservoir of knowledge workers coming out of your schools. Workforce is more distributed now
In 2002 SF tech bust was patched with wave of hedge funds taking shop in SF.
2008 bust cycle = companies just stopped hiring, reduced / reallocated staff.
Also, hugely affects a city's ability to reliably forecast tax revenue. I discuss this with NYC controller frequently
Managing risk is a big part of my life. I learned from the best
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