I remember when my area in London was termed "Silicon roundabout" because Cameron and Co were dreaming about a high-tech center here. Ah, how we laughed.
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Just as a follow-up (no, it hasn't improved): The only reason why tech startups were here was the relatively cheap rents for a rather central location. Guess what happened next. Yup, totally unexpected, the rents skyrocketed, the tech companies left, and hipsters paid the rents using their bank of mom and dad.