Wealthy AI workers send San Francisco house prices soaring
Image: BBC News
In San Francisco, a three-bedroom flat isn't just listed for nearly $3m — the seller will take payment in AI company shares.
On a tree-lined street in the affluent Duboce Triangle, an opulently renovated apartment drew crowds of would-be buyers, including young AI employees eyeing the place with their partners. One OpenAI worker said he planned to ask his bosses about a stock transfer.
This is what an AI boom looks like on the ground. San Francisco — home to OpenAI and Anthropic — has become ground zero for the revolution, and its housing market is overheating as a result.
The numbers are stark. In March, the city reclaimed its title as the US's most expensive for homebuyers, overtaking neighbouring San Jose. Median prices jumped 19% year-on-year, with double-digit rises continuing into April and May, according to Redfin.
"They are just astronomical," says Redfin chief economist Daryl Fairweather. "People are flush with cash and ready to buy." For long-time residents, the influx is reshaping neighbourhoods and squeezing out everyone else.
As AI valuations climb toward $1tn, the wealth pouring into the city shows no sign of slowing — and neither, it seems, do the prices.