San Francisco’s Wild Swing Back From The Abyss.
Just a few years ago, San Francisco was the national symbol for post-pandemic urban decline.
Now, fueled by the artificial intelligence boom, the Golden City and its suburbs are quickly becoming the hottest housing market in the country.
Flush with cash — and highly valued stock options — tech workers are flooding in to the housing market, bidding up the price of homes and, increasingly, even rental properties.
San Francisco home prices are growing at their fastest pace in nearly a decade, with the median home selling for $1.7 million, according to Redfin. Compare that to the national median home price, which was $440,600 in June, according to the National Association of Realtors. About one in three home sales in the Bay Area were all cash from April through June, Redfin found. That’s up significantly from a few years ago.
San Francisco is seeing many “newly minted millionaires” in the AI space bidding for homes on the market, John DiDomenico, a local real estate agent, told CNN.
Samantha Delouya, CNN
The post pandemic beating that San Francisco experience seemingly came out of left field and caught the city off guard. At one point it was looking to Detroit for guidance on how to turn its image around from a place no city wants to be in. Now with AI consuming the public and hundreds of billions being poured into creating more and more AI technology, the city has made it back from the brink of despair. The immense AI wealth created is once again transforming the city.
