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🔥Bloomberg: AI Boom Drives San Francisco Median Home Price to Record $2.15 Million
According to Bloomberg, data from brokerage firm Compass Inc. shows that the median home price in San Francisco soared to a record $2.15 million in March, up 18% year-over-year, mainly driven by wealth generated by AI startups. During the same period, apartment prices in San Francisco increased 27% to $1.36 million, slightly below the April 2022 peak of $1.38M. Patrick Carlisle, Chief Market Analyst at Compass, stated that rising interest rates and financial market volatility have not affected San Francisco’s hot market, as the prosperity of AI startups brings new jobs and wealth. AI companies like OpenAI and Anthropic have sparked a gold rush, with employees investing their wealth into land and scarce new housing developments in the city…