The price of a luxurious flat in the Dubose Triangle area of ​​San Francisco was kept at around $ 300 million (2,864 crores). Interestingly, the seller was also ready to take shares of OpenAI or Anthropic in place of cash. This is not an isolated incident, but the effect of money coming from AI, which is changing the picture of the entire city. According to real estate firm Redfin, the average price of homes in the city reached a record $ 17.6 lakh (16.8 crore) in May, while the average in the entire US is only about $ 4 lakh (3.8 crore). The price of houses in the city increased by 19% in March, the increase of more than 14% continued in April-May also. According to Redfin’s Chief Economist Darryl Fairweather, this surge is directly related to the wealth of employees of AI companies. In October last year, more than 600 current and former employees of OpenAI had sold shares worth Rs 63,000 crore, an average of Rs 105 crore per person. In Anthropic also, employees were allowed to sell shares worth about Rs 57,000 crore. Agents say bidding wars are now common, with homes often selling for millions of dollars more than the asking price. Cash payment deals are also increasing rapidly, especially in high-end areas. However, not everyone is on board with this bullishness. According to Berkeley University economist Enrico Moretti, this is still the early stages of the AI ​​boom. The layoffs happening in companies like Meta can also put a stop to this growth. He also says that most of the earnings from the upcoming stock market listing of OpenAI and Anthropic will not go to the employees, but to investors spread across the world. Meanwhile, the story of two families in the city shows the other side of this change. A family, in which one member works at OpenAI, was able to buy a house in their own area by selling shares. The other non-tech family was forced to leave the city and move to the outskirts. However, the DuBose Triangle flat was finally sold for $32 lakh (30.5 crore), which was Rs 1.9 crore more than the asking price. Whether AI shares were also included in this deal, this information has been kept confidential. AI money is pushing everyone out of the city. The head of the family that had to leave the city holds a big government post in San Francisco, yet they could not buy a house in the city. Now he lives in a rented house in the suburbs, from where he has to travel a long distance every day. The mother of the family says, ‘If there was a possibility to live in the city, we would never have gone. It’s sad to see AI money pushing everyone else out.
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OpenAI employees sold shares, money in real estate: Average price of houses in San Francisco up to 17 crores; Non-tech families are leaving the city
