Driven by a boom in A.I. companies like Cluely, San Francisco’s residential rents have soared the most in the nation over the past year.
The A.I. frenzy’s effect on rents has put pressure on San Francisco’s already strained housing supply, leading to heated competition among techies and non-techies to pounce on listings. Applicants are showing up to apartment tours with envelopes of cash in hand and waiting in long lines to see properties. And the rejections for would-be renters are coming fast.
That has raised questions about the affordability of San Francisco, which has long been one of the most expensive U.S. cities.
Daniel Lurie, the mayor, has made addressing affordable housing a cornerstone of his policies, while also embracing the growth of local A.I. companies like OpenAI and Anthropic.
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