The AI boom is significantly increasing housing costs in the Bay Area, leading to severe shortages and forcing tech workers into cramped living conditions. High demand for housing has resulted in notable price hikes, with some areas experiencing increases as high as 79 percent. Reports indicate that rental listings have drastically diminished since the pandemic, creating fierce competition among renters. Many have resorted to creating "tenant résumés" to secure leases in a tight market. The growth of the tech industry exacerbates existing affordability issues, impacting workers profoundly.
"My professional life is great," Singh told the Standard, "but my living situation is, like, the total opposite."
It's the AI boom," realtor Van den Eikhof told the Standard. "Everybody knows that. Also, I think a lot of people got good deals during COVID and are staying put. It's putting a strain on inventory."
Two-bedroom abodes have increased by 16 percent, reaching $4,621 on average, according to Zumper, which the news outlet cited.
Certain neighborhoods like North Beach have jumped an astonishing 79 percent in the past year, topping out at an average of $5,475 per month for a two-bedroom.
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