Thousands of 20 and 30-somethings concentrated in a metro area with only 8 million people will suddenly become centimillionaires and billionaires.
Uniquely though, this is a group of people who believe that AI will end the world in 1-3 years, so they will have no reason to be conservative with their money. Thus they will spend much more aggressively, driving property values to stratospheric levels.
This will annihilate affordability and social cohesion in the Bay Area. If you worked hard for a decade at the same company, you end up only 1/100th as much as someone who got into Anthropic just a few years ago, and now the house you're planning to buy is forever out of reach.
Uniquely though, this is a group of people who believe that AI will end the world in 1-3 years, so they will have no reason to be conservative with their money. Thus they will spend much more aggressively, driving property values to stratospheric levels.
This will annihilate affordability and social cohesion in the Bay Area. If you worked hard for a decade at the same company, you end up only 1/100th as much as someone who got into Anthropic just a few years ago, and now the house you're planning to buy is forever out of reach.