San Francisco is expensive because the competition for both technical talent and housing is fierce. The dynamics you’re describing existed from 2020-2022, and as a result it became cheaper to live here. Today, the rent is going up again, because companies are locating and hiring here again. San Francisco is not just magically an expensive place.

> San Francisco is not just magically an expensive place

but it is to people outside tech. I argue, pretty soon, San Francisco will become a magically expensive place for anyone outside AI

Now a shock to the HN audience: Around 90% of the Bay Area population does not work in tech!

> Today, the rent is going up again

AI is minting billionaires who can afford to purchase a lot of housing. San Francisco is supply constrained on housing.

Pricing of homes in San Francisco are going up because a lot less people are getting really rich and offering millions over asking price for the few homes that are up for sale.

An average person's income didn't go up in San Francisco. They suddenly don't have more money to pay in rent or a mortgage.

The life of an average person in San Francisco is not rosy nor indicative of this growth and that is the point I'm making and evidence that the article provides.