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Tech Wealth Floods Housing Markets | Real Estate News
Tech billionaires are flooding the market—SpaceX’s record-breaking IPO just created thousands of millionaires, and Anthropic and OpenAI are next. This isn’t just paper wealth; it’s reshaping housing in NYC and the Bay Area. In NYC, new tech millionaires are driving luxury rents up, some renting from SF for a change of pace, others borrowing against stock to avoid taxes. In the Bay Area, homes are selling before construction ends, cash buyers move fast, and inventory is vanishing. The result? A widening affordability gap as tech wealth piles up—locked in stock, but powerfully impacting where…
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