San Francisco’s housing market has lost its mind. The relentless surge in home prices and competition has left many observers stunned, tracing the phenomenon to a single powerful engine.
The invisible force behind all of this is no mystery to anyone paying attention to the city's tech economy. San Francisco is home to some of the most valuable private companies in the world, and their employees have been quietly accumulating — and, increasingly, cashing out — fortunes. That concentrated wealth, built over years of paper gains, is now flooding into real estate and intensifying an already frenzied market.
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