If Bay Area tech start-ups like Pinterest and Uber go public in 2019, San Francisco could see a massive increase in millionaires — and housing prices.
San Francisco's high cost of living is even causing 58% of tech workers to delay having kids, according to a survey by the tech worker appWhat will happen when many of the Bay Area's residents add a few extra zeroes to their net worths?The Bay Area is so expensive that employees at Apple, Uber, Google, and other tech giants are putting off having kids — and it's a sign of a much larger trendThe changes are already beginning to ripple: Renters are buying before the IPOs and sellers...
"Even if just half the IPOs happen, there's going to be ten thousand millionaires overnight," Herman Chan, a Sotheby's real estate agent, told Bowles."People are like, 'I'm not going to sell till next year, because there are going to be bajillionaries everywhere left and right.'"Katherine Papera/EyeEm/Getty Images
With many of the big start-ups headquartered in San Francisco, it's likely workers will want to live in the city, Bowles wrote. "The millennial tech workers are really looking for convenience," Christine Kim, president of Climb Real Estate, told Bowles."They seem to not want to own cars, and food deliveries are really easy now, and they want to be close to entertainment, so they'll stay in the city.
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