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In San Francisco, Even $180,000 Tech Salaries Are No Longer Enough
Surging costs in San Francisco are creating a wealth gap where even high-earning tech workers struggle as a new class of AI-wealthy elite emerges.
What: Rising costs of living in San Francisco, combined with anticipated IPOs from OpenAI, Anthropic, and SpaceX, are distancing a small cohort of AI-focused employees from the broader workforce.
Why it matters: The concentration of capital in top-tier AI labs is decoupling the financial experiences of those at the center of the industry from the standard tech sector.
Original article
Young tech workers chasing the Silicon Valley dream have started to say that an affordable future feels increasingly out of reach. Property, utility, transportation, and grocery costs have risen significantly. A new class of AI elite has emerged that can outspend other tech workers. OpenAI's, Anthropic's, and SpaceX's IPOs combined could mint more than 20 new billionaires among current and former employees.
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