What the Standard reported
- Anthropic is reportedly eyeing a November listing, after the midterm elections, while OpenAI has pushed its listing to 2027. Exact dates are not confirmed.
- San Francisco's average one-bedroom rent hit about $4,500 this year (Zumper) and the median home price is about $1.7 million (Redfin).
- A Redfin analysis found that current and former employees of the two companies could theoretically buy nearly a third of the metro area's homes with their IPO money.
- As many as 12,000 new AI millionaires are possible, according to outlets citing Hill.com figures.
- San Francisco's chief economist, Ted Egan, says employees won't necessarily wait for the lockup period to end before spending. (He mentioned a Lamborghini. I'll mention a multifamily building.)
- Economists quoted in the piece say this wealth may be more concentrated in fewer people than in earlier booms.
Why I'd look at buying San Francisco multifamily
If you're expecting a liquidity event, buying a San Francisco home is wonderful. But if you buy San Francisco multifamily, a well-chosen building can also do something a primary residence can't: **produce rental income while you hold it.** With rents at new highs and housing supply still tight (the article points to low supply as part of the story), I understand why so many people in the AI world are asking me about 2-4 unit buildings, larger multifamily and value-add opportunities.And a word to the wise: when a wave of cash buyers hits, inventory of the good stuff gets scooped up quickly. Preparation is your edge.Your pre-IPO game plan for buying a San Francisco property
- **Get your team in place now.** A CPA and an attorney who understand equity compensation, plus a lender who knows how to underwrite stock-based income. (Tax and legal questions are theirs to answer, not mine. I'm not a tax advisor!)
- **Understand your timeline.** Lockup periods, tender offers and vesting schedules all affect when and how you can pay for a property. The article notes some banks will even lend against private shares, so ask what's possible for you.
- **Define your goal.** Rental income? Long-term appreciation? A building you can live in one unit of while the others pay the bills? Each points to different neighborhoods and property types.
- **Learn the numbers before you buy San Francisco multifamily.** Cap rates, rent control rules, tenant protections, seismic and retrofit requirements, and renovation costs. This is where my construction and value-add background earns its keep.
- **Get pre-underwritten and tour early.** Know what you can buy, see what's out there, and be ready to move when the right building comes along. (I'm a fast decision-maker. It helps.)
- **Do your homework on the neighborhoods.** From the Mission and Dogpatch to the Richmond, Sunset, Noe Valley and beyond, every part of San Francisco has its own rhythm, and I'd love to show you which ones fit your plan.