High-income earners, many of them employees at AI companies, are snapping up multimillion-dollar houses in the San Francisco Bay Area, undaunted by the higher mortgage rates and rising home prices that have prevented many would-be buyers from affording a home.

Spiking prices and rental bidding wars are raising fears of more displacement in a city where previous tech booms and a housing shortage have already driven out many.

Here’s another place the AI frenzy is making itself felt: the market for luxury homes