As San Francisco Rents Surge, AI Startups Offer Housing Benefits To Keep Workers Close - Meta Platforms (NASDAQ:META)

Company Insights - Cluely, an AI startup, has rented eight upscale apartments for its employees in a luxury high-rise to promote proximity to the office, with monthly rents ranging from $3,000 to $12,000 [1] - Lindy, another AI startup, offers its employees a $1,000 monthly rent stipend if they live within a 10-minute walk from the office, emphasizing the benefits of living close to work for employee satisfaction and performance [3] Industry Trends - The Bay Area has attracted 70% of AI venture capital funding in the U.S. since 2019, indicating a strong investment focus in this region [5] - San Francisco experienced a significant increase in rental prices, with two-bedroom rents rising by 17.1% and one-bedroom rents by 10.7%, reflecting broader trends in housing costs that may impact employee compensation and relocation decisions [4]