Is AI a boom that’s just getting started or a bubble about to burst?
Whichever you think, in San Francisco, once again the epicenter of a tech revolution, one thing is certain: AI is driving an already expensive housing market completely nuts.
In March, the median home price in the city topped $2 million. Bidders regularly pay more than $1 million above listing prices for houses that, in most other places, would be unremarkable single-family homes with a few bedrooms and small backyard. The California city has both the highest and fastest-rising home prices in the country, according to Redfin.
The median monthly priceof a one-bedroom apartment is hovering around $4,000. Since Covid, rent has roughlydoubled, at times hitting $10,000 per month on the iconic Victorian mansions sprinkled throughout the city, according to one real estate broker.
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Real estate insiders say the spike in property prices is unmistakably tied to the AI race as start-up investors and major tech companies alike throw around huge sums of money to attract top talent to the region.
In San Francisco, the median monthly price of a one-bedroom apartment is hovering around $4,000 (Getty)
“They make really good money,” commercial real estate broker Dimitris Drolapas told The Independent. “We’re seeing $500-, $600-, $700,000 of income isn’t unheard of, plus stock and all that.”
The AI boom has helped drive a “complete 180” from the pandemic era, he added, when San Francisco was a poster child of urban dysfunction with residentsleaving in droves and the downtown area resembling a ghost town due to remote work.
Mo Zhu, an activist with local housing group SF YIMBY, lives in Mission Bay – a revamped waterfront district that houses offices for the leading AI companies who have helped drive a commercial real estate comeback around the city and a return to in-office work.
Zhu’s own rent recently went up by 10 percent,a fact he attributes to the AI-related investment in the area. At first, he felt lucky the price hike wasn’t worse – then realized it was shocking to feel fortunate to be facing a double-digit increase in his bills.
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“I was upset that I felt lucky,” he said. “10 percent is not lucky in any objective sense of the world…I certainly was directly impacted by that with OpenAI down the street and Anthropic up the street.”
Many of his friends want to move into the neighborhood, which is home to scenic parks and the new Warriors NBA stadium, but can’t afford it.
In recent years, prices have roughly doubled for multi-bedroom rentals in San Francisco’s famous Victorian homes, which can be found scattered across neighborhoods including Alamo Square (pictured), Haight-Ashbury and the Mission District (Getty Images/iStockphoto)
“They work in high-paying tech jobs,” he said. “They’re not even able to…It’s really squeezing out even families in good economic situations. I can’t imagine what it’s like for families who are not.”
The squeeze is only going to worse this year, thanks to three blockbuster initial public offerings from AI-related companies with deep ties to the city and state.
Elon Musks’s SpaceX just went public, making Musk the world’s first trillionaire, and the company soon expanded on its existing xAI division with a $60 billion deal to acquire Cursor, a San Francisco-based AI coding agent start-up.Rivals OpenAI and Anthropic are next up for sale, and will mint plenty of other new fortunes, too. Some Anthropic employees could be set to earn $50 million from the I.P.O. Together, the three I.P.O.s could generate as much as $4 trillion in value, Barron’s estimates. One local real estate agent predicted these offerings will unleash a “thermonuclear wealth explosion deposited squarely in San Francisco.”
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In anticipation, sellers around the region have been offering to accept shares in these companies instead of cash for home purchases, according to reports.
The influx of people and capital is welcomed news for some but it’s putting enormous pressure on the city’s existing lower-income renters, according to Jennifer Fieber of the San Francisco Tenants Union, as landlords stand to gain from replacing longstanding tenants with wealthier new arrivals. The city has struggled for years to build enough affordable housing and keep rents feasible for lower-income people, and state law prevents cities from enacting rent control on large swathes of the housing stock.
Housing construction in San Francisco hasn’t kept up with the region’s booming tech wealth, leading to high prices and intense competition for desirable homes (Getty)
“Because the rents have increased in the city, there’s going to be huge pressure to get rid of the people you have, regardless of whether they’ve been paying on time,” Fieber said.
There is also concern that the AI industry might be a bubble about to pop – with investors irrationally assigning too much faith, capital and value to ventures that won’t survive, while letting this same optimism drive other major investments in their lives, such as splashy home purchases.
So far, according to Mike Simonsen, chief economist at real estate firm Compass, the AI boom hasn’t sent the San Francisco property market into full-on bubble territory just yet, where “junk starts getting overpriced.” Instead, the craziness is more concentrated.
In May, according to Compass data, homes were selling at 124 percent of their asking prices. The city’s wealthiest have begun “massive overbidding” on an even smaller basket of the most attractive homes in the most desirable areas. Last month, a five-bedroom mansion overlooking San Francisco Bay in scenic Pacific Heights sold for $3 million over asking price, and in nearby Presidio Heights, another palatial home went for nearly $4 million above the sticker price.
“Much of thewealth generation, especially around real estate, as a result of the AI companies is actually already in the system,” Simonsen said. “These are people who are already moved into town with big salaries and go, ‘I‘ll take whatever apartment is available.’”
By the end of 2026, AI-related companies SpaceX, Anthropic and OpenAI will have all gone public, generating $4 trillion and unleashing what one San Francisco real estate agent called a ‘thermonuclear wealth explosion’ in the city (Reuters)
“The concentration becomes overwhelming,” Simonsen added of those now pursuing top homes in the city. “Someone who is not armed with millions in new wealth, the scenario is just really stacked against ‘em.”
“The IPO mania is real and there are people making a lot of money, and there are clearly people moving here and taking very high-paying jobs at AI companies, but that’s also balanced with other people becoming unemployed and other jobs moving out of the city,” he said. “So there’s kind of a mix of many different things going on at once here.”
Simonsen, the Compass economist, said the soaring AI industry could eventually turn and resemble the early 2000s dot-com crash, which sent San Francisco real estate values plunging along with it.During the dot-com crash, tens of thousands of Bay Area workers lost their jobs, and San Francisco real estate took its worst hit since the Great Depression. By the time the bubble popped, commercial rents had fallen 60 percent from their year 2000 peak and residential rent was down 12 percent in the city.
If the AI economy suffers a similar bust, it could mean similar impacts. AI workers would lose their high-income jobs, and the stock some used as collateral to get home loans — or pay for houses outright — could become nearly worthless.
“All of a sudden, the stock is worth 90 percent less,” Simonsen said of this scenario.
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In a downturn, homeowners also would not be able to sell their properties at the same high prices they paid for them, compounding the economic pain.
As for solutions to prevent some kind of AI-related housing apocalypse, experts told The Independent about a variety of reforms that could make a difference. These include expanding rent control, cutting down on city bureaucracy, and supporting existing pro-housing zoning reforms and state laws.
For the time being, demand remains high for premium properties in scenic areas such as Pacific Heights, which has sweeping views of San Francisco Bay (Chris Coplans)
Groups like SF Yimbyarechampioning mid-rise, “single-stair” apartment buildings, which feature one central staircase, rather than the multiple required under state law, as a way to maximize the number of units in buildings on San Francisco’s typically small property lots.
San Francisco Mayor Daniel Lurie and District Supervisor Myrna Melgar are backing $70 million bond to raise funds for affordable housing and a November ballot initiative to increase the city’s contribution to its affordability-focused Housing Trust Fund.
Whatever the future of San Francisco housing looks like in the age of AI, it doesn’t seem likely the city will return to the Covid days any time soon, when landlords were lowering prices to entice people to come back and keep residents who were on the fence about leaving. In an April 2020 survey, more than a third of San Francisco landlords said they had granted reductions, and 10- and 20-percent cuts could be seen on rents everywhere from finance-focused downtown to leafy, residential Glen Park.
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Jennifer Fieber, the tenant activist, was one of those who benefitted from this brief window of declining prices. “Those days,” she said, “are definitely gone.”
As Drolapas the real estate broker sees it, the region is stuck in a bind. A booming economy strains San Francisco’s renters, and a declining economy offers them a silver lining. Neither scenario is a win-win for the city as a whole.
“There’s always good, there’s always bad,” he said. “The good is it’s nice to see some economic stimulation, especially after things were so dire here. The bad would be, you know, it’s hard for everyone to be able to afford to live here. That’s really where the conundrum is.”
Families will get the chance to meet and be photographed with the marmalade-obsessed bear
A bear who is obsessed with marmalade is heading to a popular Cambridgeshire railway station later this year. Nene Valley Railway (NVR) in Wansford, near Peterborough, continues to bring joy to families with all of its fun events.
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On Sunday, August 23, the railway will welcome Paddington Bear for the day. A NVR spokesperson said: “We know that family days out can quickly become expensive, which is why we have made a conscious decision not to increase our Day Pass prices for this event.
“We want as many families as possible to be able to enjoy meeting Paddington whilst also experiencing everything the railway has to offer.”
Visitors will get the chance to meet Paddington, as well as enjoy journeys on the heritage train services. By purchasing a day pass, families will be able to enjoy unlimited hop-on, hop-off on the trains, giving them the chance to enjoy the trains at their own pace.
Paddington will be making several appearances throughout the day, where people can capture a photo with one of Britain’s most beloved children’s characters. To book a day pass in advance, people can do it on the Nene Valley Railway website.
The Police Ombudsman for Northern Ireland has been informed
A stinger was deployed and an officer drew his weapon in an attempt to stop a suspect vehicle in Co Derry which was later found abandoned over the border following a chase, the PSNI has said.
In a statement, local policing Inspector Hewat said it was spotted on Buncrana Road at around 12.30pm on Saturday before the “driver made off toward the city at dangerous speeds and with a deflated rear tyre”.
A chase followed and, as the police attempted to force the car to stop, it “collided with an uninvolved member of the public’s vehicle, causing damage but, thankfully, no reported injury”.
In an attempt to stop the “dangerous” vehicle, a stinger device was deployed in the Creggan area.
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Mr Hewat continued: “Fearing for his own safety, one officer drew his weapon, but the driver of the Mercedes swerved and made off, narrowly avoiding another member of the public’s vehicle as he did so.”
The car was found abandoned “just over the border minutes later”.
“It is only by sheer luck that this vehicle was not involved in a more serious collision,” he added.
The PSNI is liaising with An Garda Síochána in the search for the driver and they are carrying out forensic tests of the car.
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Mr Hewat said: “As is standard procedure when a police firearm is drawn, the Police Ombudsman for Northern Ireland has been informed and their inquiries are ongoing.”
Police are appealing for anyone with information or relevant footage to contact them.
Four years ago, any effort to watch a game together was met with the same stubborn toddler resistance as suggesting a midday nap. Suddenly, here we are, knee-deep in Panini swapsies, reeling off an all-star French attack, pointing out the flags and badges of all 48 nations. Shiny Brazil!
Of course, the medium through which he is engaging with this World Cup is different from our childhood experiences, which in turn are different to our parents’. “Grandad saw Pele at Goodison Park?” Poignant for Grandad because he’s an Evertonian, impressive for the little one because his favourite YouTuber – Chuffsters – pulled a 99-ranked Pele icon card.
This isn’t a bedtime-friendly World Cup for those this side of the pond – we’ve not yet stayed up late and there’s no dashing into school early, class teacher wheeling out a chunky television to catch Senegal shock France.
Instead, this World Cup is about climbing into our bed at first light with his little brother, listing yesterday’s fixtures and predicting which star player is going to score – a thirst fulfilled through highlights packages. A hearty hit of goals before breakfast.
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Waking up last Wednesday was like Christmas morning. Every clip unwrapped the gift of another stunning display. Kylian Mbappe,Erling Haaland,LIONEL MESSI GOT A HAT-TRICK! Because, despite being the same age as most of their parents, it’s still Messi who resonates for today’s kids – his shirt dotted across Sunday morning playing fields.
But for all that’s different, the core things stay the same.
Filling out sticker books and writing on wallcharts, unboxing football figures – we’ve two Bradley Barcolas, if anyone needs? – hours spent pretending to be Harry Kane or Jude Bellingham in the garden, trying to recreate the tournament’s greatest goals. This will be the summer we buy a new fence.
It’s seeing your heroes come alive on screen and falling in love with unexpected new ones. Where can you find a Vozinha shirt?
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To enjoy the game through the eyes of your kids is to see it in a different light. One of wonder and a million questions, those you haven’t thought about for decades. An experience completely ignorant to the ills of modern football, to politics, ticket prices or hydration breaks. Just the pure magic of the game, an innocent curiosity to know more about it, the uncontrollable desire to ‘Siuuuuu!’ down supermarket shopping aisles.
Football can be tribal and divisive but at its heart is a sport that unites, whether that’s supporters from across the globe embracing each other in a Mexico City fan park or a dad and his young lads gathered around a sticker book in Manchester.
Because the World Cup is a phenomenon that transcends generations. My grandpa died earlier in the tournament – his last interaction with the boys was to post some England stickers picked up with his weekly shop. The sadness of losing him sated by a small, thoughtful gesture – that will be how they remember him.
Whether our young football anorak will remember the tournament too, who knows, and it doesn’t really matter. Such is the glorious childhood gift of living in the moment, perhaps next week he’ll have moved on to something else, maybe we’ll be chasing Pokemon again. And we’ll enjoy that together too.
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But right now, what a beautiful satisfaction it is to experience this World Cup through his wide-eyed wonder, to treasure this passion we share.
So, here’s to this summer. For me, this is the one that will last forever.
Saudi Arabia squad: Mohammed Al Owais, Nawaf Al Aqidi, Ahmed Al Kassar, Abdulelah Al Amri, Hassan Tambakti, Jehad Thikri, Ali Lajami, Hassan Kadesh, Saud Abdulhamid, Mohammed Abu Al Shamat, Ali Majrashi, Moteb Al Harbi, Nawaf Boushal, Sultan Al-Ghannam, Mohammed Kanno, Abdullah Al Khaibari, Ziyad Al Johani, Nasser Al Dawsari, Musab Al Juwayr, Alaa Al Hajji, Salem Al Dawsari, Khalid Al Ghannam, Ayman Yahya, Firas Al Buraikan, Saleh Al Shehri, Abdullah Al Hamdan.
New plans for the cleared site sought permission for 17 “commercial business units” distributed across three, two-storey blocks located along the site’s boundaries.
Associated parking was proposed centrally within the site with 28 spaces, with access taken from Mainsforth Terrace and vehicles being “required to exit through the existing site access along Burbank Street (north).”
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Proposed planning uses for the business units included “research and development of products or processes”, industrial processes and storage and distribution uses, with ancillary first floor office units associated with respective ground floor uses.
During a council public consultation on the plans there were objection comments from four separate residential properties, with concerns raised about the location and scale of the buildings, traffic parking and highway safety, noise impacts and more.
Although the development passed several key planning tests, Hartlepool Borough Council’s planning department had recommended the application for refusal over its scale and design.
A report published ahead of the planning committee noted the development’s “extensive scale and mass” and said it would “create an undue, overly dominant and unsympathetic development that fails to respect the character of the application site and wider surrounding area.”
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Arguments for and against the proposal were put forward at a planning committee meeting on June 17, 2026, at Hartlepool Civic Centre.
A representative for the applicant said technical issues, including flood risk, drainage and highway safety, had been resolved and that the council’s economic development team “actively supports the scheme”.
The applicant’s agent added the refusal recommendation from council planners was a “matter of planning judgement” and listed the benefits of the scheme, including regenerating a derelict brownfield site, local investment and jobs and enhanced biodiversity.
Council planners argued that the plans would “not be compatible with the character and appearance of the site and the surrounding area”, in conflict with planning policies.
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However following debate an alternative motion to approve the application, against the refusal recommendation of council planners, was proposed.
After being put to a final vote, the plans were approved by a majority of councillors present.
The heat is likely to impact health and daily lives of those within the warning area
12:36, 21 Jun 2026Updated 12:50, 21 Jun 2026
Parts of the UK are under an extreme heat alert with forecasters predicting near 40C temperatures. The Met Office has expanded an Amber heat warning into next week, which will likely impact residents of affected areas.
The alert is in place for Monday, June 22, until Thursday, June 25, and covers South East England and parts of Wales. The incoming heat is a result of band of pressure that is currently migrating from France. While the alert is not in place for Scotland, high temperatures of up to 30C are to reach the country next week.
Met Office Deputy Chief Forecaster Tom Crabtree, said: “The forecast heatwave is developing into an impactful severe weather event, with record breaking June temperatures and very high humidity. The combination of heat and humidity will be oppressive and bring impacts across society from public health and infrastructure, to power and water supplies.”
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Temperatures will quickly rise on Monday morning (June 22) and are forecast to reach 34C in southern parts of England. heat will rise further into Tuesday (June 23), with highs of 37C forecast for southern England and 35C southeast Wales.
Conditions are set to peak on Wednesday and Thursday (June 24 and 25) when temperatures are expected to climb to 38C. By Friday conditions will be less hot, with highs of 33C forecast across eastern areas.
It is now likely the current highest temperature on record for June will be broken, this being 35.6C recorded in Southampton in June 1976 and Camden Square in June 1957.
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Forecasters say that the heat will not be specific to day time, as “Tropical Night” temperatures are set to remain in the low twenties. The warning highlights potential health impacts for the wider population, not just those vulnerable to extreme heat.
Crabtree added: “As well as very high daytime temperatures, there will be consecutive nights where temperatures do not drop below 20C, which is called a Tropical Night. This will make it very hard for people to recover from the daytime heat, exacerbating the heat stress impacts.”
This extreme heat alert is not in store for Scotland, but residual warm air is set to move upwards, bringing scorching temperatures next week. The latest figures from WX Charts show areas in the north of Scotland reaching 26C by next Tuesday in Edinburgh and the east coast.
By Wednesday, temperatures are to reach 25C predominantly below the Central Belt. However by Thursday, the UK’s extreme heat will finally arrive in Scotland, with areas furthest south set to reach a sweltering 30C.
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The Amber alert highlights the potential rise in water safety incidents due to resident seeking respite in coastal areas. Those heading to the sea should be mindful that surface temperatures are not as high as those seen in mid-summer. Sudden impact with cold water can lead to shock, which in turn raises heart rate and could trigger panic.
Samantha Hughes is the National Water Safety Partner at the RNLI. She said: “If you find yourself struggling in the water, remember to Float to Live: tilt your head back so your ears are submerged, relax and control your breathing. You may need to gently use your hands to help you stay afloat, and it’s ok if your legs sink—everyone floats differently.
“Where possible, always choose a lifeguarded beach, and swim between the red and yellow flags. In a coastal emergency remember to call 999 for the coastguard.”
Millions of people could be affected by the two medications
The Met Office has issued a rare amber heat warning for Monday to Thursday across parts of Wales and South England. It warns that the general population are likely to experience some symptoms and people that are ‘vulnerable’ to heat have been urged to take extra precautions.
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Two commonly prescribed medications have been highlighted as particular areas of concern during the heatwave – beta blockers and metformin. Used by millions throughout the UK, both drugs can increase dehydration risk in hot weather, interfere with the body’s temperature control, or hide warning signs of heat-related conditions.
The British Heart Foundation states that beta blockers are among the most widely prescribed treatments for heart and circulatory problems, frequently used to treat irregular heart rhythms, angina and high blood pressure. By slowing the heart rate, this medicine – generally prescribed for heart conditions or high blood pressure – can hinder the body’s natural cooling systems, making users considerably more vulnerable to overheating.
The Medicines and Healthcare products Regulatory Agency has warned: “Blood pressure medicines such as ACE inhibitors, beta-blockers, or calcium channel blockers can also make it harder for your body to regulate temperature, especially during sudden hot spells.”
Research from 2022 also found that people on beta blockers or antiplatelet medication could be at greater risk of heart attacks during hot weather than in cooler conditions. Beta blockers specifically demonstrated a 65% stronger association between high temperatures and heart problems.
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Metformin, insulin and other diabetic medications can increase your susceptibility to dehydration while masking the early warning signs. If left untreated, dehydration can lead to worsening symptoms and in extreme cases may cause kidney and urinary problems, seizures or even damage to the brain.
Important symptoms of dehydration:
feeling thirsty
headache and feeling light-headed
dark yellow, strong-smelling pee
peeing less often than usual
feeling dizzy or lightheaded
feeling tired
a dry mouth, lips and tongue
sunken eyes
Dehydration can be simple to treat by drinking fluids or using oral rehydration solutions bought from pharmacists. People taking beta blockers or metformin shouldn’t stop their medication just because it’s getting warmer. However, they need to act quickly if they start noticing any signs of dehydration or symptoms related to heat illness.
Those aged over 75 already face heightened susceptibility to temperature-related ailments including heat stroke, heat exhaustion and dehydration. Family members are being encouraged to keep a close eye on their elderly relatives during spells of hot weather, especially if they’re on these medications.
The MHRA has recommended that anyone on medication should check their patient information leaflet or have a word with their pharmacist to verify whether sun sensitivity is noted as a possible side effect.
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The Met Office has issued a rare amber warning for extreme heat, in force from 1am on Monday 22 June until 23:59pm on Thursday 25 June. It represents the most serious heat warning the Met Office has released in four years, with the last one having been issued in August 2022.
Officials have cautioned of a “widespread impact” on both the public and infrastructure, warning that some employees may need to modify their working patterns during this spell. The warning additionally notes: “The wider population are likely to experience some adverse health effects including sunburn or heat exhaustion and other heat related illnesses.”
England fans will be keen to follow the Three Lions’ progress despite time differences (PA)
Of course, you do have to factor in the time difference, with the kinder kick-off times including slots at 6pm BST and 8pm BST, while there are games throughout the night for UK viewers.
Here’s how you can watch every game at the 2026 World Cup on the BBC and ITV – and STV in Scotland.
David Tilley was arrested near his home when the illicit goods were recovered from inside his Volkswagen car, Newton Aycliffe Magistrates’ Court heard.
The 43-year-old told officers the cocaine was for his own use and he had found the extendable baton while out walking his dog.
Marcus Blakelock, prosecuting, said the defendant maintained that he had put the weapon on the door pocket of his car with the intention of disposing of it but had forgotten about it.
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Tilley, of Coniston Road, Ferryhill, pleaded guilty to possession of cocaine and possession of an offensive weapon when his car was searched on January 15, 2025.
Georgia Snowdon, mitigating, said her client had turned to using cocaine as he was having difficulties in his life at the time.
She said: “A lot was going on and he was relying on cocaine to take his mind off things.”
Miss Snowdon said Tilley suffered from post-traumatic stress disorder after losing his left arm in a road traffic accident.
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David Thompson, the chairman of the magistrates’ bench, sentence Tilley to four months in prison suspended for 12 months.
The defendant was also ordered to attend ten rehabilitation activity days, made subject of a six-month drug rehabilitation requirement order and told to pay £234 in court costs
England head coach Brendon McCullum says he is ready to work with Ben Stokes when the captain returns for the third Test against New Zealand at Trent Bridge.
The results of the investigation are still to be confirmed, but McCullum has confirmed Stokes will return as captain, a position he has held since 2022, in Nottingham.
“Ben will be back,” said McCullum. “He’ll be back and he’ll be captain.”
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Following a 4-1 Ashes series defeat that was dogged by off-field problems, both Stokes and McCullum denied their relationship had deteriorated in Australia.
Then, following England’s win in the first Test since the Ashes – against New Zealand at Lord’s – Stokes broke the team’s midnight curfew in celebrating the victory.
On his relationship with Stokes, McCullum told BBC Test Match Special: “You’re just trying to make sure you’re very communicative right throughout.
“We all got the same ambition, which is to make English cricket a very good team and to try to achieve results on the field, and that hasn’t changed.”
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McCullum said he has spoken to Stokes “every day” since the nightclub incident, which occurred in the early hours of Monday, 8 June.
The New Zealander also confirmed England director of cricket Rob Key has visited Stokes this week.
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