The rapid growth of tech company headquarters such as Apple, Facebook, and Google could potentially put new pressure on the housing market in adjacent residential neighborhoods, in the form of housing price appreciation and real estate speculation. This article examines the relationship between the big tech corporate campuses and Silicon Valley/San Francisco housing markets using the Zillow (ZTRAX) transaction and tax assessor data. The authors compare real estate activity adjacent to new company locations with activity in nearby areas, conducting a difference-in-differences analysis to estimate changes in housing prices and speculation. They find that housing prices increase overall by an additional 7.1% in the immediate vicinity of the tech campus 2 years after arrival, with wide variation across campuses. The authors also identify significant real estate speculation occurring prior to firms’ arrival. This suggests that cities should take a proactive role in mitigating tech firm impacts on vulnerable adjacent neighborhoods.

苹果、Facebook 和谷歌等科技公司总部的快速增长可能以房价上涨和房地产投机的形式给邻近住宅区的房地产市场带来新的压力。本文使用 Zillow (ZTRAX) 交易和税务评估员数据研究大型科技公司园区与硅谷/旧金山住房市场之间的关系。作者将新公司所在地附近的房地产活动与附近地区的活动进行了比较，通过差异分析来估计房价和投机活动的变化。他们发现，在抵达科技园区 2 年后，紧邻科技园区的房价总体上涨了 7.1%，不同园区的房价差异很大。作者还确定了在公司到来之前发生的重大房地产投机活动。这表明城市应该在减轻科技公司对脆弱邻近社区的影响方面发挥积极作用。