When Uber and Airbnb Go Public, San Francisco Will Drown in Millionaires

But, he says, I.P.O.ing executives usually want predictable things. An ice chair with the logo on the back, for photos. A lot of logos carved into ice rockets, to indicate that the company’s stock will be like a rocket. And ice cubes, for drinks, with the company logo on each one.

And of course, the tech backlash, mostly quiet as stocks have vested, is preparing for its own revival.

At Radio Habana Social Club in the Mission district, housing rights activists gathered one recent evening for a drink. By now, there is a well-known choreography: the cash comes flooding in to a few and the stock-less masses begin to gather. They will protest evictions, fight developers, organize against tax breaks and unfurl banners in front of tech buses.

“It’s going to mean mass displacement,” said Sarah “Fred” Sherburn-Zimmer, the executive director of the Housing Rights Committee of San Francisco, of the coming wealth influx.

She paused for a moment.

“It feels like the same game,” she said.

Activists stood elbow-to-elbow around a table of hummus and pepper jack cheese.

“We’ve lived through boom times before,” said Maria Zamudio, the group’s associate director. “We’ve learned our lessons. We know what a massive influx of money looks like. Concessions we made in the past, we will not make this year.”

Article source: https://www.nytimes.com/2019/03/07/style/uber-ipo-san-francisco-rich.html

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