{"id":65317,"date":"2019-03-19T16:13:01","date_gmt":"2019-03-19T23:13:01","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=65317"},"modified":"2020-10-06T17:08:00","modified_gmt":"2020-10-07T00:08:00","slug":"lyft-ipo-san-francisco-real-estate","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/lyft-ipo-san-francisco-real-estate\/","title":{"rendered":"Together, Lyft\u2019s Employees Could Buy Every Single Home for Sale in San Francisco With Their IPO Cash"},"content":{"rendered":"<p>[This report was updated on March 29, 2019, the day Lyft debuted on the public markets, to reflect its IPO price of $72 per share.]<br \/>\n<i><span style=\"font-weight: 400;\">San Francisco already has sky-high home prices and a lack of inventory. Public offerings from Lyft and other tech companies is likely to put even more pressure on its real estate market. <\/span><\/i><br \/>\n<span style=\"font-weight: 400;\">With the wealth created through Lyft\u2019s IPO, current and former employees of the ridehailing business could purchase every single home listed for sale in the company\u2019s hometown of <\/span><a href=\"https:\/\/redfin.com\/city\/17151\/CA\/San-Francisco\"><span style=\"font-weight: 400;\">San Francisco<\/span><\/a><span style=\"font-weight: 400;\"> in cash\u2014and have about $12 million left over.<\/span><br \/>\n<span style=\"font-weight: 400;\">Based on an <a href=\"https:\/\/www.wsj.com\/articles\/how-lyft-survived-a-cutthroat-money-raising-battle-with-uber-11553776934?mod=article_inline\">IPO price of $72 per share<\/a>,<\/span><span style=\"font-weight: 400;\">\u00a0current and former employees hold $1.458 billion worth of stock in the company. For the following analysis, we calculated how much Bay Area real estate that money could hypothetically buy based on list prices of homes for sale as of March 29, 2019 and assuming buyers pay all cash. \u00a0<\/span><br \/>\n<span style=\"font-weight: 400;\">If all $1.458 billion of the total stock wealth were to go into the San Francisco Bay Area real estate market once the IPO lockup period ends, current and former employees would be able to buy:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All 623 homes for sale in the city of San Francisco for $1.446 billion, with roughly $12 million left over.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Nearly half of the least expensive homes for sale\u20142,346 homes\u2014in the San Francisco-Oakland-Hayward metropolitan statistical area for $1.457 billion. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The top 1% of homes for sale by list price\u201495 homes\u2014in the San Francisco-Oakland-Hayward metropolitan statistical area for $1.355 billion.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Nearly one-third of the least expensive homes for sale\u20143,180 homes\u2014in the entire Bay Area (the San Jose-San Francisco-Oakland combined statistical area) for $1.408 billion. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The top 0.8% of homes for sale by list price\u201474 homes\u2014in the entire Bay Area (the San Jose-San Francisco-Oakland combined statistical area) for $1.428 billion.<\/span><\/li>\n<\/ul>\n<figure id=\"media-65318\" class=\"align-none\"><img decoding=\"async\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2019\/03\/metropolitan_county_map_bay_area.png\" alt=\"Bay Area map\" data-portal-copyright=\"\" data-has-syndication-rights=\"\" data-license-id=\"\" data-licensor-name=\"\" \/><\/figure>\n<p><span style=\"font-weight: 400;\">The fact that current and former Lyft employees could hypothetically purchase every single active listing in San Francisco with their upcoming stock wealth is representative of the huge impact this year\u2019s tech IPOs could have on the Bay Area housing market. Lyft is just the first of several San Francisco-based tech companies to public this year, with filings from Uber, Slack and Pinterest expected to come down the pipeline soon and Airbnb rumored to go public sometime in 2019 or 2020. <\/span><br \/>\n<span style=\"font-weight: 400;\">With a <\/span><a href=\"https:\/\/redfin.com\/blog\/february-2019-housing-market-tracker\/\"><span style=\"font-weight: 400;\">median home sale price of $1.3 million<\/span><\/a><span style=\"font-weight: 400;\">, San Francisco is the most expensive large housing market in the U.S. and it could become even more costly with the influx of liquid wealth being created with this year\u2019s tech IPOs. And the city\u2019s housing supply, already relatively low\u2014for the sake of comparison, 623 homes are currently for sale in San Francisco versus 1,590 in the city of Seattle, which has a slightly smaller population\u2014could fall even further. <\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cSan Francisco is already experiencing a crippling housing shortage. Outdated zoning regulations have stifled construction of new multi-family units, so there just isn\u2019t enough housing for everyone,\u201d said <\/span><a href=\"https:\/\/redfin.com\/blog\/author\/darylfairweather\/\"><span style=\"font-weight: 400;\">Redfin chief economist Daryl Fairweather<\/span><\/a><span style=\"font-weight: 400;\">. \u201cThe influx of cash brought by the Lyft IPO will put even more pressure on home prices in San Francisco and the Bay Area as a whole.\u201d<\/span><\/p>\n<h3>Bay Area IPOs Could Also Impact Other Real Estate Markets<\/h3>\n<p><span style=\"font-weight: 400;\">The San Francisco Bay Area topped the list of metros people were looking to leave in the fourth quarter of 2018, with <\/span><a href=\"https:\/\/redfin.com\/blog\/q4-redfin-migration-report-seattle-reclaims-migration-destination-status\"><span style=\"font-weight: 400;\">23.8 percent of local Redfin.com users searching for homes outside the metro area<\/span><\/a><span style=\"font-weight: 400;\">. Of the Bay Area-based Redfin users searching for homes outside the metro, the most popular destination was the <\/span><a href=\"https:\/\/redfin.com\/city\/16409\/CA\/Sacramento\"><span style=\"font-weight: 400;\">Sacramento<\/span><\/a><span style=\"font-weight: 400;\"> metro area, where the typical home sells for $385,000. The most popular out-of-state destination was the <\/span><a href=\"https:\/\/redfin.com\/city\/16163\/WA\/Seattle\"><span style=\"font-weight: 400;\">Seattle<\/span><\/a><span style=\"font-weight: 400;\"> area, where the typical home sells for $546,000. Of Bay Area-based Redfin users looking for homes, 18.7 percent were searching in Sacramento and 15.9 percent were searching in Seattle. <\/span><br \/>\n<span style=\"font-weight: 400;\">If the recipients of Lyft\u2019s IPO wealth were to purchase homes outside San Francisco, their cash could have an even more dramatic impact on the real estate markets that are popular with people looking to leave the Bay Area. <\/span><br \/>\n<span style=\"font-weight: 400;\">If all $1.458 billion of the stock wealth were to go into the Sacramento real estate market, current and former Lyft employees could purchase all 1,144 homes for sale in the city of Sacramento for $514 million, with roughly $944 million left over. They could buy 99 percent\u20141,575 homes\u2014of all homes for sale in Seattle for $1.4 billion. <\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cWe\u2019ve seen more and more people looking to leave the Bay Area, and this year\u2019s IPOs could accelerate that trend and potentially push home prices up in other parts of the country too,\u201d Fairweather said. \u201cSome employees from Lyft and other tech companies still won\u2019t have enough cash for a down payment on a typical San Francisco home, and they may leave the area to buy a home in more affordable West Coast areas like Sacramento, Seattle or <\/span><a href=\"https:\/\/redfin.com\/city\/30772\/OR\/Portland\/\"><span style=\"font-weight: 400;\">Portland<\/span><\/a><span style=\"font-weight: 400;\">.\u201d<\/span><\/p>\n<h3>Methodology<\/h3>\n<p><span style=\"font-weight: 400;\">For this report, we used Lyft\u2019s S-1 filing, combined with Redfin data, to determine the number of homes (single-family homes, townhouses and condos) current and former Lyft employees could hypothetically purchase with their stock wealth from the company&#8217;s IPO. Current and former Lyft employees held approximately 8,600,322 shares underlying RSUs that will have satisfied vesting conditions upon the IPO\u2019s completion and that will be left after obligatory tax withholding in connection with vesting. We multiplied the number of shares by $72, Lyft\u2019s IPO price, to get $619,223,184. Current and former Lyft employees also hold $838.7 million worth of vested stock options as of December 31, 2018. $619,223,184 + $838,700,00 = $1.458 billion. We looked at all of the active listings in the city of San Francisco, the San Francisco-Oakland-Hayward metropolitan statistical area and the San Jose-San Francisco-Oakland combined statistical area. Then, we took the aggregate value of the Lyft stock wealth and created a running total of list prices in each of those regions until the $1.458 billion was exhausted. We repeated the process for the city of Seattle and the city of Sacramento.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[This report was updated on March 29, 2019, the day Lyft debuted on the public markets, to reflect its IPO price of $72 per share.] San Francisco already has sky-high home prices and a lack of inventory. Public offerings from Lyft and other tech companies is likely to put even more pressure on its real [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":65318,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[],"dashboard":[],"coauthors":[],"class_list":["post-65317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Here&#039;s How Many Bay Area Homes Lyft Employees Can Buy With IPO Wealth<\/title>\n<meta name=\"description\" content=\"San Francisco already has sky-high home prices and a lack of inventory. Public offerings from Lyft and other tech companies is likely to put even more pressure on its real estate market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/lyft-ipo-san-francisco-real-estate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Together, Lyft\u2019s Employees Could Buy Every Single Home for Sale in San Francisco With Their IPO Cash\" \/>\n<meta property=\"og:description\" content=\"San Francisco already has sky-high home prices and a lack of inventory. 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Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our Why Redfin page.\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/author\\\/dana-andersonredfin-com\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Here's How Many Bay Area Homes Lyft Employees Can Buy With IPO Wealth","description":"San Francisco already has sky-high home prices and a lack of inventory. 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