{"id":65627,"date":"2019-04-26T15:55:35","date_gmt":"2019-04-26T22:55:35","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=65627"},"modified":"2020-10-06T17:07:59","modified_gmt":"2020-10-07T00:07:59","slug":"uber-ipo-san-francisco-real-estate","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/uber-ipo-san-francisco-real-estate\/","title":{"rendered":"Together, Uber Employees Could Buy Every Single Home for Sale in San Francisco, Oakland and Berkeley with their IPO Cash"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">[This report was updated on May 9, 2019, the day Uber announced the price of its public offering, to reflect its IPO price of $45 per share]<\/span><br \/>\n<i><span style=\"font-weight: 400;\">The enormous public offering could put further pressure on the Bay Area housing market, already the most expensive in the country. <\/span><\/i><br \/>\n<span style=\"font-weight: 400;\">With the wealth created through <\/span><span style=\"font-weight: 400;\">Uber\u2019s massive IPO<\/span><span style=\"font-weight: 400;\">, current and former employees of the business could buy every single home for sale in <\/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;\">, <\/span><a href=\"https:\/\/redfin.com\/city\/13654\/CA\/Oakland\"><span style=\"font-weight: 400;\">Oakland<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/redfin.com\/city\/1590\/CA\/Berkeley\"><span style=\"font-weight: 400;\">Berkeley<\/span><\/a><span style=\"font-weight: 400;\"> combined, in cash\u2014and still have about $400 million left over. Or, they could purchase more than 40 percent of the homes for sale in the entire Bay Area. <\/span><br \/>\n<span style=\"font-weight: 400;\">That\u2019s based on an <a href=\"https:\/\/www.businesswire.com\/news\/home\/20190509005989\/en\/\">IPO price of $45 per share<\/a>. Using the $45-per-share price, current and former employees hold roughly $3.25 billion worth of total stock in the San Francisco-based company. <\/span><br \/>\n<span style=\"font-weight: 400;\">If all $3.25 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 Uber employees could hypothetically buy:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All 1,661 homes for sale in <a href=\"https:\/\/redfin.com\/city\/17151\/CA\/San-Francisco\">San Francisco<\/a>, <a href=\"https:\/\/redfin.com\/city\/13654\/CA\/Oakland\">Oakland<\/a> and <a href=\"https:\/\/redfin.com\/city\/1590\/CA\/Berkeley\">Berkeley<\/a> combined for $2.85 billion. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All 862 homes for sale in the city of San Francisco for $2.1 billion, and have more than $1 billion left over. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All 1,387 homes for sale in the city of <\/span><a href=\"https:\/\/redfin.com\/city\/17420\/CA\/San-Jose\"><span style=\"font-weight: 400;\">San Jose<\/span><\/a><span style=\"font-weight: 400;\"> for $1.64 billion, and have $1.61 billion left over. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All 672 homes for sale in the city of Oakland for $543.2 million. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">All 127 homes for sale in the city of Berkeley for $169.5 million. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The bottom 43% of homes for sale by list price\u20147,495 homes\u2014across the Bay Area (the San Jose-San Francisco-Oakland combined statistical area) for $3.24 billion. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The top 2% of homes for sale by list price\u2014235 homes\u2014across the Bay Area for $3.24 billion. <\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Lyft, the other big ridehailing business based in San Francisco, went public at the end of March. At that time, we calculated that current and former Lyft employees could have purchased <\/span><a href=\"https:\/\/redfin.com\/blog\/lyft-ipo-san-francisco-real-estate\/\"><span style=\"font-weight: 400;\">every home for sale in the city of San Francisco<\/span><\/a><span style=\"font-weight: 400;\"> based on the company\u2019s IPO price. <\/span><br \/>\n<span style=\"font-weight: 400;\">Put that together with the wealth from Pinterest&#8217;s recent IPO and Uber&#8217;s debut, and factor in the smaller but still major public offering expected to come down the pipeline from San Francisco-based Slack this year, and there will be billions and billions worth of cash that could potentially be poured into the Bay Area real estate market. <\/span><br \/>\n<span style=\"font-weight: 400;\">The San Francisco metro area, where the typical home sold for $1.4 million in April, is already the most expensive large housing market in the country, and San Jose, where the median home price is $1.1 million, isn\u2019t far behind. The wealth coming down the pipeline from this year\u2019s Bay Area tech IPOs could put further pressure on an area where housing is already unaffordable for many of its residents: Just <\/span><a href=\"https:\/\/redfin.com\/blog\/data-center\/\"><span style=\"font-weight: 400;\">2.6 percent of homes<\/span><\/a><span style=\"font-weight: 400;\"> in the San Francisco metro are affordable on the area\u2019s <\/span><a href=\"https:\/\/www.deptofnumbers.com\/income\/california\/san-francisco\/\"><span style=\"font-weight: 400;\">median household income of $101,714<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><br \/>\n<span style=\"font-weight: 400;\">\u201cThe Uber IPO, along with the other large tech companies going public this year, is likely to have a large and lasting impact on Bay Area real estate,\u201d said Redfin <a href=\"https:\/\/redfin.com\/blog\/author\/darylfairweather\/\">chief economist Daryl Fairweather<\/a>. \u201cGiven the existing shortage of housing, competition among newly wealthy buyers will drive up prices. Less fortunate locals will move inland or out of state in search of affordable homes and lifestyles.\u201d<\/span><\/p>\n<h3><b>Methodology<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">For this report, we used Uber\u2019s S-1 filing and the press release announcing its IPO price, combined with Redfin data, to determine the number of homes (single-family homes, townhouses and condos) current and former Uber employees could hypothetically purchase with their stock wealth from the company\u2019s IPO. Current and former Uber employees held approximately $1.5 billion worth of vested stock options, plus $21.7 million worth of vested SARs. They also hold 38.3 million 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 $45, Uber&#8217;s IPO price, to get $1.72 billion. Altogether, the forthcoming stock wealth is worth roughly $3.25 billion. We looked at all of the active listings in the city of San Francisco and the San Jose-San Francisco-Oakland combined statistical area. Then, we took the aggregate value of the Uber stock wealth and created a running total of list prices in each of those regions until the $3.25 billion was exhausted. We repeated the process for the cities of Oakland, Berkeley and San Jose. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the wealth that will be created through Uber\u2019s massive IPO, current and former employees of the business could buy every single home for sale in San Francisco, Oakland and Berkeley combined.<\/p>\n","protected":false},"author":13153,"featured_media":65628,"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 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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-65627","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 v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>With IPO Cash, Uber Employees Could Buy Nearly Half the Homes for Sale in the Bay Area<\/title>\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\/uber-ipo-san-francisco-real-estate\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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