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Thousands of New Millionaires Are About to Eat San Francisco Alive

March 8, 2019

By Nellie Bowles : nytimes – excerpt

SAN FRANCISCO — Big wealth doesn’t come in monthly paychecks. It comes when a start-up goes public, transforming hypothetical money into extremely real money. This year — with Uber, Lyft, Slack, Postmates, Pinterest and Airbnb all hoping to enter the public markets — there’s going to be a lot of it in the Bay Area.

Welcomed finally into the elite caste who can afford to live comfortably in the Bay Area, the fleet of new millionaires are already itching to claim what has been promised all these years.

They want cars. They want to open new restaurants. They want to throw bigger parties. And they want houses…

Now, many of the biggest start-ups are based in San Francisco, in part thanks to the city’s tax breaks. Brokers say San Francisco is where the workers want to stay… (more)

What the author doesn’t know is that the Twitter tax break has run its course, but, what billionaire is gong to care about paying taxes?

ABC7 News: Warren says tech giants have ‘too much power,’ need breakup


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