https://thebolditalic.com/san-franciscos-ipo-panic-is-all-hype-4f02e8272c08

Clara HoganBlockedUnblockFollowFollowingApr 10Illustration by Aaron AlvarezSan Francisco is about to be overrun by thousands upon thousands of newly minted millionaires. They will run up and down the streets with money cascading out of their pockets as they giddily embark on post-IPO buying benders. They will snatch up houses in all cash. Buy luxury boats. Throw lavish parties, adorned with elaborate ice sculptures and full of A-list celebrities. Generally, this will be the moment that finally makes it impossible for you to live here.

At least, that’s what you would you think if you’ve read media coverage of this year’s expected IPO rush in Silicon Valley. The panic generally started with an ever-dramatic headline in the NYT a few weeks ago: “Thousands of New Millionaires Are about to Eat San Francisco Alive” (apparently later changed to be only slightly less intense). The piece blazed its way through our Twitter and Facebook feeds, leaving those of us not poised to strike it rich from an IPO in the coming months distraught over what we were now convinced would be the tipping point that causes the already horrific cost of living here to go over the brink of insanity.