SF Unicorn IPOs

• Five San Francisco-based tech “unicorns” are planning on going public in 2019
• Uber, Airbnb, Stripe, Pinterest, and Lyft
• Once they have their IPOs, their employees will likely take their cash windfalls and purchase homes in and around San Francisco, driving sales prices even higher

The Beige Book

• Additional strong economic news came from the Federal Reserve Bank’s September Beige Book economic report which shows continuing strong job and wage growth in the San Francisco region
• It notes that the real estate market activity has continued to expand, in spite of higher interest rates, and the low inventory coupled with strong demand pushed prices and rents higher

A measure of CEO Confidence

• The Conference Board’s Measure of CEO Confidence, which had slipped in the second quarter, declined again in the third quarter
• This report is a window into planned capital spending, expansion, and hiring, all of which can have a significant impact on jobs and hence home-purchasing demand
• Yet it may not reflect the more bullish, expansionary tech sector dominating San Francisco’s economy