City of San Francisco has concerns about the impact after Lyft goes public, other IPOs

SAN FRANCISCO (KGO) -- A big day for Lyft employees as the company went public Friday. It was the first of several San Francisco-based companies to hit Wall Street. The stock was valued at $72 a share and ended the day at $78.29.

But there is a real concern in the city about the impact these IPOs will have in San Francisco, especially among those who are trying to earn a living wage.

RELATED: San Francisco-based Lyft raised $24 billion. Where does the IPO money go?

We all know the company and most people love the product.

"Going public is a momentous occasion for us at Lyft," said a company spokesperson.

RELATED: Lyft's shares soar as investors bet on ride-hailing future

Many insist Lyft will probably never turn a profit. But the city is more concerned about the impact these new millionaires will have on San Francisco.

"Wealth inequality, housing affordability, homelessness, traffic congestion, etc.," expressed San Francisco Supervisor Gordon Mar who has called for hearings next month to analyze the consequences of this rapid injection of new wealth and how to avoid the mistakes of the past.

"We're also going to be starting a conversation about what kind of intervention or policy strategies we can look at to mitigate those impacts and make sure everyone here is able to live and thrive in San Francisco," he added.

RELATED: Uber and Lyft drivers demand changes before companies IPO

For some time now, Lyft drivers have shared the same concerns as they don't see themselves profiting from Friday's public offering.

"We are the ones out there every day and risking our lives for these companies, and yet we are the ones experiencing the rate cuts and struggling to earn a living wage," said Rebecca Stack a Lyft driver living in San Francisco.

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