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> they'll be operating at losses well beyond their IPOs

Doesn’t matter for taxes on wages, options, realized gains, distributions, et cetera.

Maybe wages if the company puts the IPO proceeds towards additional hiring. The other bits sound pretty speculative to me. I could see outside investors walking away with most of the early gains, leaving employees and locals underwater.

> The other bits sound pretty speculative to me

Then they aren’t affecting housing. If gains are being realized to convert into real estate, they’re getting taxed. If they aren’t getting taxed, they aren’t hitting housing. (There are edge cases. But this isn’t an edge-case hypothesis. The folks selling shares in the private markets to buy mansions are paying taxes.)

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