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In yesterday’s newsletter, we explored why Montebello, a solidly middle class suburb of Los Angeles, was an unexpected target for Gov. Gavin Newsom’s ire over unaffordable housing.

Today, my colleague Nellie Bowles takes us to a city where the housing landscape has been the target of way more outrage — and it’s about to get worse.

We’re talking about San Francisco. I’ll let her explain why:

Booms usually follow busts. But not in San Francisco today.

A new fleet of huge start-ups — among them Uber, Airbnb, Lyft, Slack and Pinterest — is preparing to go public, and the employees who have patiently waited for their stock options to turn to cash will finally have their day.

The trouble is: The city still hasn’t quite caught its breath from the last boom, which saw clashes between protesters and tech buses. There’s still not enough housing, still jarring inequality on the streets. And now thousands of the newly cash rich are going to be looking to put their stake in the city. Familiar issues are boiling up again.