Fresh off IPO, Lyft will invest in Garcetti’s “A Bridge Home” program

The ride-sharing company, which went public Friday, will provide transportation to and from shelters

Los Angeles /
Apr.April 01, 2019 03:00 PM
From left: Mayor Garcetti, Lyft CEO Logan Green, and 1215 Lodi Place (Credit: Getty Images and Google Maps)

Just hours before Lfyt’s initial public offering, the ride-sharing company announced a plan to contribute $50 million to aid humanitarian projects across the country, starting in Los Angeles with Mayor Eric Garcetti’s controversial homeless shelter plan.

Lyft will provide free and discounted rides to residents and staff at the shelters. The mayor’s office will receive revenue for the program, known as “A Bridge Home,” directly through Lyft, Curbed reported.

The company will also provide transportation to support “A Bridge Home’s” partner organizations, such as the YWCA of Greater Los Angeles, PATH and the People Concern. Low-cost Lyft scooter rides will also be provided to low-income residents as part of the initiative.

L.A. has already opened up several homeless shelters around the city, including one in Hollywood and another Downtown. But the project has also encountered resistance in other neighborhoods, particularly from business and property owners. Those areas include Koreatown, which protested the emergency shelters, saying they would be too disruptive to the community.

Dubbed Lyft City Works, the program is expected to provide funding for a wide range of community-based initiatives across the country. Though the program is starting in L.A., it’s likely the city will only receive about $5 million this year.

Lyft’s stock began trading Friday at $72 per share. It peaked at more than $88 before dipping back down to about $68 at the close of trading Monday. [Curbed]Natalie Hoberman


Related Articles

arrow_forward_ios
A photo illustration of 1164 North Kenmore Avenue in East Hollywood (LoopNet, iStock)
LA County to convert East Hollywood apartments for homeless youth with Project Homekey
LA County to convert East Hollywood apartments for homeless youth with Project Homekey
Enterprise Community Partners' Priscilla Almodovar and 311-345 N. Beacon Street (Getty Images, iStock, Adobe Communities)
Supportive housing project in San Pedro scores $22M in financing
Supportive housing project in San Pedro scores $22M in financing
(iStock, Urbanize LA/Photo Illustration by Steven Dilakian for The Real Deal)
City of LA to buy 16 buildings to house homeless
City of LA to buy 16 buildings to house homeless
State grant for homeless project in Downtown Riverside
State grant for homeless project in Downtown Riverside
State grant for homeless project in Downtown Riverside
A homeless encampment under the 101 Freeway (Getty)
LA approves citywide ban on homeless encampments
LA approves citywide ban on homeless encampments
Photo illustration of Mayor Eric Garcetti (Getty, iStock)
Garcetti exits LA, with a Downtown transformed by development, stung by scandal
Garcetti exits LA, with a Downtown transformed by development, stung by scandal
Mayor Eric Garcetti (Getty, County of Los Angeles)
Garcetti’s wishlist for LA includes expanded rent relief
Garcetti’s wishlist for LA includes expanded rent relief
Photo illustration of Gov. Gavin Newsom and the Holiday Inn in Long Beach (Getty, Google Maps)
California spent $850M on inns for homeless
California spent $850M on inns for homeless
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...