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(The Hill)   With the massive layoffs in Silicon Valley, home prices might fall as low as the single-digit millions. Affordability for all   (thehill.com) divider line
    More: Facepalm, Monetary policy, Interest rate, Price, Median, Economics, Mortgage, San Francisco, Real estate  
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391 clicks; posted to Business » on 28 Nov 2022 at 5:50 PM (9 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



10 Comments     (+0 »)
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2022-11-28 3:41:17 PM  
I know Subby is being sarcastic, but if home prices fall because there is less housing demand due to lack of affordability, two other things are likely to happen - (i) fewer homes will be built, and (ii) there will be more renters.  (i) + (ii) = higher rents.

/Also, increased homelessness
 
2022-11-28 4:55:10 PM  
Lots of people who held onto their homes in the valley because they knew they couldn't afford to come back if they ever left are starting to die off, and homes that have been off the market for 50 years are becoming available. Sure, its still a seller's market but don't go buying something because it seems like the only thing available.
 
2022-11-28 5:58:25 PM  
Wealth inequality will keep those prices where they are, or increasing. That's my hot take on this.
 
2022-11-28 6:36:44 PM  
I seriously doubt that there will really be as many layoffs as indicated (saying you are going to fire people is good for the stock price, but nobody double checks to make sure you went through with it months later so it's somewhat common to not do so.
 
2022-11-28 7:16:02 PM  

Geotpf: I seriously doubt that there will really be as many layoffs as indicated (saying you are going to fire people is good for the stock price, but nobody double checks to make sure you went through with it months later so it's somewhat common to not do so.


Reporting that layoffs are on track as promised, and you're adding to them seems to buy a lot more time & leeway when earnings are mediocre at best. I was employed by a giant company for a few years when layoffs seemed to be their primary industry.
 
2022-11-28 7:19:29 PM  
Blackstone will take care of that.
 
2022-11-28 8:40:04 PM  

Geotpf: I seriously doubt that there will really be as many layoffs as indicated (saying you are going to fire people is good for the stock price, but nobody double checks to make sure you went through with it months later so it's somewhat common to not do so.


I have no idea what is being indicated, but there are sites like these you can check:

https://layoffstracker.com/

https://layoffs.fyi/

Fark user imageView Full Size
 
2022-11-28 9:25:14 PM  
Housing in the Bay Area had always been expensive and it always will be.

There may be a period of relative affordability when it only takes sacrificing one your first two born instead of three, but it's always going to take two higher than median incomes to buy a starter home here.
 
2022-11-28 9:30:15 PM  

Geotpf: I seriously doubt that there will really be as many layoffs as indicated (saying you are going to fire people is good for the stock price, but nobody double checks to make sure you went through with it months later so it's somewhat common to not do so.


That's absolutely not how it works in tech.  As someone that worked in the industry for tech companies, since they are almost all built on the high growth model and don't care about revenue, they will hire anyone they can marginally afford to do so based on cheap debt.   This is very good for stock price.  These layoffs aren't close to down and will only turn around in 2024 when they begin to lower rates which will take time to work through system.
 
2022-11-28 9:43:44 PM  

OccamsWhiskers: Geotpf: I seriously doubt that there will really be as many layoffs as indicated (saying you are going to fire people is good for the stock price, but nobody double checks to make sure you went through with it months later so it's somewhat common to not do so.

Reporting that layoffs are on track as promised, and you're adding to them seems to buy a lot more time & leeway when earnings are mediocre at best. I was employed by a giant company for a few years when layoffs seemed to be their primary industry.


I contracted with HP several times back in the '90s. Like clockwork, they terminated almost all contractors near the end of the quarter, then hired them back. One time, someone messed up and I got a six-month renewal only to be laid off a week into it. The renewal was supposed to be effective after the quarter's end. I had a different job within a week, so when they called me for the real renewal they were SOOL.
 
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