[ClassicOrgin]

A concern I’ve had here in Florida is that we’ve had people move here and buy homes that are “affordable” with their remote NYC/SF based jobs. But, these same homes wouldn’t be affordable to them with local jobs because the salaries are so lower here. The banks didn’t consider it a factor when lending to them. If the tech layoffs continue this could be a real problem.

[yababa_y]

The entire industry is only a few million people, it’s hard to imagine that could impact so many people that is systemically unbalances the lenders.

[conanbatt]

The amount of properties that change hands are very few also. A net influx of people changes any local economy.

What the OG poster misses is that their income is now a local income - so local incomes also rise.

[shaburn]

Have you seen tech incomes relative to anything in the last decade? Then net out finance, law, real estate, and media that all profited off the tech sector. thank janet yellen and zero rates

[1270018080]

Someone getting laid off and having to take a lower paying job isn't something new that came with remote work. Remote work isn't going away either, and tech layoffs are marginal despite the headlines/clicks they generate.

[shaburn]

regional wage delta spread is novel. it was one of the primary motivators of remote work

[shaburn]

Tech layoffs will accelerate in December as FANG doesn't need to finance the DNC's "everything is fine in the economy look at employment" narrative. Many remote will be first to go.

[bdcravens]

FAANG represents a small % of tech headcount.

[shaburn]

But all the multiples are anchored to it. Life lesson in markets coming soon.