AunBear89 said:
Useless without percentages. And not all tech employees are based in Bay Area. And not all tech companies are based in Bay Area.
Other than these three strikes, great post! /s
Stick to fluffing Putin - you are much better at that.
Yup - only about a quarter of Meta layoffs were in California. Snap and Amazon aren't in the bay area. Twitter is fully remote and we likely will never know where the people live. A lot of these companies have meaningful international employee bases as well. It's really quite different from the dotcom bust.
What most people outside of tech probably don't realize is that hiring is still BRUTAL. The competition for talent is ridiculous and I suspect that just about every engineer laid off will be able to find a good job when they want to go back to work. The biggest change is that most big companies are freezing hiring, so the arms race won't continue and we won't see salaries climb. I've seen no hint that compensation will be dropping.
I do think that we're entering a very rocky period for the tech ecosystem and that we're going to see plenty of companies fail or get bought on the cheap with venture funding harder to come by. We're also going to see meaningfully lower valuations, down rounds, etc. which will impact morale and personal balance sheets.
I can't predict how it will impact real estate prices and other assets because the bay area is still very much in demand and we aren't building new housing stock, but I've already seen a meaningful improvement in the market for buyers.
