Amazon To Lay Off 30,000 Employees Tomorrow

Most of the affected will be corporate, not warehouse, for about 10% of the corporate workforce.

Microsoft lays off 15% of its workforce.

Starbucks lays off 10% of its workforce.

Google laid off 15% of its Seattle based cloud division.

Will this cause real estate prices to crack in the Seattle area, triggering a national avalanche?

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Pretzel · 70-79, M

a radio show I listen to said that there are some indicators that the economy may be a little shaky -

no wonder the prez want to drop the ecomics data gathering fed employees.

MarkPaul · 26-30, M

Of course. It will have a cascading effect across the entire economy, not just real estate. The frog is starting to boil.

Northwest · M

@MarkPaul We've been monitoring this for a few years in the Seattle area. Instead of stabilizing, real estate nearly doubled. The Chinese are taking their money out of China and putting it here. Several houses in my neighborhood were instantly bought and are now empty. Similar to Vancouver. Lots of cars with BC plates.

DeWayfarer · 61-69, M

@Northwest Now that explains the 3 million dollar houses.

DeWayfarer · 61-69, M

You might think so. Yet the ownership of most real estate is by the higher ups.

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DeWayfarer · 61-69, M

@Northwest Thats pretty high even compared to southern California.

Here in the Palm springs area it's around $800,000.

Northwest · M

@DeWayfarer Palm Springs real estate is significantly less expensive than the Seattle Eastside, and the gentrified parts of Seattle. If you want a house around the multiple lakes here, or the Puget Sound side, it's going to be way higher than Palm Springs.

It used to be white collar Boeing employees, who sold to the new wave of Microsoft employees, and then came Amazon, Costco, Starbucks and real estate bidding wars.

DeWayfarer · 61-69, M

@Northwest I think you need to rethink that through. Palm springs is getting quite some notoriety.

Yet the snow birds from Canada are gone. Leaving Air BNB houses empty, despite the various festivals like Coachella.

Now that Chinese situation is a very likely source of your housing situation.

Chinese don't like the heat. They have to keep tabs on their investments, at minimum.

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