Google allows 40% of its workforce to WFH.
Nope, Google already bought like half of it lol
Wow...
No they didn’t. They said wfh for 20% and up to 20% can transfer if their PA allows. Stop spreading fake rumors
Once two-three of faang do that yes it will crash a bit. Meaning no huge drop but no feasible growth in the future. Bad investment that is
Well Facebook did it already, google started now as well. Amazon always favored hiring in Seattle over bay area. Netflix isn't a huge company in critical mass of employees. But I still think most people, especially immigrant background won't move given the relationships they've built, they don't have a hometown to move back to and it's not easy to make friends and create a support system when you're in 30s or 40+ .
Govt will juice the housing market with low interest rates and mortgage tax deductions no matter what. No sane politician will threaten the assets of voting boomers
They don't give a crap about voters, especially in CA. They just don't want their own mansions to lose value.
It's demand and supply after all. If more people move out of Bay Area than those who move in, prices will drop gradually.
I knew they would fold. Not sure if crash or not, but it introduces a whole new category of substitute goods for Bay Area real estate.
OP should add this to the post description
It might make the Bay Area housing more expensive by having lower paid employees remote and the higher paid execs local
As opposed to having everyone local? Also, people will grow in their careers remotely.
- It's simple, if it jiggles, it's fat. - Run away when people are rushing to get the same thing just because everyone else is doing it. - Patience is the support of weakness; impatience the ruin of strength. Everyone knew that this had 50% chance of happening. The decision kept “jiggling” in the industry. Mostly favoring remote work but it was never a final decision with expected uncertainty for years to come. Gambling and assuming that everything will stay the same after all this happening. Then, taking this kind of house investment risk “just because everyone else does it” is a direct result of FOMO, ego, and desperate real estate agents using the situation to take the biggest cut while playing with limited house supply. Market didn’t even crash. So, no one bought “on the crash”. It was a total ripoff. Good luck for whoever “invested” by buying a 2m house 40% above asking price.
This was a done deal once FB announced.
I don’t understand how people are still overbidding
Everyone who is banking a high TC should pray that tech companies never go full remote although I think this is inevitable. If the labor market goes 100% remote there is little to differentiate between you and someone in a dirt cheap geo happy to work 7-11-7. Everyone in the Bay Area loves to believe that they are the elite and don't recognize that there are incredibly talented tech people in other countries that will work for a fraction of your TC due to LCOL and/or lower taxes. The Bay Area doesn't have a monopoly on leetcode and the barrier to entry is not as high as you believe. Your options will be to take a lower TC to compete or move to a LCOL location yourself. Hybrid, even one day per week, is the best compromise.
This
I always thought high TC is because there is competition among FAANG not HCOL of shitty bay area
Source?
Internal email
Not really internal. The email said it goes public. Our CEO know it's hard to keep it secret.