Tech Workers Layoffs Housing Market

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Layoffs are layoffs whether you work in technology, construction, health, hospitality, farming, retail, government or energy. The first cause for insomnia when the layoff rumor starts skating around, is your home. How will I pay the mortgage/bond?

This piece is concentrating on technology because we thought it was the last bus stop. It’s the culprit for unemployment in traditional industries. That’s why printers, fax machines, scanners, newspapers and magazines went out of business. Banking also. How many tellers are left at your bank? Some community branches shut down completely.

The housing market is affected by layoffs at Google, Microsoft, Tik Tok and other major tech players. Tech workers bought condos when the going was good. Condos because they are younger, single and do not care about mowing the lawn and shoveling snow. Condos are in self sufficient high rise buildings complete with banks, restaurants, sushi bars and massive health centers.

How long can they hold on to their property, after being laid off? Maybe a year, for tech workers who filled and re-filled the savings bucket. Those must be very few because tech business hubs are situated in expensive cities where the cost of living is very high, compared to, let’s say Brandon, Manitoba where a tech genius grew up.

If tech workers are laid off, lose their condos and move out, mixed-use developments especially crafted for the young, the tech, the single will also result in VACANCY signs. No traffic, no customers for the sushi bar.

By: Nonqaba waka Msimang.

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