https://archive.is/nUklO TLDR: * most of the workers being laid off are not engineers * the laid off engineers are either being hired by “old school” industries like John Deere or carmakers or are creating new startups, many around generative AI. Honestly am impressed at how wasteful such articles are in how little content they actually contain.
I'm finding that one of ChatGPT strengths is summarizing fluff-heavy texts.
Can you give it the URL, or do you need to provide the full body text for it to summarize?
The way I see it, you have these tech companies that are writing larger and larger checks to their employees. Combine that with limited housing and you start getting bidding wars from folks making $500k, all of a sudden that house that went for $600k is now going for $1.2M. If you work back from that price you see that the prices would not have been able to go that high had all these tech companies not offered massiv…
That's not artificial though, that's fair market pricing. It's growth in income leading to higher prices for goods purchased with that income.
That is true and I’m not here to disagree, but what the parent pointed out raised a question for me: weren’t these salary increases in part due to the fact that since the 2008 Financial crisis, money has been cheap, and now with the Feds raising rates, money is now more expensive? And if so, and those salaries were not sustainable because the profits that allowed for them hypothetically cannot be sustained because people are out of work and tightening their belts or taking salary cuts to land their next job and taking out a loan to cover payroll for businesses is a more costly proposition, then isn’t this actually a volatile situation for the Bay Area housing market and the mortgages backing it?
"Where are the non-engineers going, and is it to somewhere that will continue to give them north of 200k per year so they can keep borrowing millions and propping up the artificially inflated housing market in the periphery of the Bay Area," is the question on the minds of those whose clicks I imagine this headline is trying to attract.
Honest question: how is the Bay Area housing market artificially inflated? I assumed the high prices were the normal market response to high demand from many people with deep pockets.
> I assumed the high prices were the normal market response to high demand from many people with deep pockets.
The response is normal, but the deep pockets were an aberration. No one was making $$ in cash; tech stocks floated to ~80 P/E for mature companies and higher for billion dollar _growth_ companies (aka a bubble).
Honest question: how is the Bay Area housing market artificially inflated? I assumed the high prices were the normal market response to high demand from many people with deep pockets.
IIRC, new housing is not being approved for construction mainly because the local gov is full of people who own real estate. In a natural situation, supply would be increased to meet demand.
Additionally cities earn more from commercial zoning than residential. And dense residential projects reliably get blocked by NIMBY neighbors. (NIMBY = Not In My Back Yard)
Given we are in the AI revolution right now, a part of those workers, often quite well paid so they have a bit of cash aside, have taken the opportunity to explore that.
Maybe those layoff will create tomorrow's unicorns.
Being laid off at 50 is fairly brutal but hoping to find something using my django experience and get back to work. Fortunately my mom is still alive I had to move in with her, I had already been laid off once, when you are laid off 2 times in one year they force you to go 6 months with no income whatsoever as a form of punishment.
Who is “they?” Who is forcing you to go without income?
Being laid off at 50 is fairly brutal but hoping to find something using my django experience and get back to work. Fortunately my mom is still alive I had to move in with her, I had already been laid off once, when you are laid off 2 times in one year they force you to go 6 months with no income whatsoever as a form of punishment.
Being laid off at 50 is fairly brutal but hoping to find something using my django experience and get back to work. Fortunately my mom is still alive I had to move in with her, I had already been laid off once, when you are laid off 2 times in one year they force you to go 6 months with no income whatsoever as a form of punishment.
Who is “they?” Who is forcing you to go without income?
I would assume OP is referring to unemployment benefits.
Being laid off at 50 is fairly brutal but hoping to find something using my django experience and get back to work. Fortunately my mom is still alive I had to move in with her, I had already been laid off once, when you are laid off 2 times in one year they force you to go 6 months with no income whatsoever as a form of punishment.
Who is “they?” Who is forcing you to go without income?
seeing we asked the same, simultaneously, i'm deleting my question.