QCOM has 33K employees, 15K of which are in San Diego…50%
If the layoffs occur in the same ratio, that means 2.5k of the 5K will come out of San Diego.
Out of those, say a third live in high cost areas along the coast, such as Carmel Valley.
The two-thirds not in high cost areas (1600 folks) will likely not be forced to sell due to working spouses, 401Ks, reserves, etc that can probably meet the lower mortgage. Of course some of those families will choose to move to other areas of the country, but they likely won’t be forced into selling at fire sale prices.
The one-third (800) that live in high cost coastal areas may be at risk. Say a quarter to half of those are forced to sell. That’s 200-400 more homes on the market over the next year…20 to 30 a month.
Will it affect housing prices? Probably. Will it crash housing prices? No.
