sdnerd – “there would have to be massive layoffs in the surrounding area. ”
Don’t you think there is? I think San Diego depended a great deal on real estate for employment: realtors/brokers, appraisers, loan brokers/officers, the secretaries that worked in those offices, all associated construction (big) drywallers, electricians, plumbers, flooring, roofers, window/garage/door installers, etc, retail Home Depot/Lowes, trickling down from there to all retail and restaurants as purse strings tighten. And let’s not embark on price of gas.
