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bearishgurl.
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September 16, 2015 at 1:48 PM #21686September 16, 2015 at 2:00 PM #789386
FlyerInHi
GuestThat’s a big hit to San Diego.
People may have to sell and move out, but maybe they will be laying off the less senior people who are currently renters?We shall see.
Couldn’t you do a screen grab instead of taking a picture of the screen? haha..
September 16, 2015 at 2:24 PM #789387
CoronitaParticipantThat website is filled with nutcases. I question even if most of the posts are from real employees or ex-employees. Just read some of the posts. Some of the posts are so far out there, it’s funny. I would take everything with a grain of salt.
What is clear is that there appears to be a lot of people with an ax to grind with Qualcomm and their employees. I don’t know why.
From some of colleagues there, there hasn’t been a reduction in some departments yet, so it is highly unlikely someone knows the bodycoint distribution, unless that person works in HR and is leaking information.
September 16, 2015 at 4:00 PM #789393NicMM
ParticipantI didnt visit that website. Don’t even know which site it is. But saw that picture from a mobile chatting group. So forwarded it here.
September 16, 2015 at 10:15 PM #789397an
ParticipantHere’s the site:
September 17, 2015 at 9:59 AM #789403ParticipantFunny to see some company posted hiring information in that thread 🙂
September 17, 2015 at 11:32 AM #789409XBoxBoy
ParticipantMore news attention to this:
http://www.10news.com/news/major-qualcomm-layoffs-in-san-diego-this-week
Not sure how reliable their info is, but they are saying:
“There was no word on exactly how many employees would be laid off in San Diego, although the number was expected to be in the thousands.”
If it is true thousands laid off in San Diego, then I would think that’s enough to impact housing market.
September 17, 2015 at 4:52 PM #789423ParticipantLooks like it’s gonna be 1,314 people laid off in San Diego.
September 17, 2015 at 5:18 PM #789424CoronitaParticipantYou can probably add some more to that in January once avago completes the acquisition of Broadcom. Great for shareholders. Bad for employees.
September 17, 2015 at 6:16 PM #789425fun4vnay2
ParticipantMore rounds of lay offs coming for qcom in SD. The cost cutting has just begun
September 17, 2015 at 8:56 PM #789426Escoguy
ParticipantEven if 20-30% of these employees actually left San Diego, one can assume the ownership ratio is somewhat higher than the general population but at most a few hundred homes would come on the market and these wouldn’t be distressed sales. So best case for buyers, there may be a little more inventory.
As inventory is so low, one can only think this would be a small step to normalization but far from the basis for any larger correction.
September 17, 2015 at 9:17 PM #789427Participant[quote=Escoguy]Even if 20-30% of these employees actually left San Diego, one can assume the ownership ratio is somewhat higher than the general population but at most a few hundred homes would come on the market and these wouldn’t be distressed sales. So best case for buyers, there may be a little more inventory.
As inventory is so low, one can only think this would be a small step to normalization but far from the basis for any larger correction.[/quote]
I think it’s important to also keep in mind the psychological impact on the employees who do remain. All of them will now be much less secure in their jobs, and so less likely to buy a house. While I won’t make any claims that this will cause a housing collapse, I don’t think you should dismiss this as being negligible.
September 17, 2015 at 10:13 PM #789429ParticipantQualcomm has been around so long that the vast majority of employees could have bought years ago (especially in the 2008-2012 low price period). A former manager of mine was Managing Director for Qualcomm Europe. He made so much money on stock options, that he could easily retire, it was several million dollars for one person.
For more recent employees, you may have a point but even then, the effect will be minimal.
More Chinese buyers will buy more homes in one year than Qualcomm employees will sell. I was driving by an investment property in 4S ranch and see a group of them doing Tai Chi in the morning. The group keeps getting larger month by month.
With low interest rates, low supply, constant immigration, low energy prices, and lack of new construction, prices will be flat in the worst case, probably continue up at the 2-5%/year range for the mid term. If several years from now, the shale boom is over and we get some energy price inflation, then perhaps rates rise which will put a damper on things. In the mean time, Telsa, GM, Nissan are brining out more EVs which should cap energy cost inflation.
Wage inflation will stay capped by global competition.
So even if we have rent inflation in California, the rest of the country won’t be so bad because they will build more elsewhere like in Texas.
So big picture, some layoffs at one company won’t do much.
September 18, 2015 at 5:26 PM #789433
svelteParticipantKUSI claims 1,314 in San Diego are scheduled to get the axe in the next 60 days.
That’s around a third of the 15% workforce cut Qualcomm is targeting.
(oops just saw other post quoting this number too…sorry for the dupe)
September 18, 2015 at 9:07 PM #789435henrysd
ParticipantSome of those group Tai Chi players in 4S Ranch are actually parents of Qualcomm engineers.
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