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Housing is extremely expensive. I wonder how people pay rent, mortgage, and other expenses with so many layoffs.
by punkbit 3y ago
Housing is extremely expensive. I wonder how people pay rent, mortgage, and other expenses with so many layoffs.
- antongribok 3y agoAren't we already seeing rent prices going down?
- punkbit 3y agoI hope that's the case where in the location where you are typing from. Unfortunately, it's not the case in places where I have family and friends. Some examples are in cities in Portugal, England, Spain, Germany, etc. In fact, in the past couple of days, I have found to have unrelated people I know about who are desperately looking for a place, separate cases but similar stories in London and Lisbon.
- davidw 3y agoIn the places that have built adequate housing, yes, a little bit. https://www.redfin.com/news/redfin-rental-report-december-2023/ https://www.redfin.com/news/redfin-rental-report-december-20...
- anthomtb 3y agoI have a rental which has been on the market since late September. The price has gone down by 20% (but was probably way too high to begin with). I will not drop the price further due to some weird laws in my American state. Ideally though, it would go down another 10%.
- ptero 3y agoI am not trying to sound flippant, but layoffs happen, and especially at companies that are not doing well (and Citigroup is not managing money well) they are normal. Then, those working at Citigroup are likely to get some form of severance. While I do not know the exact composition of the layoffs I suspect that many of those are well paid and have comfortable cushion. Furthermore, US economy is still chugging along and the unemployment is low by historical standards, so a significant portion of those laid off will likely find another job. They can also downsize and/or move to an area with lower cost of living. None of this is pleasant, but it is not the end of the world. My 2c.
- oldpersonintx 3y ago[dead]
- pixl97 3y agoUnemployment is historically low, but costs are historically high. In 2008 we saw that the state change from good to bad can happen rapidly and contagiously between industries. > They can also downsize and/or move to an area with lower cost of living. No, not really. There are simply no housing units available in the US to do that. All new housing is huge 2000sq/ft +. In addition housing prices are just off the charts for small houses. Your low cost of living places (I have family that lives in places like that) still want $250,000+ for a house that was around or under $100,000 less than a decade ago.
- nradov 3y agoCome on, stop making up nonsense. Just to pick one example there are numerous single family homes near Cleveland on the market for under $100K.
- theossuary 3y agoCool, but Ohio just made it illegal for me to live there; so that doesn't do me a lot of good.
- pixl97 3y agoI don't think 390 results is going to solve the US housing crisis. In addition if pressure demands that lower priced houses are in demand those costs will go up. Lastly, hopefully you can remote work, or surviving on that $28 and hour in OH is going to be fun.
- nradov 3y agoAs I wrote, Cleveland is just one example. There are literally thousands of other cities around the country where housing is affordable and home ownership rates are very high. Broaden your horizons.
- nly 3y agoI got laid off this week. Plan on switching the mortgage over to interest payment only for 6 months to help cash stretch. Legislation came in the UK to help with this last year. It's called the "Mortgage Charter"
- punkbit 3y agoHope it works for you! I'm in London; some close friends also lost their jobs a week before Xmas and are completely desperate.
- nly 3y agoCan you explain what you mean by desperate? Poor severance packages and few opportunities?
- punkbit 3y agoThey were about to renew the house/flat contract, but the landlord decided to sell. So, looking for a new job and a new place while unemployed.
- nly 3y agoFabulous
- punkbit 3y agoThere’s a chance to move outside London but finding work is harder, on top of that rent is quite high in any commute areas. I don’t see how this whole housing situation is sustainable. A 1 bedroom house in Peckham, Hackney, ex council going for 400k at 10pc deposit and current rates that’s almost 2k monthly payments for 25 years for a leasehold. Insane!
- bushbaba 3y agoTake a mortgage. You get severance. Then if you fail to make payments it’ll take 3-6 months before foreclosure starts. Most can get a job within that time frame.
- anthomtb 3y ago> you fail to make payments In the US this will wreck your credit rating. Yes, you'll survive and won't lose your house. But your borrowing costs will increase significantly if you need a new home, renovation, car, etc.
- iancmceachern 3y agoMany dont
- tootie 3y agoThis announcement is not layoffs. Citigroup is saying they expect headcount to be reduced by 20K globally by 2026. That may include layoffs, but will also likely be attrition. It's also not confined to the US labor force.
- pirate787 3y agoPeople need to live within their means and save emergency funds, and develop marketable skills and positive work ethic.
- megabless123 3y agoyup, universal basic income too.
- y-c-o-m-b 3y agoAgree with everything, but the last point. Fuck work ethic! Take as much as you can by outputting as little as possible to keep you out of trouble. That's how it's done in this age. There is no such thing as loyalty. Employers will screw you at every opportunity. If you're smart, you'll do the same in return. This is how I've operated in FAANG for the last couple of years and I have no regrets. When I'm inevitably laid off, at least I won't have wasted years of my life pouring "work ethic" into this company that barely recognizes my existence let alone treat me with respect.
- chasd00 3y agoi think by "positive work ethic" they mean delivery what you were hired to do. In other words, just holding up your end of the bargain. It doesn't have anything to do with loyalty.
- deleted 3y ago[deleted]