But this time it’s not a result of a tech bust. That hasn’t happened yet.
House prices down $265,000 from peak, down $60,000 from year ago. America’s most majestic housing bubble begins to deflate.
The underlying dynamics changed in August and have worsened since. And this is still the tech boom.
A lot, as the co-founder of YouTube is finding out.
Didn’t do what when they built the most luxurious condo tower in California?!
Already happening, with impeccable timing.
Mega-landlord prepares for downturn.
“All it takes is a couple of big tech companies folding and the floodgates open, causing the sublease market to blow up, rents to drop, and new construction to grind to a halt.”
Done in by a historic construction boom.
Other tech-heavy office markets too.