“Getting laid off is one thing, but being disowned by your family after 18 years is another. And that’s what Google did to us. People I worked with for 10 years are not allowed to bring us in for lunch to say goodbye” nytimes.com/2023/02/23/opi…
"Larry Page said, if only we could have two million people working at this company, think of all the good we can do in the world. Think of all the problems we can solve that governments can’t"
"So my job was to prove out & demonstrate to the world YouTube’s net value to society. And again, it’s challenging to do that job if you don’t really believe that’s true"
"And meanwhile, it feels like the world is starting to burn. And it just felt like we were trying to take credit for solving the world’s problems when we were actually making them worse"
"I think that it’s precisely what the opposite of what Larry & Sergey intended for the company. They said we are not a conventional company & we do not intend to become one. Well, Google has become a pretty conventional company. I think a lot of the big tech companies are"
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Big city restaurants & bars are missing office workers’ spending on Mondays & Fridays: "In-person work days declined the most, 37%, in Washington, compared with pre-pandemic levels, followed by Atlanta at 34.9% and Phoenix at 34.1%" cnbc.com/2023/02/24/big…
"Especially because the census tracts that had increases in foot traffic are more of the suburbs ...what that’s implying is that employment seems to be doing better in the restaurants, bars, & retail trade in these less dense census tracts"
Suburban boom loop: “To the extent this shifts away from NYC to adjacent counties within the metro area, then that means a loss of sales tax for the city. That goes hand in hand with a loss in transit ridership revenues & so on”
Millions of US Workers Are Still Missing After The Pandemic. Where Did They Go? “It’s a very confusing picture. We don’t even have good facts to work with” bloomberg.com/news/articles/…
"Harvard University economist Raj Chetty & his colleagues tracked another category of missing workers in a recent paper: low-wage service workers who were displaced from their jobs early in the pandemic & never came back"
"The researchers zeroed in on affluent areas in big cities like New York where office staff stopped getting haircuts & eating out because they were working from home. Those neighborhoods are the most likely to still be missing low-income workers today"
"Office vacancy rate exceeded 10% in many big metro areas. For instance, the office vacancy rate was over 15% in Houston, Dallas, San Francisco, DC, & Chicago. Conversely, smaller areas experienced lower vacancy rates" nar.realtor/blogs/economis…
"Specifically, the top 10 worst-performing areas generally continue to be tech hubs that had high office vacancy rates even before COVID-19"
Change in Vacancy Rates Compared to Pre-Pandemic: "The biggest decrease in office vacancy rates was observed in areas within a 2-hour commute of the main tech hubs"
UK: "low unemployment leads to relatively few forced sales, meaning prices hardly budge but transactions stall, housebuilding stops & cash-rich investors swoop in to outbid those on lower incomes" ft.com/content/07e005…
New report by the Joseph Rowntree Foundation“: We have a kind of folk memory of the house price crash of the early 90s,” says Toby Lloyd, co-author of the report. “But we haven’t realised how much things have changed since then”
Daryl Fairweather, chief economist at Redfin, said the Bay Area’s exorbitant prices before Covid made it particularly vulnerable to last year’s market correction: “It’s arguably the weakest housing market in the country” wsj.com/articles/san-f…
Nina Hatvany of Compass real estate: “San Francisco suffers terribly from the press it’s received ...People are getting new jobs. There’s talk of AI being the new thing. I’m not saying it’s going to be wonderful, but the slide seems to have stopped”
Listing agent Antoine Crumeyrolle of Compass: “Despite a lot of the pessimism that San Francisco is going through, there are a lot of people that didn’t leave the city”