Over the past few months, tens of thousands of tech workers have been in positions that were who were previously considered safe and well paid are forced to move onwhich could weigh on local communities already under pressure from the general housing market.

What happened: The layoffs, prompted in part by repeated Federal Reserve rate hikes and a drop in revenue, could lead to forced sales, hurting consumer confidence and reducing down payments, even from buyers who are still working.

Also read: Elon Musk versus… the Irish housing market?

“The housing market is driven by trust, affordability and, most importantly, jobs. Housing demand in tech-heavy metropolitan areas is expected to be lower in the short term,” he said Ali WolfChief Economist at Zonda Housing Market Research.

According to Wolf, some of the most immediate adverse consequences for housing can result from psychological harm in the neighborhood as residents see friends and neighbors lose their jobs.

Mega companies like Meta, Amazon and Twitter jobs have shed, which could put pressure on the housing market, which is already declining more sharply after more than two years of boom marked by sky-high prices and exceptionally low mortgage rates.

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Why it matters: Mortgage rates are beginning to fall after months of historic increases sparked by a Labor Department report showing inflation was less severe than expected. The 30-year fixed-rate mortgage rate posted its biggest weekly decline in more than four decades, falling to 6.81%.

The number of homes under contract nationwide is at an all-time low, but persistently high rates are also contributing to more than 60,000 failed purchases in October.

Even Silicon Valley Hubs…