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How remote work is reshaping the local housing market

Original post made on Apr 29, 2023

More than three years after the pandemic shifted workplaces from office buildings to private residences, the work-from-home phenomenon could be a factor in the Midpeninsula housing market for many seasons to come.

Read the full story here Web Link posted Saturday, April 29, 2023, 8:23 AM

Comments (6)

Posted by Steven Goldstein
a resident of Old Mountain View
on Apr 29, 2023 at 11:43 pm

Steven Goldstein is a registered user.

Just an Observation,

Remote work in fact makes living in Mountain View unnecessary, and actually is causing a significant drop in demand for housing, at the WORST time. So many new units coming online are going to flood the supply, and cause a dramatic drop in prices because demand is so low.

The reality is that so many business lost so much, and they are not going to recover back to the state they were prior to the pandemic. The pandemic did accelerate the process however, due to the developing functionality of remote work.

Face the facts everyone, things are never going to be normal again here. I find it incredible that so many are saying once the new housing is built, they will be sold or rented. Given the current situation, there is going to be a lot of vacancies, and the current market is still showing a dramatic drop in demand here.

Posted by ivg
a resident of Another Mountain View Neighborhood
on May 1, 2023 at 8:13 am

ivg is a registered user.

The housing-market doomsayers and crashmongers have been wrong, are wrong, and will continue to be wrong.

Posted by LongResident
a resident of another community
on May 1, 2023 at 3:52 pm

LongResident is a registered user.

Housing markets vary by location. Locally we have not seen much corporate ownership of single family homes, unlike many areas of the South where everything tends to be snapped up by corporate buyers paying all cash at above market prices.

One thing that could change is that corporate buyers of homes could become more active here. They could fill in for all the Google buyers who also paid sellers very well. The driver for Google employment in the area seems to be online Ad revenue, which has started a marked decline. Will it continue? Well, we can for sure say that the past over abundance of such ad revenue floating Google's boat is "not guaranteed". The whole Google thing could fizzle. The Googler wealth is not just created by merely being employed but it is in all the excess compensation that has been received by those that are empolyed. Reduce growth in hiring may not be as important as lower salaries and benefit expenses directed at those who work for Google. Like the free food and so forth. Living expenses are less when you get 2 meals or 3 meals a day provided by your employer, particularly if the workers don't have families.

Locally we have already seen some decline in single family home prices from the heights of the pandemic. For whatever reason things went up unexpectedly then. A lot of the housing investment locally is not in purchases of the existing homes or the the construction of distinct new homes, but instead in a large investment by buyers in customizing and expanding the home they do purchase. Will that decline? It seems like that would go first before prices would fall too much.

Posted by Clarence Rown
a resident of Sylvan Park
on May 1, 2023 at 4:03 pm

Clarence Rown is a registered user.

I believe that we need more homes built to meet the growing demand for housing. The decline in single-family home prices is a good opportunity for developers to build more affordable homes for the middle-class and working-class families in the area. While corporate buyers may be active in other areas, we should encourage them to invest in building homes in our city to meet the housing needs of our community.

The fluctuations in Google's employment and ad revenue should not be the only factor in determining the housing market in our city. We need to focus on building homes that are affordable for all members of our community, including those who may not work for tech companies like Google. As the pandemic has shown, it's essential to have a diverse and resilient economy, and affordable housing is a critical component of that.

Investment in customizing and expanding homes can be a positive trend, but we also need to ensure that new homes are built to meet the needs of the community. Building more homes will not only address the current housing shortage but also create jobs and boost the local economy. Therefore, I urge our local government to encourage and incentivize developers to build more affordable homes and create policies that support the development of new housing projects in our city.

Posted by LongResident
a resident of another community
on May 2, 2023 at 2:46 pm

LongResident is a registered user.

No one can build more single family homes locally due to the available land being zoned for multi tenant buildings. There's a limited capacity to afford single family homes but loads of new apartments are in the pipeline. What's going to be interesting is to see if those apartments see large vacancy rates due to the budgets of Googlers going forward, as there are fewer of them and they have less to spend.

Posted by Clarence Rown
a resident of Sylvan Park
on May 2, 2023 at 2:56 pm

Clarence Rown is a registered user.

I see your point about the limited availability of land for single-family homes in our city. However, I still believe that building more homes, whether they are apartments or multi-tenant buildings, can help address the housing shortage in our city.

While it's true that the budgets of Googlers may be impacted by changes in the company's growth and compensation policies, it's essential to remember that there are many other people in our city who need affordable housing. The pandemic has shown that housing insecurity affects people from all walks of life, and we need to prioritize creating affordable housing for everyone, not just those who work for tech companies.

Moreover, new apartments and multi-tenant buildings can be designed to accommodate families and provide amenities that are essential for a comfortable living experience. It's important to ensure that these buildings are built with the needs of the community in mind and are accessible and affordable for people of all income levels.

In short, while there may be uncertainty regarding the budgets of Googlers and their impact on the rental market, we need to focus on building more affordable housing for all members of our community, including families and individuals who may not work for tech companies.

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