The rich are now paying attention to prices and their income, lament high-end agents in hotspots like Miami and San Francisco. “It’s pretty sudden,” one said.
After a decade of feeling invincible, the tech industry is suddenly facing something new: financial insecurity. Valuations are down, layoffs are up, startup funding no longer feels limitless, and an air of fear has started to permeate the sector, as bosses and workers alike adjust to a harsher version of reality.
In cities like San Francisco, New York, and Miami, luxury real estate agents are starting to notice the effects of the tech downturn on their business, they tell Motherboard, as wealthy tech clients grapple with the fact that raises, bonuses, and job offers no longer seem as inevitable as they did a few months ago.
“The elephant in the room these days is that there’s a recession coming,” said Karley Chynces, a blockchain-focused real estate agent at Sotheby’s International Realty in Miami.