Are there signs of people leaving Boston for cheaper parts of the state yet? (rentals, attorneys)

[simplexsimon]

Originally Posted by Bridge781

I am surprised so many have lasted as long as they have.

Don’t forget about $3 trillion injected into the economy with likely more to come.

[western mass and love it]

Originally Posted by Bridge781

Yeah we can’t go on like this for years. I feel bad for kids not in school but also kids who play sports are disadvantaged now too. What about kids who are in their junior or senior who were expected to get a hockey or soccer scholarship? How can that happen now ? Or even younger kids who were maybe planning to have their kids play sports. It could do a lot of shifting in people’s overall lives. I’m not trying to get overly dramatic but if you’re not playing a sport you’re not going to improve. Even theatre or arts. So many things.

Sports are happening, my kid has been in hockey tournaments all summer. His AAA hockey team has already been practicing for the upcoming season.

[mdovell]

I think there have been layoffs but then again the extra $600 sort of kept things at bay along with PPP funds. Awhile back Mass mutual was courted by baker to move their CT office more into springfield and to open up in Boston. I talked with some employees about it and they were *not* getting extra to get paid to go into Boston. They already told staff to not come back until 2021. It's going to be hard pressed to ask people that have been working for the past 9.5 months at home when the year changes to "go back to work".

I just don't see it. Medical is safe in Boston. But sports? Academia? With sports the connection just isn't there anymore. It was one thing when players didn't come from areas their team was at. Now the team isn't really playing where they are really supposed to be based out. I'll give the nba credit for that fake crowd thing https://www.theverge.com/2020/7/24/2...xperience-fans

How the heck are you supposed to coach a sport if the players can't even play? We're going to see more white collar ones get dropped as part of administration.

The thing about this is we're supposed to gradually reopen in phases. That's fine but what if the larger phases take longer. ...what if we don't go onto them.

[mdovell]

Originally Posted by Bridge781

Yeah we can’t go on like this for years. I feel bad for kids not in school but also kids who play sports are disadvantaged now too. What about kids who are in their junior or senior who were expected to get a hockey or soccer scholarship? How can that happen now ? Or even younger kids who were maybe planning to have their kids play sports. It could do a lot of shifting in people’s overall lives. I’m not trying to get overly dramatic but if you’re not playing a sport you’re not going to improve. Even theatre or arts. So many things.

I'm sorry but I can't really have sympathy at this point given that many scholarships for sports and we don't translate to anything with a any major. Just because somebody knows how to play baseball or frisbee golf does not mean that they can be a doctor. The other thing to remember is that there have been points in history where things have been denied. During World War II everything was pretty much tossed aside. In 1980 the United States did not go to the Olympics and that's a pretty big gap of four years before you get the next one. Think about the job security for tenured professor teaching Russian and that lasted for over 40 years. Now not as much. Think about many of the computer company that sold physical software that had to ultimately clothes over the past 20 or so years. I think Kaylen limits lost about 300 jobs in late 90s. I have family that work in the proxy industry and that's pretty much all online. Sports are nice but they've been way too commercialized way to blown up. The public sector doesn't have to foot the bills for making new stadiums or giving up loan bailouts etc.

[yesmaybe]

Originally Posted by mdovell

I think there have been layoffs but then again the extra $600 sort of kept things at bay along with PPP funds. Awhile back Mass mutual was courted by baker to move their CT office more into springfield and to open up in Boston. I talked with some employees about it and they were *not* getting extra to get paid to go into Boston. They already told staff to not come back until 2021. It's going to be hard pressed to ask people that have been working for the past 9.5 months at home when the year changes to "go back to work".

That's why you force them back into the office, some will quit. Save you the expense of laying them off.

[Bridge781]

Originally Posted by yesmaybe

That's why you force them back into the office, some will quit. Save you the expense of laying them off.

I don’t see many places doing this. Earlier above I mentioned that our dean thinks we could be working from home for years. I also wonder if wrongful termination lawsuits could evolve out of this If people are forced to returned to work. With so few layoffs in the Boston area it also makes me feel like obviously remote work is working. Our department financials ended up being better than expected. seems like some people feel threatened by the whole work from home thing being successful.

[Shrewsburried]

Originally Posted by porterhouse

It’s not going to. I have several fortune 100 clients where there are rumblings of significant Q4 RIFs.

I was anticipating the same in my industry (med device), but 5 months of pay cuts and a promotion/bonus freeze has done an excellent job of creating 'organic' attrition to the likes of AMZN and MSFT. There were some cost trimmings in upper management in tandem with pay reductions.

Full pay reinstates Q4 and corporate is claiming they are done with their cost cutting measures for 2020. We shall see.

[bugelrex]

For those who love stats. Zillow produced a report to try and capture outflows, supply, demand for various cities. Boston is included

https://www.zillow.com/research/2020...mpression=true

[lrfox]

Originally Posted by Shrewsburried

I was anticipating the same in my industry (med device), but 5 months of pay cuts and a promotion/bonus freeze has done an excellent job of creating 'organic' attrition to the likes of AMZN and MSFT. There were some cost trimmings in upper management in tandem with pay reductions.

Full pay reinstates Q4 and corporate is claiming they are done with their cost cutting measures for 2020. We shall see.

My girlfriend's firm (A Global 100 Law Firm) is a mixed bag. They furloughed about 15% of the workforce back in May and reduced the rest of the staff to about 80% of their hours. Since then, they've brought a handful of furloughed employees back (3% or so). They announced last week that revenue was better than expected and beginning Q4, most of the staff currently at 80% will return to 100%. However, most of the remaining furloughed staff is unlikely to return. Those who remain will be working remotely at least until the start of the new year and the majority of the furloughed-to-laid-off staff are service people (kitchen staff, facilities folks, cleaning crews, front of the house admins, etc.).

[Shrewsburried]

Originally Posted by bugelrex

For those who love stats. Zillow produced a report to try and capture outflows, supply, demand for various cities. Boston is included

https://www.zillow.com/research/2020...mpression=true

Most interesting takeaway ...

Boston MSA

Suburban home sales: +1.3%
Urban home sales: -.5%

I predicted a decline in urban demand earlier this year, but I didn't imagine a global pandemic would be the driver ... or the timeline this short. What will be interesting is to see whether this trend becomes "sticky".