Housing Values May Drop Over 50% In Silicon Valley (short sales, real estate)

[WestCoaster99]

Silicon Valley is run to a great extent on cheap imported labor.
It is reported that 74.3% of the techies in Silicon Valley are Asians, primarily Indians. They come here on a visa called H1b, which is indentured slavery, they are paid relatively low salaries and they can't change companies. By some accounts Asians make up about 40% of the population of Silicon Valley.

Trump Is Right: Silicon Valley Is Using H-1B Visas To Pay Low Wages To Immigrants | The Huffington Post

All of that is about to change.
What Trump's latest H-1B move means for workers and business - Mar. 4, 2017

This is just the beginning.

The essence of this post is that I believe the Asians will be gone from Silicon Valley, whether they are deported, go to Canada or leave on their own. Along with them will be gone the landlords who rent them, the grocers who sell them masala, and the Uber drivers who drive them around. It is a given, whether it takes few months or years, but current administration is here for at least four years; plenty of time. It is very clear as can be.

What would that do to SV economy? This post is not about race it is about economy. I for one think that immigration is good for the country, but I am not making the administration's policies. The Indians did a lot of good to US economy in more ways than one. I am sorry to see them gone.

Would the tech giants suddenly become patriotic and start hiring Americans at twice the salaries?
I don't think so, they would leave.

With such an exodus, the housing prices will fall by 50% or more. Most people are mortgaged to the hilt, any fall in prices will put them under water with short sales.

Did we not see this in 2009?
Deja Vu.

[Perma Bear]

Originally Posted by WestCoaster99

Silicon Valley is run to a great extent on cheap imported labor.
It is reported that 74.3% of the techies in Silicon Valley are Asians, primarily Indians. They come here on a visa called H1b, which is indentured slavery, they are paid relatively low salaries and they can't change companies. By some accounts Asians make up about 40% of the population of Silicon Valley.

Trump Is Right: Silicon Valley Is Using H-1B Visas To Pay Low Wages To Immigrants | The Huffington Post

All of that is about to change.
What Trump's latest H-1B move means for workers and business - Mar. 4, 2017

This is just the beginning.

The essence of this post is that I believe the Asians will be gone from Silicon Valley, whether they are deported, go to Canada or leave on their own. Along with them will be gone the landlords who rent them, the grocers who sell them masala, and the Uber drivers who drive them around. It is a given, whether it takes few months or years, but current administration is here for at least four years; plenty of time. It is very clear as can be.

What would that do to SV economy? This post is not about race it is about economy. I for one think that immigration is good for the country, but I am not making the administration's policies. The Indians did a lot of good to US economy in more ways than one. I am sorry to see them gone.

Would the tech giants suddenly become patriotic and start hiring Americans at twice the salaries?
I don't think so, they would leave.

With such an exodus, the housing prices will fall by 50% or more. Most people are mortgaged to the hilt, any fall in prices will put them under water with short sales.

Did we not see this in 2009?
Deja Vu.

One can only hope you're right although I'm skeptical

[simboticus]

This is complete nonsense, OP you obviously don't work in SV. Sure there are a lot of asians, but only a small % are H-1B, and many of the rest are Americans. And, H1b workers are paid competitive wages, the government sets minimum salaries based on education, title, responsibilities. Companies can't just pay them whatever they want.

https://www.foreignlaborcert.doleta.gov/wages.cfm
http://www.flcdatacenter.com/OesQuic...ar=17&source=2

My wife handles the H-1B visas for her company, salaries have to be approved, and are the same as US workers. At least at her company, maybe there are abuses going on at some firms.

Even still, the number of H-1B workers is too low to have a drastic impact on the local economy.

It is true that the workers can't change jobs easily. That's fair though since the sponsoring company has to pay ~$10K in legal fees to get someone setup on an H1B visa.

And its also true that there are shortages of qualified American workers in some technical fields.

BTW I'm a white middle aged male Republican FWIW

[WestCoaster99]

No, every techie in SV came on H1b; there is nothing in the US laws that allows immigration of engineers any other way, but obviously you did not know that.

The visa is issued for three years with a three years extension. Then the recipient can apply for a green card that has a waiting period of ten years; in the meantime the applicant is " out of status" and subject to deportation. In the meantime the person is an indentured slave.

Let me repeat that, most if not all the Asians in SV are subject to deportation.

Read what Steve Bannon, the President's Chief Advisor has said publicly.

Know your facts before you contradict someone.

[Heidi60]

I agree, more Americans should be included, not excluded from college admissions and hiring. Americans built and paid for our colleges so it is disgusting that they now use their non-white bias (after they are not racist according to them) to bring people here who have no interest in Americans, or our culture. Just read other threads regarding the quality of work the foreigners bring to employers, for example the first ACA roll out, which was mess. We need people who can work together with a common language which benefits teamwork employers need. Americans are the world leaders for a reason.

Housing markets fluxuate, no promise is made to anyone so if the prices fall, it is just part of the cycle. The Bay Area economy has prospered long before the current wave of immigrants and will continue to when they leave.

Buy American,

Hire American!

[simboticus]

Originally Posted by WestCoaster99

In the meantime the person is an indentured slave.

"Indentured slave" that is a gross mischaracterization. These are people that are being given the opportunity to work at some of the best companies in the world, doing meaningful work, and they are treated well, and paid well to do it.

Westcoaster, do you, or have you ever worked in a Silicon Valley tech company?

[justinbro2002]

More likely silicon valley home prices will come down 99% after Trump pulls H-1b visas. That is his whole plan. He is a real estate investor you know so when the house that cost $1,000,000 now sells for $10,000 Trump will buy them all up and then when he leaves office the new president will reissue H-1b visas and Trump will reap untold trillions selling all the houses he scooped up for pennies on the dollar. He's a mad genius that man.

[WestCoaster99]

You keep asking me if I have ever worked for a tech giant in SV.

You should ask that question to Steve Bannon, the President's Chief of Staff. He used to edit an " alt right " blog, which is another name for white supremacist groups.
He has publicly stated to " Rid Silicon Valley of Indians ". He does not need to be living here.

They would do it, they have the authority to do it, and the public elected them to do it. They have a mandate by US citizens to rid the country of a large variety of foreigners, Indians working in SV are one of those groups.

Whatever the consequences would be, and how soon they would accomplish it; that can be debated, but the results are for sure.

[fluffythewondercat]

This is a thinly-veiled political screed masquerading as the silliest dire prediction about Silicon Valley property values I've ever seen.

[Machiavelli999]

This OP is a lot like Trump. 90% racist drivel and exaggerations, BUT with 10% of important truth. And that truth is that an immigration crackdown really can hurt SV companies and consequently hurt property values.