In middle class communities where more furloughs are being used rather than full lay offs, I think folks seem to be stretching their dollar and the stimulus.

I haven't observed the kind of hand-wringing and awkward conversations typically associated with massive layoffs and job scarcity in the O&G sector.

.- Major economic recession, causing massive layoffs like our last recession.So in balance, watch inventory, preforeclosure, and job loss statistics in the metro.  

Avoiding being highly leveraged has always been our strategy due to living through multiple housing downturns and lots of layoffs (my husband is a builder).

I have seen the stats that in San Diego the new listings are down ~30% for April and where down over 30% for March versus a year ago.That the effect of $0 STR rents have not resulted in many LL already placing the RE on the market.That any result of lost LTR rents (which we have had 0 lost LTR rents so far) or difficulty finding new tenants for LTR units has not yet resulted in units hitting the market.Logic seems to be that if it were not for artificially holding units off the market, that we should see more RE on the market in 2020 that 2019 because of the various lost incomes (not just lost rent, but people making less money due to layoffs, reduced hours, etc.). 

Even though oil has dropped, we aren't experiencing layoffs and O&G insiders aren't worried.

My cousin, who does REI full time in Atlanta, has told me to treat the thought of going into REI full time as a layoff from a job.

Other companies planning mass-layoffs: Intel, DocuSign, Shopify, Robinhood, etc., etc. 

Two weeks ago the company I was working for the past three years had major layoffs and I was affected.

Good paying jobs, little to no layoffs in those jobs.