It’s not like the laid off people will run out of the area the next day en-masse. All have some kind of ties there.
1) Tech job openings have fallen by ~50% since a year ago
2) Total comp packages are materially lower, creating a strain on people's ability to pay for their housing
There are still great jobs out there, but you can't just bang out a day of Leetcode and collect a batch of $600k offers at the moment