Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
Redfin Fs Around With Capitalism & Finds Out, House-Flipping Business Crashes
Posted
November 13, 2022
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November 13, 2022
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6:47
7:43Now PlayingRedfin is laying off the 11% of its workforce who worked on their failed houseflipping business. Ana Kasparian and Cenk Uygur discuss on The Young Turks. Watch TYT LIVE on weekdays 68 pm ET.
Read more HERE
"RedFin is laying off 862 people and closing its high-tech house flipping business, the real estate company announced Wednesday. To make the tough news as easy to digest as possible, CEO Glenn Kelman organized his email to staff that included sections like “Hello, Adversity,” “Our True Colors,” and “A Caring Culture in a Cyclical Industry.”
The economic slowdown has hit real estate companies like RedFin particularly fast and hard this year. What had been one of the hottest housing markets in U.S. history quickly turned as many buyers were no longer able or willing to pay the combination of record prices and newly rising interest rates, leading to a significant decline in housing sales."
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