Toyota 工厂关闭之后， Fremont 房地产的前景
NPR: NUMMI Plant Closure Ends Toyota-GM Venture
Just heard from NPR that a big motor plant is closing in Fremont, CA. This plant is a joint venture between GM and Toyota. It's the only plant where Toyota cooperates with an US auto maker, and the only one where the workforce is unionized among Toyota plants. Now they are closing it, and 5000 people will be looking for jobs. It obviously will affect much more people, because many small businesses that feeds the plant will be affected.
Wonder what it'll mean to local RE market. Undoubtedly this will add some more inventory to the market. And the mayor has mentioned a plan to re-develop the land into residential and office parks. How big is Fremont? How much effect this would have on local economy?
Would this mean that one should expect a small wave of foreclosures as people try to sell their houses? Probably not since they all got a handsome severance package.
Any local folks want to comment?