Layoffs have been reported at Fairstead, a fast-growing affordable housing developer and owner, and Walker & Dunlop, one of the nation’s largest commercial real estate finance and advisory firms, in recent weeks.
At Fairstead, a group of employees were laid off in mid-February and then a second round occurred earlier this month, according to a former worker, who spoke on the condition of anonymity.
The ex-employee estimated that about 100 people have been laid off between the two rounds, but Fairstead did not discuss numbers. Instead, a spokesman cited the company’s recent growth and opening of new offices.
“2022 was the company’s biggest year of growth, and we have a higher head count than we did a year ago,” said the firm in a statement. “As our portfolio grows across the country, now with communities in 28 states, we are adding top talent to our vertically integrated team and expanding business lines while making realignments to match current and future business needs. This is a reality of any high-growth company. We recently opened two new offices in Colorado and Florida, where we are hiring and have more than 40 open positions.”
Fairstead also has offices in New York, Maryland, and South Carolina. The firm had approximately 725 employees and owned approximately 20,000 affordable housing units at the start of the year.
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