Divvy Homes announced it will lay off around a third of its 250-plus staffers, including more than 20 employees in San Francisco, according to documents filed with the state of California last week.
Divvy, a rent-to-own company serving 19 U.S. markets, will permanently lay off 95 employees in 21 states, including 26 positions at its Downtown San Francisco Montgomery Street address, an Oct. 18 notice sent to the California Department of Employment Development said.
The layoffs will take effect on Nov. 7.
In an August blog post, the company announced it would pause its homebuying due to the rapid rise of interest rates.
"At Divvy, we are exposed to interest rates through our cost of financing," the post said. "We know this might be disappointing to our agents and partners, but we think this is the right decision to ensure Divvy is able to achieve our mission in the long run."
Divvy did not immediately respond Tuesday to a request for comment from The Standard.
In late September, Bay Area technology companies announced hundreds of layoffs in five cities. Notably, Cisco Systems Inc. laid off hundreds of workers in two San Francisco Bay Area cities.
In October, California tech giant Qualcomm announced it was laying off 1,258 California workers—including almost 200 in the Bay Area, according to California Employment Development Department documents known as WARN notices.