I've been watching the tech layoffs, and I think it's happening to push people back into the office. I've been told directly investors are pressuring startup founders to get people back into the office, I wouldn't doubt if the same is happening with the larger companies. I also witnessed many many investors buying up property during Covid lockdowns. There isn't a recession, layoffs are for another reason.
Executives are losing money because office buildings are sitting empty, and remote employees are saying no to going back into the office. If executives force people out of their jobs, positions will become more scarce and people will be more likely to go into office.