Heavily-funded New York-based real estate brokerage and tech startup Compass today laid off 15% of its staff, or about 375 employees, due to economic impact from the COVID-19 outbreak.

Compass CEO Robert Reffkin said the company is expecting a 6-month decline in revenue of 50 percent. It has seen a 60% decrease in home showings, according to the company’s data, as social distancing mandates are enforced around the country and the stock market plunges.

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“We aren’t just facing an economic recession, we are facing an economic standstill,” Reffkin wrote in an email to employees (full email below). “Many parts of our economy will be completely shut down for months. As a result, our country will likely have gone from a healthy level of employment to more than 10% unemployment in a month, faster than any point in our lifetime. This will almost certainly result in a recession. The best we can hope for is a V-shaped recovery as opposed to an extended recession.”

The Real Deal first reported the job cuts.

SoftBank-backed Compass, which has raised $1.6 billion, opened a large new Seattle tech center this past September, right in the middle of Amazon’s headquarters campus in the South Lake Union neighborhood.

The 7-year-old company declined to comment on the number of Seattle-specific cuts. Compass has hired nearly 100 product, engineering, and design employees in the Seattle region over the past year.

Compass is providing “enhanced severance and COBRA health insurance” to laid off employees and hopes to rehire “as many of them as we can as soon as things return to normal,” Reffkin wrote. Among other cost-cutting initiatives such as shifting services entirely to virtual delivery, the CEO reduced his salary to $0 and the executive team reduced its pay by 25%.

“I don’t have a crystal ball, but I believe that in 100 days the real estate market will bounce back and our customers, company and country will be climbing its way out of a recession,” he said in the letter.

Other real estate companies are also making changes in light of the COVID-19 outbreak. Both Zillow and Redfin have suspended their home buying efforts. Redfin CEO Glenn Kelman said last week that the housing market had taken a “turn for the worse.”

Reffkin last week wrote a letter to Congress, asking it to consider real estate agents as part of any COVID-19 response package.

As of earlier this month, Compass had more than 15,000 real estate agents across 100-plus U.S. cities. It has more than 400 brokers in the Seattle region across seven offices. The company recently opened a new 18,000 square-foot office for brokers in Bellevue, Wash.

Compass recently hired Amazon veteran Greg Hart, a former technical advisor to Jeff Bezos, as its new chief product officer.

Here’s the full email from Reffkin to the Compass staff: