An upcoming commercial real estate crisis could negatively affect the US economy in a way not seen since the real estate collapse of 2008. Workers aren’t returning to their offices at anywhere near pre-pandemic levels, leaving building owners and banks up against a looming default crisis.
That drag could in turn slow the entire US economy, bringing financial pain to a broad swath of the country. Preventing that may require a bolder national solution – possibly for policymakers to find a way to allow banks to take their commercial real estate assets off their books without penalty.
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