Nearly half of the commercial real estate in the U.S. is underwater, according to Elizabeth Warren, Chair of the Congressional Oversight Panel. She is concerned that a coming crisis could sink the current recovery.
Blueprint America interviewed Warren about the crisis.
From the transcript:
"ALISON STEWART:
So are we going to see small cities with just giant skyscrapers that are empty?
ELIZABETH WARREN:
Well–
ALISON STEWART:
Store fronts that are empty?
ELIZABETH WARREN:
Quite frankly, we are going to see some of that. See-through buildings, where the building has already been built, but there are no tenants in it, so you can see from one set of windows all the way over to the other. There will be some of that. There will also be some other adjustments that will be made.
In some cases the mortgage lender will repossess the property and is able to sell it to someone else and get it off their books."
Read the full story: Elizabeth Warren and the American Holding Company
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