Commercial real estate is being battered by a 'hurricane' as higher interest rates bite, billionaire investor Barry Sternlicht says
The commercial real estate industry is in a"Category 5 hurricane" from the the Federal Reserve's interest rate hikes, according to billionaire investor Barry Sternlicht. "Bloomberg Wealth with David Rubenstein."
Sternlicht has long criticized the Fed's aggressive interest rate hikes over the past year, warning they could trigger aThe central bank has increased benchmark borrowing costs by 500 basis points since early 2022 in a bid to tame soaring inflation.
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