Lawmakers worried about commercial real estate industry
July 09, 2009 06:30PM
Rep. Carolyn Maloney
U.S. lawmakers today expressed anxiety about the future of the commercial real estate industry. Joint Economic Committee Chairman Rep. Carolyn Maloney said at a hearing that the "time bomb is ticking" for commercial real estate. Lending for commercial projects has stalled and many are concerned that developers will be unable to refinance $400 billion in commercial real estate debt that is coming due this year. Commercial real estate nationwide is worth about $6.7 trillion and has about $3.5 trillion worth of debt.
[Dow Jones via Nasdaq.com]
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Comments
Anonymous
Politicians have every reason to be worried about the future of commercial real estate. Now that the financial sector is screwed who else is going to give them money for their campaigns?
Comment #1 Posted By: Anonymous 07/09/09
Anonymous
They have zzzerrrrooooo!!!!!
Comment #2 Posted By: Anonymous 07/09/09
Anonymous
too late
Comment #3 Posted By: Anonymous 07/10/09
Anonymous
These are symptoms, not the cause and we should cure the cause, not the symptoms. The cause is the economy. Get that fixed, and all that ails the housing market, the commercial RE, general consumption etc etc will all come good again.
Comment #4 Posted By: Anonymous 07/10/09
Anonymous
It's over for commercial real estate for awhile.
Comment #5 Posted By: Anonymous 07/10/09
Anonymous
Out and out corruption. How does bailing out greedy landlords who overpaid for properties in the hopes that they could further gouge tenants help Maloney's constituents? It does the opposite; it prevents the sale of those properties to investors who would not have to raise rates as much to turn a profit, and so artificially raises rents, squeezing out businesses just when New York needs them. Sickening.
Comment #6 Posted By: Anonymous 07/10/09