Barry Sternlicht, Chairman and CEO, Starwood Capital Group, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 3, 2022.and start reading now.Starwood Capital Group CEO Barry Sternlicht told CNBC the housing market could see a "major crash."
If the Federal Reserve hikes interests rates again, a drop in demand could lower home prices, he said.The head of one of the largest apartment landlords and major single-family rental owner thinks that the housing market is about to collapse. Barry Sternlicht, the CEO of Starwood Capital Group, on Thursday delivered a dire outlook on the US economy and housing market if the Federal Reserve maintains its aggressive monetary policy, including raising its benchmark rate. Housing prices could"correct," perhaps violently, he noted during a CNBC interview.The views of the billionaire investor vary from many economists that see a much more modest impact on housing, which has been buoyed by its low supply for years.
Sternlicht, whose Starwood Real Estate Income Trust owns more than $29 billion of real estate including residential, retail and hospitality properties, suggested that the Fed's current path was unnecessary given cracks already showing in the economy. "The economy is breaking hard," Sternlicht said in the CNBC interview."If the Fed keeps this up they are going to have a serious recession and people will lose their jobs.", which affects borrowing costs for both companies and consumers. The measures are aimed at cooling prices from the gas pump to the grocery store, though they risk backfiring if they cool demand too much.
Well, when they build business on fugazi-money they end up getting what they deserve. I am going to cry.
Ponzi benefactor wants the ponzi to continue
Blokes just looking after his own net worth. He doesn’t want to be just a millionaire
A major crash in housing market means house prices coming down so that normal can afford a home. Of course a REAL ESTATE BILLIONAIRE doesn’t want that, it’s his worst nightmare
Lol, business insider, the worst track record in journalist history….
FOR THEM.
Blah blah blah
gamesblazer06 Most RE doubled in the past 24 months, its always a 'crash' when prices head lower.
It’s like they have to be spoon fed like toddlers.
JoeSquawk I'd believe the guy whose money is at stake.
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