A reckoning is coming for the housing sector, according to billionaire real estate investor Jeff Greene, who said the industry will soon"get whacked" as Americans' savings disappear with the higher cost of living.that the trillions of dollars injected by the government into the U.S. economy during the COVID-19 pandemic are starting to run out—with consequence for the entire sector.
"In the real world, for most of Americans, what's happening is the wages have gone up a lot, because we've had a booming economy," Greene said, mentioning how salaries grew during the pandemic."But all of that happened because of the trillions and trillions of dollars that were going into the economy. If that goes away, you're gonna have unemployment, you're gonna have people making less money and pay higher rent.
In June 2023, U.S. workers' real weekly earning grew year-on-year for the first time in 26 months, though it was a modest growth of 0.6 percent.