was only just beginning. Some parts of the heavily leveraged sector face crippling debt costs and a credit crunch, pressure on asset values, and a structural shift toward remote and hybrid working.
"What's happening in office space today? This is before the slowdown," he said."Wait until we have the recession." The real-estate tycoon added that historic amounts of fiscal and monetary stimulus during the pandemic were still shoring up demand and employment in the US economy, staving off a surge in late payments and foreclosures. However, he said that companies would pare their workforces and office spaces as the economic picture darkened and higher borrowing costs squeezed them.
"How about when AI starts to kick in?" he added."That's gonna be a sledgehammer to white-collar jobs." Greene raked in an estimated $800 million profit by betting roughly $50 million on a tidal wave of defaults on subprime mortgages in 2006 and 2007,