CITIZENS NEWS

John Rubino: Commercial real estate sector under Biden is going DOWN THE DRAIN

By bellecarter // 2024-03-11

According to financial expert John Rubino, the commercial real estate sector under President Joe Biden is going down the drain. During his March 4 appearance on the "Health Ranger Report," Rubino told the Health Ranger Mike Adams that the more than 20 months of inflation has caused major implications in the sector. This also extends to how the sector will refund or refinance its loans. "What happened in commercial real estate is that we had 10 years of extremely low interest rates. Everybody put up office buildings and warehouses because it was a boom. Everybody assumed that e-commerce would create the need for infinite warehouses and office buildings," he explained. "However, a few things happened. We didn't really need that many warehouses and, after or during the pandemic, a lot of people found out that they really liked working from home." Rubino also noted that the office buildings weren't full enough to generate the cash flow required to pay off their debts at much higher interests. Since the office spaces become unprofitable, they are being sold at massive discounts. In relation to his guest's points, Adams shared a Bloomberg report that touched on the sale of an entire office building for a mere $1. According to the article, the Canada Pension Plan Investment Board sold its 29 percent ownership stake in the 360 Park Avenue South building in Manhattan for $1 to Boston Properties, Inc. at the end of 2023. Rubino remarked that this was possible, citing San Francisco as an example. "Let's take San Francisco as a real basket case example. They've got hundreds of billions of dollars of embedded losses in their office buildings because nobody wants to work in an office in downtown San Francisco," he said. "So losses have not been taken and publicized yet, but they will at some point. And so, the end result of this is that the federal government is going to have to step in and bail out the small banks."

Biden admin regime may use commercial space to house ILLEGALS

Rubino continued: "As this gets going, small banks have to report big real estate losses, which scares away their depositors. This forces the banks to sell even more of their depreciated assets to pay their depositors back, which means they have to report even bigger losses and so on until the whole sector implodes." (Related: Worsening commercial real estate market woes could spark a new banking crisis.) Adams then wondered what would the now-empty buildings be used for since most of the people who now prefer to work from home and steer clear of commercial offices as crimes arise in the urban setting, especially in sanctuary cities where illegal aliens are very much welcome. "Many of the cities that host these buildings have degraded substantially and are too dangerous. There's so many violent crimes now that it's hard for people to even physically go to work there without being accosted," the Brighteon.com and Natural News founder said. "I don't see that these buildings will ever reach even 50 percent occupancy in the years ahead. I've seen some ideas of turning them into residential buildings. But that doesn't really work, as they are not set up with electrical, plumbing and security." In response, Rubino said anyone who is given a whole skyscraper for $1,000 could probably find something to do with it. Stashing illegals in these empty office buildings is one possibility, he mentioned. "Looking at the broader picture, we're killing our cities. We really have to change policies because it looks like this is a plan," Rubino ultimately remarked. "Open borders wouldn't happen unless the intention was basically to destroy a society from the bottom up. The destruction of civilization is one avenue of the plan, and I think there are other avenues, which are the enrichment of big sectors of the aristocracy." Watch the full conversation between financial expert John Rubino and the Health Ranger Mike Adams below. This video is from the Health Ranger Report channel on Brighteon.com.

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Wave of empty office buildings about to take down the commercial real estate sector as more companies default. Commercial real estate COLLAPSE threatens to trigger a wave of bank failures. Real estate collapse: LA property management firm defaults on $755M loans. Sources include: Brighteon.com Bloomberg.com

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