by Michael Snyder
The Economic Collapse Blog
In the entire history of the United States, we have never witnessed an urban collapse of this magnitude. During the pandemic, millions of Americans started working from home, and many of them have never returned to the office. Meanwhile, rapidly rising levels of crime, homelessness and migration have transformed many of our inner cities into extremely dangerous places. As a result, thousands upon thousands of businesses have left our core urban areas in search of greener pastures. So now there is lots and lots of commercial real estate space that is sitting empty, and commercial real estate prices have absolutely plummeted.
At this moment, we are in the midst of a meltdown that I believe will eventually be regarded as the worst commercial real estate collapse that America has ever seen.