Real Estate CEO is ROOTING For a Recession

The CEO of a real estate company thinks a recession could be good for employers, not workers. Ana Kasparian and Cenk Uygur discuss on The Young Turks. Watch LIVE weekdays 6-8 pm ET. http://youtube.com/theyoungturks/live

Read more HERE: https://theintercept.com/2022/08/24/unemployment-recession-worker-power-douglas-emmett/

“Stuart McElhinney, vice president of investor relations for Douglas Emmett, told The Intercept that Kaplan was merely entertaining Griffin’s argument, which he said was a common one on Wall Street, and that Kaplan was actually skeptical of it. “I think overwhelmingly the feeling is that a recession would not be good for our business or for any of our customers,” McElhinney stated. McElhinney explained that the phrase “puts employers back in the driver seat” referred to the tight labor market making employers unable to mandate decisions resisted by employees: “There’s still so many more job openings than people willing to fill those jobs, so there’s this sense that employers have been very unwilling to make these unpopular moves like making people come into work.”

This dynamic was also discussed on a May earnings call for Equity Commonwealth, a company with commercial real estate holdings comparable to those of Douglas Emmett. Equity Commonwealth’s chief operating officer told analysts that it had “seen some false starts in our portfolio, where tenants have called their employees back to the office, indicated they’ll need more space, but then turns out the employees have all the leverage, and they’re not coming back to the office. … I just think we’re going to be struggling with this for some time.”

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