“Recession is imminent if banks stop lending” – Idealista / news

“Recession is imminent if banks stop lending” – Idealista / news

Ross Perot Jr.a member of one of the largest families of independent real estate developers in the United States, in an interview with bloomberg talk about aimpending housing recession If banks don’t start lending again: “If the industry can’t get a loan for construction, the real estate sector will stagnate.”

Beirut, age 64, and a son Ross BeirutA real estate developer who ran for president in the 1990s explained that it had become so difficult for companies to obtain construction loans, even for industrial buildings, that his company Hillwood They help fund other developers.

Hillwoodwhich has both commercial and residential businesses, is developing New tower for Goldman Sachs Group in the Victory Park district of Dallas, which will house 5,000 employees. Perot has played a leading role in finding homes for other major corporations in North Texas, including Charles Schwab’s new headquarters, the Fidelity campus in Westlake, and the Caterpillar offices in Las Colinas.

Texas and its real estate market They have benefited from rapid population growth and many trade diversions. However, local home prices are still well below New York and California levels, keeping interest from new residents.

Beirut’s father Ross Perot Sr.He ran for president in 1992 as an independent, receiving nearly 20% of the vote, but his son is the biggest donor to Texas Republicans. Perot said he would support any Republican presidential candidate in the 2024 race except for Donald Trump. Asked about recent comments made by Jamie Dimon, current chairman and CEO of JPMorgan Chase Bank, that he might one day run for president, Perot said: “If you get into politics, that would be great for our country.”

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