Concerns grow about the lackluster results from stimulus funding as unemployment increases and more Americans face financial strain. Meanwhile, the real estate industry waits to be swept further down the rapids with the falls lying ahead-dropping tenant demand and rent declines threaten already dwindling cash flows in the face of frozen credit markets.
The problems with stimulus shouldn´t be a surprise. The tax cut part favored by Republicans has been stowed away in people´s savings accounts not spent. People are scared so they build nest eggs instead of spending in consumer land on things they really don´t need. Over the long term, a more frugal America will help strengthen the economy. It makes no sense to the average person to behave in a way that got us into this mess in the first place.
So the spending push must fall on the government. And as far as pushing out stimulus goes, the U.S. government lags well behind other nations, including China and the country some Americans love to hate-France.
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Jonathan D. Miller
A marketing communication strategist who turned to real estate analysis, Jonathan D. Miller is a foremost interpreter of 21st citistate futures – cities and suburbs alike – seen through the lens of lifestyles and market realities. For more than 20 years (1992-2013), Miller authored Emerging Trends in Real Estate, the leading commercial real estate industry outlook report, published annually by PricewaterhouseCoopers and the Urban Land Institute (ULI). He has lectures frequently on trends in real estate, including the future of America's major 24-hour urban centers and sprawling suburbs. He also has been author of ULI’s annual forecasts on infrastructure and its What’s Next? series of forecasts. On a weekly basis, he writes the Trendczar blog for GlobeStreet.com, the real estate news website. Outside his published forecasting work, Miller is a prominent communications/institutional investor-marketing strategist and partner in Miller Ryan LLC, helping corporate clients develop and execute branding and communications programs. He led the re-branding of GMAC Commercial Mortgage to Capmark Financial Group Inc. and he was part of the management team that helped build Equitable Real Estate Investment Management, Inc. (subsequently Lend Lease Real Estate Investments, Inc.) into the leading real estate advisor to pension funds and other real institutional investors. He joined the Equitable Life Assurance Society of the U.S. in 1981, moving to Equitable Real Estate in 1984 as head of Corporate/Marketing Communications. In the 1980's he managed relations for several of the country's most prominent real estate developments including New York's Trump Tower and the Equitable Center. Earlier in his career, Miller was a reporter for Gannett Newspapers. He is a member of the Citistates Group and a board member of NYC Outward Bound Schools and the Center for Employment Opportunities.
