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The Money's There, Bring on the Properties

NEW YORK CITY-Private equity has returned to the market, said speakers at Knowledge@Wharton's second annual real estate forum.

By Danielle Douglas | Updated on December 14, 2009

NEW YORK CITY-Private equity has returned to the market, but life support efforts—government and otherwise—are stifling deals and stymieing a quick recovery. This was the general sentiment at Knowledge@Wharton’s second annual real estate forum, entitled “The Road to Recovery: Investing in the Global Real Estate Rebound.”

In the opening keynote interview, Starwood Capital Group’s Barry S. Sternlicht set the tone of the day, expressing his discontent with the artificial stabilization of the market. “The US will lag in recovery because we don’t have the leadership, nor the jobs to bring about a recovery,” he said.

Government initiatives, like TARP, are futile, he added, because they aren’t truly addressing the dislocation in the market. If anything, these programs are protracting the pain, allowing deluded owners and banks to hold on to their underwater assets.

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