With this month’s ULI Fall Meeting on our collective radar screens, the Boston Blog caught up with Ben on what’s next for real estate development.
BB: The economy is always important. I think that the difference now is that the economy and policy are intertwined more than usual.
The major issues facing the economy and the uncertainty are not typical cyclical economic issues, but rather more serious structural concerns. I’m referring to ssues like long term private sector deleveraging, the Euro Debt crisis, US debt and fiscal cliff, massive and unprecedented central bank monetary expansion, upcoming elections political uncertainty, social unrest, or potential military conflict in the Middle East and Europe.
Some of this, like the scale of monetary policy, is really unprecedented so getting the results right from an investment perspective is a challenge. Policy uncertainty has become yet another inhibitor for growth, with no clarity for corporate America to know what the regulatory (finance, health care, tax policy, etc.) landscape will look like in order to move on hiring, expansion, and investment decisions.