Government intervention has prevented the real estate market from healing, with the commercial sector hit especially hard, investor Sam Zell said.
“Rather than let the elements of the business world take care of the problems, we basically stopped the process of creating market clearing,” Zell said in a CNBC interview. “Had we allowed the market to clear without trying to stop reality…we would have a healthy housing market today.”As sales languish and prices continue to fall, the head of Equity Group Investments and numerous other ventures pinned the blame on policies that refused to allow market forces to take hold.
Since the financial crisis began in 2008, Washington lawmakers and President Barack Obama have launched a counterattack against the housing market’s collapse.
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