Have you done the math, even at a ballpark level? Commercial Real Estate (CRE) is estimated to have ~$500B loss in 2023 and nearly the same in 2024 (different from debt repayment) [1]. Stock indices were fine. In general, there's way more private investment/ownership in CRE. The market can suffer a lot more in losses before it starts to meaningfully affect mom&pop. Even stocks like SLG and BX have done fine last year.[1] https://finance.yahoo.com/news/commercial-real-estate-values...
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