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Now to the top analysis of today's markets.

Stan von Nuremberg, welcome to Real Vision.

Thanks so much, Ash. Great to be here.

It's a pleasure to have you.

Stan, the title says it all, the Urban Doom Loop for commercial real estate.

I should say you're the Earl Cassis and Benjamin Shore Professor of Real Estate at Columbia

Business School. You've done deep research analysis and modeling work on this.

Stan, what is the Urban Doom Loop?

Well, Ash simply put, it's essentially a downward spiral where when commercial property values

fall in value, that reduces property tax revenue because that tax is tight to the value that

commercial real estate, when cities collect less tax revenue from property, they have to make

up the shortfall somewhere else, either by raising taxes on other items, maybe income tax,

maybe business tax, or by cutting spending, and that could mean less money for transportation,

for sanitation, for education, for transportation, all of which means potentially more grime,

more crime, people moving out, and when people move out, that further depresses real estate values

that further lower tax revenues, that further prompts budget cuts, that leads to further

out migration, and so this loop sort of spirals out of control and spirals down, and the city's

fiscal situation sort of gets out of hand, and this is not unlike what we experienced in New

York City in the 1970s, not unlike what happened more recently to Detroit.

Yeah, those of us who are my age remember what New York City was like in the 80s and 90s,

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