Economics
Billionaire Sam Zell Sees Economy Permanently Scarred by Pandemic
- Investor likens impact on U.S. society to the Great Depression
- Social distancing, working from home likely to persist a while
This article is for subscribers only.
Sam Zell, the billionaire known for buying up troubled real estate, said the coronavirus pandemic will leave the same kind of impact on the economy and society as the Great Depression 80 years ago, with long-lasting changes in human behavior that imperil many business models.
“Too many people are anticipating a kind of V-like recovery,” Zell said in an interview with Bloomberg Television. “We’re all going to be permanently scarred by having lived through this.”