Settlement show. We're just talking about what's going on in the commercial real estate market.

Automatic TRANSCRIPT

D. C. They're all down. 15% L. A Boston Denver, They're down 13%. Irving, Texas, down 11% Wichita, Kansas down 10% demonstrating that this is happening on a national basis all across this country. And in the education system we've got a problem is well, 67% 2 3rd of college presidents say their biggest challenge right now. Is decreased revenue. The country is dealing with 16% fewer college freshmen. 25% of colleges say occupancy in student housing is down by half. As a result of all this Ohio Wesleyan is eliminating 18 Majors. University of Florida is furloughing faculty. Berkeley has stopped admissions to its pH. D programs in three different areas. University of South Florida. Has turned its college of education into a graduate school gnome or undergrad degrees, University of Akron laid off nearly 100 faculty members, including somewhat tenure. Pennsylvania is merging six small colleges and to bigger ones. Ithaca cutting 130 faculty laying off 167 staff Harvard Princeton, Berkeley. They're no longer taking new PhD students. University of Pennsylvania. No more doctoral students in the School of Arts and Sciences Rice University. They've paused admissions to all five of their PhD programs in the school humanities. The pandemic has cost college is $120 billion. Even Harvard has a $10 million budget deficit. And this isn't merely a problem for 2020. Because when you've got 16% fewer college freshmen this year, it means you're going tohave 16% fewer college sophomores next year and then fewer college juniors the year after that this is a four year funding crisis. For higher education. Where the college is going to get the money. Well, lot of them. If they're state school, they're going to turn to the state governments to get the money. The problem is, the state budgets are terrible to

Coming up next