Billionaire Investor Sees Fed Rate Hikes Taking Toll on Real Estate Market

• Fed rate hikes damaged real estate market as "collateral damage," says billionaire Barry Sternlicht

• Aggressive hikes based on outdated inflation data; rents already falling but Fed still sees high inflation

• Office property prices could fall 50% from peak; total losses near $1 trillion

• Fed tightening as government spending surges - like "foot on brake" as "Congress spends drunkenly"

• Sternlicht sees opportunities in beaten-down property market; AI a catalyst for US growth