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Harvard's Massive Bet on Land Hits Harsh Real Estate Reality

A biotech downturn and pulled federal funds have stymied the university's property bet in Boston's Allston neighborhood - while nearby MIT has thrived. Harvard had little room for growth in Cambridge, its home since the 1600s. But just across the Charles River sat Allston, a working-class Boston neighborhood where the university had assembled hundreds of acres of land. There, Summers envisioned developing a sort of Silicon Valley of the East - a worthy competitor to California's Stanford University and the nearby Massachusetts Institute of Technology for high-tech innovation. Bloomberg's Janet Lorin joins to discuss. (Source: Bloomberg)