President Trump's tariffs on imported aluminum and steel are significantly increasing construction costs in New York City, with Manhattan and the Bronx facing the largest impact due to their rapid development of multi-family housing. Although some tariffs are on hold for 90 days, the current 25 percent tariffs could discourage builders from new projects, leading to stalled developments. This could exacerbate the housing crisis as rents in these boroughs continue to rise, contributing to Manhattan's median rent increase of 5.6 percent from the previous year.
By inflating building costs, these tariffs could deter builders from initiating new projects and compel developers to pause or scrap existing plans.
Manhattan and the Bronx reported the fastest growth rates for newly permitted multifamily homes at 24.6 percent and 24.2 percent, respectively.
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