President Trump's recently announced 25% tariffs on steel and aluminum are expected to exacerbate an ongoing housing shortage in the US. Higher construction costs particularly affect mid- and high-rise buildings due to their reliance on steel for framing. With multifamily construction already at a decade low and high interest rates pushing developers away, the added costs threaten to inflate rents and condo prices further, particularly in urban areas where such construction is prevalent. Developers may delay projects, intensifying supply issues.
Higher tariffs on steel and aluminum could severely inflate apartment construction costs, leading to increased rents and prices for condo buyers, especially for taller buildings.
Developers are already grappling with high-interest rates and elevated construction costs, and the new tariffs could worsen the already severe housing shortage in the US.
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