New York City's rental market faces challenges as tariffs imposed by President Trump on imported steel and aluminum continue to drive up construction costs. This situation can deter developers from starting new projects, especially in Manhattan and the Bronx, which had previously seen significant growth in building permits. These two boroughs, which have historically struggled to keep pace with housing demand, risk further compounding their housing shortages. The tariffs are also anticipated to impact Brooklyn, Queens, and Staten Island, driving rent levels up across the city.
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 are poised to suffer the most from the imposition of Trump's tariffs on construction materials, victims of their own success.
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