New York City rents are on the rise, significantly affected by President Trump's tariffs on imported steel and aluminum. With construction costs inflated, developers may delay or cancel projects, exacerbating the city's housing shortage. Manhattan and the Bronx will face the most severe consequences, having seen the highest growth in new housing permits recently. Although Brooklyn, Queens, and Staten Island experienced a decline in permit activity, they are not immune to the impact of increased development costs, which will likely further inflate rent across all boroughs.
"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."
Collection
[
|
...
]