[Gantz]

I think the slowdown in condo construction is not limited to Chicago.
Most of it has to be interest rate driven nationwide. No idea how people can afford to take out mortgages at these rates. Are they hoping to refinance down the line as they think rates come down? If so, thats very risky, since the 10-year is still just barely below current rates. Some of these people can be underwater in a few years if interest rates only go down 25-50 basis points.

Between office space demand slumping due to WFH and high interest/mortgage/construction loan financing rates, the real estate industry is going to be in a big slump Imo.