So many interesting takeaways in this midyear update...
-- Cycle reset largely complete, upcycle starting
-- Tariffs at 100-year highs reshaping trade
-- $1T CRE debt wall by 2026
-- Banks pull back, private credit doubles
-- Rescue capital rising across the stack
-- Immigration surge boosted rental demand
-- Home prices +49% since 2019 vs. +24% incomes
-- Multifamily absorption 2x pre-pandemic average
-- BTR deliveries peaked in 2024, retreating now
-- 80+ population up 30% in five years = seniors housing tailwind
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