Recent headlines have drawn attention to the immediate risks facing multifamily investors and lenders. While we think this concern is appropriate, we think the biggest risks face assets financed at historically low fixed rates in 2020-21. Problems are likely to be largest in markets that face the sharpest falls in NOIs and which have seen outsized rises in insurance costs, including Washington D.C., Seattle and a bunch of metros in Florida and Texas, including Miami, Austin and Houston.
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