I live in the Boston area, where academia, research, and the biotech industry bring in a lot of people and money. Visa restrictions, research funding cuts, mishegas at the FDA, CDC, etc., and so on and so forth, have clearly had an impact on the local market. It's still pretty expensive here, no doubt, but the market has slowed. There's a brand new and entirely empty office tower a few blocks away. There's still a need for more housing, but developers aren't going to be rushing in to build if they think the price is going to be lower when they finish building.