I'm worried that a number of these deals will not get done now. A lot of people get caught in the changing markets when they only see the upside of things going in.

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Those are rules that should be followed at any time, but they are even more necessary right now.

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The higher cost of money puts a strain on those who were highly leveraged going into it. Developers who have enough equity going into this are much more insulated and can continue on with their projects. Those who were reaching quite a bit could be in a bind now.

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