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t The Real Deal's annual forum in Miami a day after election night, attendees seemed largely supportive of Donald Trump's victory. When his name or the election was mentioned, the crowd at Mana Wynwood convention center applauded. However, PMG founder Kevin Maloney expressed skepticism about Trump's economic policies, specifically tariffs that would increase costs for developers.

    Maloney noted that as a builder, he's concerned about an administration that supports tariffs. On the other hand, he praised Trump's ability to lower interest rates and increase money supply through tax cuts. The panelists discussed the impact of rising interest rates on the real estate market, with Malzin Sumberg's Suzanne Amaducci attributing current economic conditions to increased interest rates, insurance costs, and operating expenses.

    Maloney pointed out that it's challenging for developers to build multifamily projects due to high interest rates and insurance costs. Ackman-Ziff's Simon Ziff echoed this sentiment, stating that lower interest rates are crucial for the market. BH3 Management's Daniel Lebensohn noted that lenders have opted for short-term loans instead of permanent restructuring since the Fed hiked interest rates in 2022, resulting in fewer deals.

    Lebensohn's firm has provided a $190 million construction loan to Shvo's Miami Beach Raleigh project, which is current on payments. He believes that incumbent lenders are hesitant to take back assets, leading to delayed projects. The panelists agreed that lower interest rates and cap rates would be beneficial for the market.