The increase in interest rates most likely will stall the development of new housing, because, again, as a cost that's baked into the pro formas that are used to calculate whether or not we want to build this, it makes it more expensive.
Then from an investment perspective—not to delve into financial theory here—effectively if your risk-free rate is up, the expected rate of return on any investment across the board is higher. It really makes investors re-evaluate the risk return profile of building new housing.