Newsweek, February 2025
The developer behind a new mixed-use property in Chicago has decided to scale the project back by nearly 80 percent in response to tariffs imposed by President Donald Trump. Newsweek reached out to the developer, Mavrek, for comment via email. The United States is already facing a housing affordability crisis, with millions of Americans locked out of home ownership amid skyrocketing housing prices and stubbornly high mortgage rates that economists say are unlikely to come down anytime soon — especially given the hotter-than-expected January inflation reading released Wednesday.
The sized-down Chicago development reflects concerns from economists that Trump’s tariffs could slow the construction of new residential and commercial buildings, exacerbating the already-existing problem of too few homes being built. Trump announced tariffs on steel and aluminum imports from Canada and Mexico over the weekend, while his larger, blanket tariffs on the two neighbors remain on pause.
