people get great joy talking doom and gloom and Armageddon.I’ve been in the RE biz since 1978 and been thru several economic and market cycles.Stagflation in the 70s, 17% home loan rates in the early 1980s, the failure of 1/3 of American Savings and Loans in the early 1990s, the dot com boom the dot com bust, the subprime crisis in 2008, Covid………I’m probably forgetting a few.

In short , any rate/currency hike is causing liquidity crisis causing delay in ground up project even for project that was approved 2 4 years before the rate hike….

I owned a co-op apartment and i bought in 2011 post financial crisis and have since sold.

In MD we have loss-mitigation laws passed after housing crisis that exposes you to great deal of liability if you contact people 60+ days in default  and offer to buy their homes.

THis is why long long time ago I found to solve this affordability crisis before it happen is to buy multiple under average property on the same location so I can cash it out and not getting into "poor cash" problem.Also for some of us that able to refi/purchase during record low of 2021, we generally don't have to sell.Lot of good thing happened because of those 30Y fixed LOL

The 1% rule isn't law and came into existence after the housing crisis but now is harder to find- https://www.biggerpockets.com/blog/1-percent-rule-deadAttend local meetups to find out what the market is doing on a local level.

Aaron, let me be blunt and far less diplomatic on this than Chris; Your chasing rainbows. 

I feel sorry for so many investors of big hedge funds run by well educated and licensed financial managers, who invest their client's money in a million-dollar per home Ponzi schemes, with another 2008 housing crisis in making.  

In PR when I take out large amounts they ask me what its for, I usually tell them to **** off its none of their business. my wife is more diplomatic. she tells them for "just in case for hurricanes". 

I think you are making a bigger deal about this than it needs to be, and you could be telegraphing to your tenants to challenge/question the increase.Just send a diplomatic letter - no apologies, and I would not recommend concessions as that is antithetical to your balance sheet - detailing the increase and the timeline.