To me the only short term impact would be animplosion of the Stock Market; and next year due to pent up demandwill be a great year for the economy.

Pent up travel demand out of Covid. 

People are indicating that STR occupancy rates are declining now and this last summer was simply pent up demand based on two years of house arrest, I mean covid quarantines.I have a property in North Phoenix I'm considering using for STR. 

There is a lot of pent up buyer demand. 

And when it does rates will drop then values will rise with all the pent up demand.. but for now cash buyers and equity rollups are keeping the market moving.PS my first home was in 1979 in Milpitas CA ( which was not really desirable in those days paid 79k for it 9% interest put 10% down.

Then came 18 months of pent-up demand to go on vacation.So all of the stars aligned for this market explosion in the Great Smoky Mountains.

.- Alteration agreements: Some co-ops have strict rules around who can work on the rehab (i.e. licensed, bonded and insured GCs) and what type of work can be done on the unit.Pros to co-ops:- Some desirable buildings rarely have units hit the market: there is a lot of pent up demand for these!

In addition, it also looks like there is still significant pent-up demand from the pandemic, with buyer urgency so strong in February that 74% of the existing homes sold were on the market for less than a month.

There is a lot of pent up demand.

Also, in my area pent rent is the norm and renters here expect it.