Yes, your IRR will be juiced (typically) from some form of cashout refi, but how does that effect their returns, especially if it takes any type of consistent return off the table, or significantly reduces it. 

Not sure if that has any effect.

That’s a lot of construction that needs to happen.It’s certainly debatable how supply and demand will effect costs but that dynamic will play out on so many levels I think it’s hard to distill easily.

Cheaper and more effective.

I believe I can run numbers effectively enough to decipher a good deal from a bad one but I’m still open to knowledge to do it better.

The economic ripple effect is going to be like nothing ever seen.

I anticipate the number of effected tenants to increase from now moving forward without any indication of a slow down in the near future. 

Buyer's agents are requesting addendums to extend COE 30 days with an option for either side to cancel due to COVID-19 financial effects, sellers are withdrawing their listings in fear of exposure, and brokerages are recommending zero face-to-face interaction with clients.I mention all of that ^^^ because it's key everyone understands this is not business as usual for anyone.

Can anyone with an economics degree weigh in on the long/medium-term effects of all this deferment?

It is obvious that they are extremely overwhelmed as each landlord and each tenant will be effected In some way.