Construction of new apartment buildings is slowing as interest rates stay high. The Department of Transportation is opening up billions in loans for construction near mass transit. AdvertisementMultifamily housing construction boomed over the last couple years, and more apartments are coming on the market than at any time since the 1980s. But as interest rates have shot up, apartment construction is sharply slowing across the country. In fact, in order to qualify for the loans, developers need to show that their projects would boost ridership.

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Persons: Biden, —, Dan Schned, TOD, Schned, Brian Deese Organizations: Department of Transportation, Service, of Transportation, Transportation Infrastructure Finance, Innovation, Railroad Rehabilitation, Improvement, DOT's Build America Bureau Locations: downtowns