The guys open on the frozen capital markets for multifamily development. Banks are eager to deploy senior debt at reasonable terms, but equity, mezzanine, and pref capital have gone into hiding, leaving big approved projects unbuilt while smaller deals still pencil. From there, Ray launches a new "Multifamily Minute" news segment covering three timely items: the Darby Development v. United States case, in which the federal government may owe roughly $1 billion to settle landlord claims over the CDC's COVID eviction moratorium; a stealth 3% rent-increase cap on Massachusetts MRVP voucher holders that functions as backdoor rent control despite no legislative process; and the first real softening of Boston-area rents in years, down an estimated 4–7%.