Construction input prices are up 12.6% annualized. Steel's up 17%, aluminum over 30%, and roughly 60% of developers have already delayed or cancelled projects. This isn't a cost story — it's a basis story. Every active development pro forma in the country is now 3 to 6% understated, and most haven't been re-run. We break down what's quietly repricing the pipeline, how GMP contracts are flipping, and where the 18-month supply window opens for capital that moves now.