Tariffs only impact new homes. This is false, and therefore renders your whole premise false. Tariffs can and will make rent costs go up, and housing costs go up, for new and old homes alike. You say old stock will be impacted by new stock but it will be spread out over old homes. Thats not how it works. In 2000 average median rent was $639. Today it is $1850. Why am I telling you this? Because it doesnt matter if a home was built in 1980 vs being built today; when the cost of new housing goes up, so to does the value of older homes and rent costs.  A house that was built in 1980 and sold for 80K, has been paid off for decades, will still have a rental cost of 2K+ a month in many areas, because thats where inflation, low inventory, and demand has driven all housing and rental prices. Old homes are not insulated against price increases. It doesnt make sense to argue that increases in new construction isn’t a big deal because there are old homes. Those old homes will experience similar price increases. Tariffs will inflate the costs of housing and lead to lower inventory, again worsening a situation that is already pretty bad.