Capital is ready — but the map is foggy. This week we break down the policy, rate, and regulatory crosswinds shaping real estate strategy, and why non-financial risks like immigration rules, housing supply constraints, and trade policy now sit beside cost of capital in every underwriting model. Operators are splitting into three camps: Heavy Fog (defensive): preserving liquidity and slowing growthPatchy Fog (patient): watching rate signals and picking selective spotsClearing Fog (opportunisti...