@HonkHonkBoom well, for REIT it means continued high rates, so if they have debt that is maturing, it could be painful. But more importantly unless the real estate market continues inflating, they'll be in a rough place.

If any amount of illegals were removed it would do huge things to the residential market. Most REIT is commercial, and while there is linkage between the two markets, I'm not sure if lower housing prices would necessarily delate commercial real estate.