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Meanwhile, completions represent a peak with 107,000 finished in Q2.
Keeping the properties would have meant a $255 million paydown.
If many people can't afford to live in Sunbelt and Western states, the long-term impact could be significant.
Luxury retail will also take a hit, according to Moodys.
A study of Publix grocery stores in Florida showed potentially differing risk profiles.
Parking revenue rose 103.1% from pre-pandemic 2019 levels, while hotel revenue was only at 95.9%.
Hidden homeownership costs can easily hit $22,000 a year in certain metro areas.
The move comes as office owners look for ways to attract and keep tenants and their employees.
Vacancy rate, nearing 32%, expected to peak this year.
Third major carrier to cite inflation, severe weather as cause for limit.