It would depend on your market but what I have seen is new construction was going up every phase but now has leveled off or decreased.  

They are more volatile:  They increase in value percentage wise more than other classes in boom times, and decrease in value more in difficult times than other classes.I have owned four condos, two residential and two commercial, for more than 30 years and have no regrets.

And others that have been going bankrupt like Starcity were more because of COVID and ending in cashflow problems because of the decreased occupancies. 

Additionally, Minkow made $50,000 from shorting Herbalife stock.[31] He continued to profit from his short sales position due to sharp decreases in the reported company's stock price immediately after releasing a new report.[17]On 20 February 2007, Minkow distributed a 500-page report to officials at the SEC, the Federal Bureau of Investigation (FBI), and the Internal Revenue Service (IRS), accusing USANA of operating an illegal pyramid scheme.[32][33] On the day Minkow's report was released, USANA's shares had traded at $61.19 but by August the share price had tumbled to less than $35.[32][34] Minkow later acknowledged that he was shorting USANA's shares, hoping to profit from a drop in the stock price.[35]USANA filed lawsuits against Minkow, accusing him of stock manipulation and defamation.

Lease options, when done right, tend to decrease risk and increase profits.  

You got to exercise these muscles; step into a potential deal, work through presenting PA, running and re-running analysis, dialing things in, hammering out negotiations, offer, counter offer, AND find out what you were versing in the end and why it all came out the way it did. 

Once the property is placed in service, you're absolutely right that you'll want to find ways to increase expenses and decrease the amount you capitalize.

That decrease in demand definitely impacts rents and housing (and many other things). 

If what you are predicting with interest rates decreasing going forward that could play into my plan of selling with a 1031 Exchange in the beginning of 2027. 

We see land price decreasing from 2020.below are the projects we developed.