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ServaRica has the cheapest available storage deals right now, not 16TB though:
https://clients.servarica.com/store/black-friday-2021
I can do 16TB of storage from OVH BHS but at slightly higher than $3/TB/mo, which is outside of your budget.
Your budget is really tight for such a big storage project. Good luck!
Gamble with sys until you get one with 16tb
The end is nigh.
Anyone mention Hetzner .............
What's the best offer you got for 4-5TB?
I'd do 4TB with 2 vCPUs and 1 GB of RAM at $15/month, but ServaRica can do it at $13/month (Penguin Storage Offer -- https://clients.servarica.com/store/black-friday-2021) so you should consider just using them.
For how much you can give me it?
Get you a RPi From RPiServers then drop ship an external HDD. It only costs $7/month to addin for the power/rackspace for the external.
So you can get it all for the low cost of $12/month (This is including the $7) if go with a 3B+.