The Neutrality of Multifamily

In New York City, a multifamily since 2019 is down, what, 40% on average? Well, hold on. We haven't used the R word here of all the things we've talked about, recession. Resession is an effects real estate dramatically. It will affect multifamily adversely because there's a very high correlation between job formation and household formation. But nevertheless, if you're asking about a neutral towards multifamily, I think is... in New York City,. A third of which are owned by that sort of investor.