In 2019, the number of New York multifamily building transactions valued between $7 million to $75 million dropped 45 percent, from 385 sales in 2018 to 212 sales in 2019. A big impact had to do with the uncertainty of what the new rental laws would be. Remember investors hate uncertainty so some type of pullback is natural. The rental market is very strong with the slow sales market being a factor. It will be interesting to watch considering the remaining low rates, the strong economy, the slow recovering sales market, and landlords adapting to the new laws.