New lease signings, not renewals. Most NYC residents live in their apartment for a lot longer than one year. If 40% of leases had truly turned over then we wo

New lease signings, not renewals. Most NYC residents live in their apartment for a lot longer than one year. If 40% of leases had truly turned over then we would be at record highs in new lease signings. But we're not; they're down. That indicates reduced turn-over if anything, plus also some net emigration (but nothing close to these double digit figures).