I'd argue that this percentage is near-zero in high-demand places like NYC and the bay area. Rent is simply set at what the market will bear. For example, durin

I'd argue that this percentage is near-zero in high-demand places like NYC and the bay area. Rent is simply set at what the market will bear. For example, during the height of the pandemic, landlords had no choice, but to significantly lower their rents in NYC even if they had to do so at a loss.