I remember the last time this came up and vacancy rate was mostly a combination of units that were being given away free to family/friends, normal cyclical turnover, and renovation projects. We had crazy low interest rates - it would make sense to see a lot of ownership shuffle.

But it's kind of ironic to me that one of the known negative externalities of rent-stabilization is a loss of inventory. I'm not so sure how shocked I should be to see ... a loss of inventory.