Teplitzsky added that these changes are being reflected in new development. Almost all new development, she said, is condos. Almost no one is building co-ops today. The past five years have been characterized by new condo buildings and rental properties converting to condos. This has led to a large buildup of inventory, which she said has already led to a market correction. She said, however, that the real estate community underestimated how big a correction it would be or how long it would last.