For as much as we hear about the bullish multifamily market in NYC, just three NYC-based companies made NMHC’s 2015 list of top apartment owners nationally this year.

NMHC chief economist Mark Obrinsky (snapped at a Bisnow event) says the “key dynamic” of rising demand outstripping new supply is in full swing despite signs of a slowdown early last year. As Mark points out, all of the top five owners specialize in subsidized and low-income housing—an issue that’s sure to spur a lot of growth here in NYC in the coming years with more than one proposal for massive affordable housing developments and a lack of clarity over what’ll happen once the 421a tax abatement expires in June.

Sentinel Real Estate Corp is based in NYC but has just 7% of its inventory in the Northeast. Sentinel came in on this year’s list at No. 38 with an even 38,000 units, jumping two spots from No. 40 last year. In keeping with a national trend of apartment management firms growing while the biggest owners trim their holdings, Mark notes, Sentinel shed 2,000 units year-over-year. JP Morgan Asset Management ranks No. 20 this year with 51,416 units. That’s down from last year’s 52,972, when JP Morgan was No. 16 on the ownership list.

Related came in at No. 16, with 53,727 units across the country, up from 51,320 last year, when it ranked No. 19. Related Development, an affiliate, came in at No. 4 on this year’s 25 largest developers list with 4,593 units started. Locally, Related’s biggest multifamily projects in the pipeline include the roughly 5,000 new units at Hudson Yards and 925 affordable units at Hunter’s Point South LIC.