Seven initiatives cut 20% of Equity Residential’s headcount. One of them was AI. Bisnow ran a piece last week on the 466,100 property, real estate and community association managers in this country (BLS, 2024) and the AI coming for their jobs. Equity Residential, it said, cut headcount 20% between 2020 and 2025 as a result of AI integration. So I pulled the their financial statements. Page 41. The 20% is real and it's their own number, attached to the $55 million of NOI they say Phase I delivered. But that same slide lists seven things they shipped to get there: AI leasing, automation and centralization, bulk internet, renewal optimization, structured operating decisions, flexible living, and multi-site staffing. Bulk internet doesn't fire anybody. Multi-site staffing is an org chart, not a robot. Nothing on that list automated the property manager. They redesigned the role so they need fewer of them. That's a consolidation of the number of managers made possible by AI. Then I mapped the job. Every function a property manager touches, weighted by share of the week, scored on how much AI can carry right now. Maybe 37%. Take a third of the week off somebody's plate, then put one manager over three properties instead of one, and headcount falls faster than the automation ever has to date. I run EliseAI on my properties. It earns its keep. It texts prospects, answers the website, chases delinquency, does all of it at 11 at night, and it still hasn't replaced a leasing agent. And the 40% figure people keep quoting comes out of a 262-page sales playbook, where it means 40% of leasing and administrative hours. Hours, in two departments. AI is also an idiot savant, and anybody working with it daily will tell you the same. Brilliant at most of what you hand it, then every so often a complete idiot, same confidence either way. I use it all day and it still surprises me. Hand a workflow to an agent, watch it fail, and if your team can't spot it you find out on the bank statement. Phase II puts another 10% reduction on the board through 2028. I believe them. Meanwhile BLS projects this occupation grows to 483,100 by 2034. Both can be true. Fewer managers per unit, more units. Bezos liked to ask what's not going to change in the next ten years. Standing in a unit with somebody who is ten minutes from signing is on that list.