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Daniel Nagelat 19:34

We had rent control, but we knew how to operate within rent control. Rent control has been around in LA since 1979. Yeah. Right. And uh so it had been around for a long time and we we we we had kind of figured it out. Um but um the regulatory environment started getting harder and harder and what we came to appreciate at after you know we dealt with COVID, right? So, just so you know, we

Daniel Nagelat 47:22

…state that led the country in population growth every single year. That's not the case anymore. Um, the second thing is, let's say you do get that rent growth. California, I'm worried, is going to follow in the ways of New York and how the New York is handling rent control. Um, and it just eviscerated values there. Um, and the success of of owners and and developers is seen as a problem, right? If developers and and and owners can be successful, they'll be incentivized

Daniel Nagelat 20:00

…So, we have a we have a big portfolio here. CO was really challenging, right? the way that the city just reached into your pocket, gave you no rent increases for four years, you know, uh didn't cap insurance, didn't cap property taxes, didn't cap like kept on, you know, payroll from, you know, um um minimum wage increases that had a trickle down effect or trickle up effect uh at your properties. Um it was it became really really challenging really clear um that the barriers to entry story or the benefits of it in…