Find the moment you remember.

Henry Manoucheriat 40:00

…I mean, look at what Weinstein tried to do. Weinstein 1.0, 2.0. Hopefully, he's done. Mhm. It basically damped the the apartment business on the rent control side

Henry Manoucheriat 40:52

for the last 5 years. You know, people couldn't decide etc. But despite all this, so we redlined LA as a firm currently. We'll get to that. Okay. For the last 3 years, we were done. And we didn't buy anything. I think the last LA building I bought the last rent control building was 3 years ago. And then you look at what's happened to San Francisco. They destroyed San Francisco. But some guys got in and people get fed up. See that this lunacy is not sustainable. It's not working. Big firms left. Retail stores…

Henry Manoucheriat 42:32

the valley that is not rent control. We haven't yet dared to buy go back into rent control. But I know two groups I know in the city, young guys, you know, Orthodoxy was very bright. I don't want to mention the name. They have a thesis. And the thesis is that they're going to go buy these older character buildings, rent control in LA, really cheap. You could buy these deals for 250 a 2017 18. They could buy for 147 of those, 6 and a2 cap, maybe close to a seven cap, and go ahead and fix up the uh concrete…

Henry Manoucheriat 55:00

Cuz when I when I hear that, I think about hallelujah. my my job is going to be so much easier than it is now. You're going to see a nice pick up in volume. Yeah. Yeah. I think that proverbial four and a half cap rate is coming back. Wow. You know, I mean, right now you can buy buy at five and five and a quarter. I mean, you know, some LA rent control, let's just pertain to LA, you know, some of these contian guys buying rent control stuff, you know, they're buying at six, six and a half caps.