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Jan Brzeskiat 25:36

of, you know, big projects in urban infill LA, I'm not expecting to see a lot of that in the years ahead. Yeah. Um I just don't know if you can do a big a big project, why would you choose LA to to invest large amounts of money when what if LA passes some rent control thing where or vacancy control worse? That's a that's a too much risk.

Jan Brzeskiat 28:25

…it. It popped up and then we had a reprieve. But long term there's a lot of reasons to think inflation will come back and that will lead to higher rents unless there's rent control, right? Mhm. And that will lead to higher values cuz ultimately the rent and the income are are the driver of the value and the cap rate as well. Sure. And I don't think cap rates are going to go way up from where they are. I mean, I don't know if it's a six today.

Jan Brzeskiat 32:10

Yeah. So, that was one signal. Um, and and then I think this whole rent control thing I again I don't know what's happening with that. You would know a lot more than I do, but there's a general feeling of us versus them that I'm that I'm feeling out there. And it feels like um a lot of voters would vote yes, even if the consequences are terrible for real estate investment. I think there's a lot of people that would vote in favor of some sort of rent control or even vacancy control. Mhm. And and there's not,…