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Richard Mehtaat 11:26

I know. Yeah, it's hard to it's hard to grow in right now. It is super hard to grow. It's the mansion tax, ULA, and uh uh all the uh stringent rent control policies that have been implemented in the city of Los Angeles. If you're only in the city of Los Angeles, it's really hard to grow. And I think we're 90% city of Los Angeles. So, how do you grow in the city of Los Angeles?

Richard Mehtaat 20:00

No. I would not. It's very difficult in Los Angeles. Rent control is killer. And the mansion tax

Richard Mehtaat 24:38

…the price on that deal was 2,850. It was a 24-unit building. And they just got rid of this Costa-Hawkins. So, Santa Monica was no longer under this rent control where they had to re-rent it if they had a unit that was renting for $700, they had to re-rent it for $700. So, they got rid of that, I think, in 1996. And that helped markets like Santa Monica and West Hollywood. And that was a great deal.

Richard Mehtaat 37:26

Well, you remember before 2018, we didn't have rent control on 90s or 80s buildings, right? So, you could go buy something, reposition it in 2 3 years, pull out all your cash, own the property free own the property with no money in