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Dan Tenenbaumat 33:05

your thoughts on it well was it was it two years ago that measure Ula passed it was it was the The Mansion tax in the city of La and so I think a lot of people thought oh yeah all those wealthy people they when they sell their mansion they're going to make money anyway so let them pay a tax right most of the people who are voting aren't don't have manages and we never never think that they're ever going to vote so why not vote for that and and and be able to help fund programs for the homeless which is where the…

Dan Tenenbaumat 33:48

the problem with measure Ula is obviously is in our industry in the apartment industry it's it's it's a huge huge uh disincentive and we knew it when it passed but now um my friend M Smith just did an analysis and uh it's the the if you compare even apartment buildings that over 5 million which is what's the first um threshold for the tax to kick in versus apartments that were below that threshold uh even within the same industry the uh reduction in number of sales since that past for the threshold over 5 million…

Dan Tenenbaumat 40:53

…for affordability and homelessness will come as a partnership with a private Market the private Market is now alienated is alienated now this measure Ula you know is not as noticeable now because development is down but it it's down nationwide but when things pick up it's still going to be down here unless we get rid of that or change change that measure and so the balance is no longer there just at this point after what apartment owners have gone through with covid with multiple years of no