Find the moment you remember.

Jeff Palmerat 1:35

Well, it initially kind of goes back to the history of rent control and because you've owned here for 40 years.

Jeff Palmerat 2:40

Yeah. Well, no, the rent control, not cost Hawkins was like 96. Got it. So we we there was a campaign and the apartment owners like the equivalent to CAA promised the we're campaigning your rents are going to go down and that was a major selling point of Prop 13 that the apartment owners were going to pass on the tax savings savings to the renters. But unfortunately the next year it gyated up even higher.

Jeff Palmerat 4:14

So yeah, so the the renters were very angry. They react they we tried to fight it and we tried to get the state to stop it and I actually wrote a paper that debunked another guy's paper and while I was actually at Warden but uh it didn't really we lost and rent control came. So but it stayed stable and we you know it turned out that as inflation went down it wasn't so bad. I mean at um it was between you know we got a min of three and a max of eight back then you know if rate rents are going up 10 12% you know…

Jeff Palmerat 7:54

It was rents that were just massive in Well, that's why we got rent control period. Yeah. and I got an opportunity I a a Philippine company. I was getting promoted very rapidly because everyone was going out and starting their own business then it was so lucrative. So even though I was only a year or two in the business I was like you know promoted very highly up and then someone approached me and said hey how would you like to partner with me? I'll pay your overhead and give you a cut of the deal and you go out…