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Larry Taylorat 36:39

…two, three, four buildings in their entire life. Mhm. And these buildings are aging and the capital improvements that are required are expensive and rent control has locked in people in their apartments for long periods of time. I have I have apartment buildings where tenants have been there 40

Larry Taylorat 38:39

…know, Chicago and New York that are built to withstand time. These buildings basically would need to be maintained significantly to be productive. Rent control became a disincentive for landlords to reinvest in their properties. So when you think about it because they can't be removed ultimately they are going to become more

Larry Taylorat 39:33

valuable because while you can build a new building on any property that was zoned commercial but if you try to build a new building on a property that is already an apartment building that's under rent control you can't do it.

Larry Taylorat 42:36

…resisting certain areas because of the regulatory stuff because I don't trust the state legislature with Costa Hawkins. Uh then if we get vacancy control, then I think the world goes to [bleep] Yeah. And I also think that uh even the state rent control is another bad sign for multif family. Yes. [clears throat] So, you know, yes, it's I think it's uh five over the CPI. Mhm. Who's to say the legislature won't make it two over the CPI? I mean, the state of California now regulates rents in the entire state.