…we'd raise all the money we would have a slice of the GP which means we had some sort of Rights and then what we really cared about is we also controlled a lot of the parts of the business plan mostly we were Consulting marketing helping them with construction design and obviously leasing the apartments and so we were able to kind of cherry-pick some of the best deals we saw from our clients but we also had this extreme transparency that most investors don't have because we releasing the apartments yeah so at the…
we ended up selling every single building that we had bought um before they changed the rent laws there was a big rent law change that happened I think it was 2018 okay um that basically uh enacted vacancy decontrol yeah which means that if you have an apartment that's an a certain class of rent regulation and it's being charged a th000 bucks it is controlled even through vacancy so even if the tenant moves out at that rent and it really changed the market in a big way and then we ended up deciding to sell The…
you're actually controlling it it it felt us it made us feel really good being the position we were in and I we did really well um it was a market that was just going gang busters it reminds me and I think this will resonate with some of the audience um the co markets I like to call them the co markets but they're markets that just exploded after Co that was New York City wow you know post financial crisis like rents were going up 10 20 30% a year in some areas and it was crazy and then so then how did you parlay…
paid triple what my insurance was so they're they're starting to understand it but even then there's so many rents that are still below Market that if one law passes the wrong direction like everything's out the window and you just bought a building that is you lost 30% of value on what I think it's it's a fascinating time uh I think one of the things that people love about California real estate is the supply demand Dynamics there's over there's a ton of demand and a limited amount of Supply it's really hard to…