If we consider regulation in general, at the state and local level, should we think of that as simply a one way ratchet that basically just goes up overtime and hardly ever goes down? No, i think that narrative is pretty easily falsified in the united states as well as some other countries. See far less regulation of ani trust m and a, than we used to. If you look at sa freedom to build, many more cities are putting restrictions on building than are liberalizing. And you might expect overtime, the entire southeast will become a bit like, say, the california cities, or cambridge, mass for that matter.

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