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The Return of Tenants Rights in the Rental Market
It feels to me like there's still a lot of institutional capital flowing into this business. I think the industry sees the multi-family market as a profitable opportunity for all the reasons we've been talking about. There are controls on how much supply can be added and it's a very capital-intensive business so it's a good way to deploy capital. What I'm going to be the losers in this scenario or relative losers are landlords of which there are many that have really just been riding rents and not really adding much. The purest rentiers in the market.