Matt Mahan

I mean, traditionally, a young person starting out in their career, if they could save a bit of money or had enough income, they could get some equity and start to own things.

through a lower-cost condo in one of our cities, essentially.

That was typically the path.

And then you might, over time, have enough equity in that to trade up and buy a townhome or a single-family home.

Maybe you'd get married and you'd combine.

Maybe you'd both own a condo and sell or rent them and then be able to buy a home.

That has just kind of disappeared for young people.

And so now, where's the entry point?

If you're in your 20s, you're making $75,000 a year, maybe,

And the average home price is over a million dollars.

You can never catch up.

You know, there was a bill about a decade ago that attempted to solve this and actually included a right to repair.

But the way that it was written essentially allows the trial lawyer in the case to disallow the right to repair and still bring it as a suit and therefore demand a settlement fee.

So there was an attempt to fix it.

This is a longstanding piece of law, but it seems to have gotten worse over time.

I don't know that I have the exact year when we sort of hit this inflection point, but it's only something we could improve.

Other states are building a lot more condos and have a very different regulatory environment.

In our large cities, there's quite a bit.

I mean, San Francisco, I forget, I don't want to quote an incorrect percentage, but it's a large proportion of the housing stock.

So rent control is another one of these cases where if you're being intellectually honest about it, it has a short-term narrow benefit and then a long-term widespread cost.