What do you think about the future of rental housing regulation?

[Andrey Rudenko]

What do you guys think about next 10 years of regulation, both federal and state, regarding rentals? What we are seeing here in Massachusetts is consistent efforts to pass legislation like 2% real estate transfer tax, tenants right of first refusal, some sort of rent control, a form of eviction moratoria etc. These bills come up for vote but most do not pass so far from what I understand. 

With the rents growing way faster than incomes, do you see proliferation of subsidized housing and increased regulation? Or do you think this environment will change over time from weak property rights to stronger property rights?