I think the biggest impact is likely to be what the higher rates of a mortgage market with less governmental support.I do think that higher interest rates and shorter terms will lead to increased demand for rental housing.

In virtually every case, they rode interest rates and cap rates down, which has a massively positive impact on value.  

For California as a whole, I wanted to see what other areas are being impacted by these ignorant laws, etc.

I expect this would significantly delay or reduce my ability to invest in real estate for at least 5 years or so.I don't expect the cash flows (in the form of increased annual salary) from an MBA program to net positive for at least a decade - and I believe that is far too long a payback period for an investment that could have such a huge impact on my daily life and happiness.Reason 2 - The degree limits my thinking and narrows my career of choice.It was relatively easy for me as a young kid with just an undergraduate degree to make the decision to quit my cushy finance gig and come work here at BiggerPockets for @Joshua Dorkin .  

This will obviously impact your cash flow, likely to the downside since 1 larger unit will likely not rent for the same as 2 small units, but you might attract a more stable class of tenant.I recently reviewed a property that had eight (8) 1-bedroom units, and had a similar thought process. 

These kind of things directly impact the ability of a tenant to pay your rent, which is your #1 concern.

Do you think this will impact the rent the market will support?  

@David Krulac I guess your area was less impacted by the downturn than our area was.  

It likely won't make a significant impact, but every bit will help in terms of conventional financing.

I'd look for anything that impacted the asset negatively.