Bugs, thanks for the explanation. The demographic factors make some sense to me. The passage of Prop 13 makes sense to me for the California market. But the increase in the Gross Rent Multiplier (from 0.4 to 0.5) in the 70’s happened at a national level. I’m not sure if there were any federal tax laws that could account for that. I’ll have to research and think about this more. Thanks again.
