At that time, in terms of rent increases, again, in the 1970s we had a significant number of federal programs that supported rental construction. We had the assisted rental program and the multiple unit residence building mechanism, as well as significant funding for social housing, so we had quite a high level of production of rental housing—the peak years of rental production. We were creating sufficient supply that we maintained relatively healthy vacancy rates, and that stopped significant increases in rents at that period in time.
It was only really after the mid-1990s—and there is a chart in my paper that tracks rental construction—and starting in 1990 that we saw a significant reduction in rental supply, because all of those federal programs ended and the federal government ceased its funding of social housing effectively on December 31, 1993. We moved from a period of high supply and healthy vacancy rates to a period of low supply, tight vacancy rates and upward pressure on rents.
The only offsetting feature, as I talk about in the paper or the brief, is that during that period we had fairly good access to home ownership. Interest rates were coming down. Incomes were rising, employment was rising and, between 1996 and 2006, 800,000 renters became owners. That had the same effect as building 80,000 rental units a year. Even though we weren't building much, we didn't see the effect of that lack of building. It was really a delayed effect, which is now catching up with us. It's really that historical period that matters if you think about things today.