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Figure 3: Treatment Effect for Tenants in Multi -Family Residence (2-4 Units) <br />(a) Staying at Same Address <br />06 <br />N <br />N <br />a <br />Q .04 <br />0 <br />E <br />U <br />.02 <br />W <br />C <br />d <br />� 0 <br />F- <br />-.02 <br />Corr = 0.494 <br />c <br />a <br />/I <br />ro <br />I <br />I <br />I <br />� <br />/ <br />I <br />It <br />i <br />� <br />\ <br />r <br />1 <br />/ <br />II <br />19x0 <br />1995 <br />2000 2005 2010 <br />2015 <br />.06 <br />T <br />c .04 <br />W <br />C .02 <br />E <br />M <br />0 <br />-.02 <br />Same Address — — — • Real Log Median Rent (Detrended) <br />(b) Staying in San Francisco <br />Corr = 0.784 <br />a <br />� <br />1 <br />1 <br />i <br />I <br />� <br />1 <br />/ <br />II <br />I Q.an <br />in 0; <br />2nnn <br />9nnfi 2010 <br />2015 <br />In SF — — — - Real Log Median Rent (Detrended) <br />Notes: Sample consists of all tenants between 20 and 65 years old living in SF in 1993 and in small multi- <br />family residences that were built during 1900 — 1990. If a building is constructed post 1993 and we observe <br />a tenant living there in 1993, we include it into the treatment group for rent control. Standard errors are <br />clustered at the person level. Significance levels: * 10%, ** 5%, *** 1%. <br />54 <br />