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Figure 5: Heterogeneity by Rent Appreciation, Age and Tenure in Treatment Effect for <br />Tenants of Multi -Family Residence (2-4 Units) <br />(a) High Rent Appreciation, Young and High Turnover(b) High Rent Appreciation, Young and Low Turnover <br />w <br />a <br />a <br />E <br />E <br />v, <br />(c) High Rent Appreciation, Old and High Turnover (d) High Rent Appreciation, Old and Low Turnover <br />a <br />a <br />E <br />E <br />a <br />E <br />E <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 a <br />tenant living there in 1993, we include it into the treatment group for rent control. We first individuals into <br />two groups by whether their 1993 census tract experienced above or below median rent appreciation during <br />1990-2000. We further sort the sample by age group and tenure following the same definitions as in Figure <br />4. The treatment effects along with 90% CI are plotted. Standard errors are clustered at the person level. <br />56 <br />