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Figure 13: Heterogeneity by Rent Appreciation in 'heatment Effect for Multi -Family Resi- <br />dence (2-4 Units) <br />(a) Conversion, High Rent Appreciation (b) Conversion, Low Rent Appreciation <br />(c) Accumulative Add/Alter/Repair per Unit, High <br />Rent Appreciation <br />a <br />-.02 <br />(d) Accumulative Add/Alter/Repair per Unit, Low <br />Rent Appreciation <br />Notes: Sample consists of all small multi -family residences that were built during 1900 — 1990. If a building <br />is constructed post 1993 and we observe a tenant living there in 1993, we include it into the treatment group <br />for rent control. We sort our sample by whether their 1993 census tract experienced above or below median <br />rent appreciation during 1990-2000. The treatment effects along with 90%n CI are plotted. Standard errors <br />are clustered at the parcel level. <br />64 <br />