All that will happen is smaller players will be forced out and folks like Essex will be able to stay in longer. The same thing happens in new "luxury" building

All that will happen is smaller players will be forced out and folks like Essex will be able to stay in longer. The same thing happens in new "luxury" buildings in LA. Poorly constructed, barely occupied, but resets the rent in the neighborhood and can afford to be at 50% occupancy for 2 years+ until folks capitulate.