But at the time Congress felt something had to be done because we had just gotten done with apparently decreasing or increasing the depreciation schedules on new residential real estate. So In the early 80s you could depreciate an apartment building in 15 years. When they changed it to 27 and a half years, it greatly reduced the number of new apartments that people were building. and therefore it was easier to sell to Congress. That one way to get more apartments online is to have these ridiculously over generous credits. (16:34–16:46)
CLAIM
Asserts that changing depreciation schedules reduced new apartment construction.
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