Yes. Rentals will turn into Condos overnight.
Else the landlord will just sell, take the profits, and get the hell out of CA.
Another way to go is to build for the Senior citizen population, with different levels of care provided. Around here (Cuyahoga Country), I wonder if there’s the danger of over-building for those needs, and some of the facilities will end up being lower-income housing. In Cleveland itself, a lot of high income apartments are being built. One can’t help but suspect that some of it will be successful, but some of it will become undesirable and a source for low income housing.