Which of the following would imply high cap rates for multifamily properties (apartments) in Southern California? (a) California just passed a statewide rent-control law that limits rent increases to 5% each year plus inflation until Jan. 1, 2030. (b) Healthcare and multifamily have the lowest betas among all real estate asset classes. (c) Last month the Federal Reserve cut the fed funds rate for the second time in the last two months. (d) Many California cities use a variety of tactics to keep denser housing from being built within their borders. (e) California job growth maintains its consistent pace amid the longest expansion since the 1960s, and the unemployment rate remains at a record low