In 1972, the Canadian tax code was radically altered making rental housing much less attractive to investors. At the same time, deindustrialization opened a number of new areas to residential development. The new projects took the form of condominiums. This form of housing was introduced in the province's Condominium Act in the 1960s, but it was not until the 1980s that condos become very popular. An initial condo boom started in 1986, but the market collapsed in the late 1980s and early 1990s recession, and many investors were badly mauled.