OG pronoun antecedent

[Redhorsep]

Hi,

I am not satisfied with the OG verbal workbook's explanation of this problem, can someone help?

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While depressed property values can hurt some large investors, they are potentially devastating for homeowners, whose equity--in many cases representing a life's savings--can plunge or even disappear.

The original above is correct, but I wonder why there isn't a pronoun antecedent confusion issue with regard to "they", can't "they" be referring to investors instead of property values? the other choices didn't specify "they" either, and so it seems that the original is the best alternative.

[avik.ch]

Hi,

I am not satisfied with the OG verbal workbook's explanation of this problem, can someone help?

****
While depressed property values can hurt some large investors, they are potentially devastating for homeowners, whose equity--in many cases representing a life's savings--can plunge or even disappear.

The original above is correct, but I wonder why there isn't a pronoun antecedent confusion issue with regard to "they", can't "they" be referring to investors instead of property values? the other choices didn't specify "they" either, and so it seems that the original is the best alternative.

A subject case pronoun will refer to a noun in subject case.
An object case pronoun will refer to a noun in object case.

So "they" is in subject case and refers to "depressed property values".