If we follow that logic through, there is less incentive to speculate. Is it fair, then, to conclude that as the result of less speculation...? Some folks who've come before this committee have said, look, the speculation that we see, whether domestically driven or by investors from elsewhere, leads to housing prices or land prices going up more quickly than they would have otherwise.
By what you've said, you're suggesting if we have less land speculation, that suggests that we would have less of an effect of climbing housing prices.