Human Resources committee  It's funding.

Human Resources committee  Yes.

Human Resources committee  I would say that's likely true, especially if you contemplate time as a cost.

Human Resources committee  That's in terms of delays.

Human Resources committee  Yes.

Human Resources committee  Sure. Like I mentioned earlier, access to more funding through the CMHC for reducing the threshold through MLI Select or any development of any new tools in the tool box for what can be used to incentivize new housing development would be great. From the affordability perspective, a fund to target acquiring old-stock buildings and moving them from the for-profit to non-profit realm would also help shore up the community housing element in the overall mix of housing supply.

Human Resources committee  I don't have the exact number, but that would ring true to me. It would be in that ballpark, yes.

Human Resources committee  The increase in interest rates most likely will stall the development of new housing, because, again, as a cost that's baked into the pro formas that are used to calculate whether or not we want to build this, it makes it more expensive. Then from an investment perspective—not to delve into financial theory here—effectively if your risk-free rate is up, the expected rate of return on any investment across the board is higher.

Human Resources committee  It is all of those things. It is the increased cost of labour. It is the increased cost of materials. It is development charges, and of course the ever-growing cost of capital.

Human Resources committee  I can't say specifically with that project, but in general I think the tactics that are used are to try to suggest either that a building is too high or that the surface area coverage is too much in an attempt to effectively reduce the number of affordable homes that can be in there.

Human Resources committee  Very well.

Human Resources committee  I think contributing more rental housing units would be the first step. That would then create different avenues and different price points that would trickle down from supply, and at least edging closer to demand.

Human Resources committee  Yes, absolutely. I would think there would be some critical covenants one would want to include in there. I think one that at least most large operators would agree to would be that we should not have any renovictions completed. To what extent other similarly styled codes would be incorporated would yet to be determined, but I would suggest I would be supportive of such a code of conduct being rolled out.

Human Resources committee  I happened to view the hearings. I think it was on Tuesday, June 6, that you had Ray Sullivan on board as well, whose target profile of somewhere between 6% to10% is probably the right mix for community housing.

Human Resources committee  That's a great question. I think it aptly covers the main issue at hand. I don't think I have a better answer than the answer that was provided to this panel previously by Tony Irwin—that is, look at the MLI Select program and just lower the threshold a bit so that building what in effect would be mixed-use with some affordable components would be made more economically viable to builders.