Perhaps there's room for both, but my view is that the tax credit is better, for the same reason—and I will use the example of the scientific research tax credit, SR and ED, again. It captures what's happening in a community, what's happening in the economy. It's not the government picking and choosing projects, and so you're less subject to accusations of political corruption and so on. You're capturing what economic forces are out there, saying that this is a fruitful physical location for doing it.
Having acted for developers, I can tell you that when you're working out your pro forma, the cost of time is huge. We're lucky that interest rates are quite low now, but as those interest rates go up, that changes things. How long is somebody going to wait to see if their grant application comes through? If they're paying interest.... In development all the costs are front-loaded. Time is money. Time is terribly urgent in the development process. For a tax credit, they don't have to wait. If you're waiting for a grant application to come through, you could be waiting for a year and a half or two years for the whole processing to happen. Less will happen and not in the right places.