Well, there are a couple of things.... One is that if the objective is to incentivize affordable rental housing specifically, there's a whole variety of measures that are required in order to make that achievable. For example, on our projects, not unlike what Maureen mentioned, there are incentives in the city of Toronto that make that viable. This means that in other jurisdictions—let's say we went to Guelph, Kitchener or Surrey, B.C.—the removal of the GST alone would not necessarily mean that it's viable to build that affordable rental housing.
One of the challenges with building housing is that you have the cost of land, which is absolutely a critical part of the overall pro forma. You have the cost of labour. You have the cost of borrowing. Some of those things are set. The cost of borrowing is set right now, but the cost of land is something that isn't. You have home builders who have land they purchased 20 years ago that they can now look at for building rental housing given the forgiveness of the GST, and it's viable.
We heard from Maureen that just the forgiveness of the GST, as well as the City of Toronto incentives, still do not create a viable project. The point of explaining it is that there are so many variables that go into the viability of any given project that one of the tensions in policy-making is that it has to be loose enough that it's going to capture enough projects.
For example, the project I mentioned that is 350 units is a tower building on a subway site. That project is only viable to do 30% at 100%—or 80% to 100%—of AMR in terms of the affordable, because of the cost of the land as one of the variables. My concern with the proposal you just mentioned is that it might be too specific. I'm not sure where it would work. I think you want to make sure that the policy is broad enough that it can capture a variety of scenarios and not so narrow that it doesn't become applicable.
On the criteria in the coinvestment fund, we haven't been able to make it work on a single project, because it's too specific. It's too rigid. That is a real tension in policy-making for housing: If the policy is too specific, I don't know how much it will capture and really drive supply.