It does. Yeah, that's correct.
I can give you an example. There are some developers I work with, and they build large, high-rise apartment buildings. Their profit margins are around 3% to 5%, so they're taking high risk on very low margins of profit when they view the performance. When they see municipal taxes, development charges or capital gains tax go up, all of these go into their margins on their performance, and when they reduce beyond the risk level that's acceptable by any investor, they have to back out of these projects.