Thank you, Madam Chair.
Mr. Drobina, I think there's a consensus that we need more rental housing built. Obviously, when vacancy rates are low, those who rent new apartments pay a lot more. There are also those in existing rental apartments who feel trapped; they're afraid to leave because it will cost more to live somewhere else. That reduces mobility. It reduces productivity as well, because it keeps someone from accepting a better-paying job. That's a problem.
On top of that, what we've seen in recent years is that the market has wrongly favoured the construction of new condos over rental units. I'm aware that your organization has long been calling on the government to reinstate the multi-unit residential building tax incentive. I believe the Liberals had even made it one of their campaign promises or commitments in the last election.
I'd like you to tell us why the incentive works, why it would work if the government restored it and how it would help the construction of rental housing. Why is it taking the government so long to reinstate it?