What that says is that to build rental housing in Toronto under that sort of pro forma, you are looking at very high rents. Unless there's a way to bring that down, if it involves a partnership where maybe you're getting land for free, for example, or property tax abatement for 20 years or other sorts of incentives, you're going to be charging rents that are not going to be affordable. I would be the first to admit that.
It's because the numbers are what they are. It makes it very difficult unless there are other commitment supports and partnerships between various groups to bring rents down.