When a proposal is created either to get government funds to build or to just put forward a proposal to be approved for city planning, the architect has put work up front, the contractor has put work up front and the developer has put work up front. While you're waiting for approval, these people haven't been paid, or if they have been paid, there is interest because your project isn't generating money through rents. That has an impact.
The longer it's in that interim period, the more money it costs. As well, with the interest rates being higher, as you've heard from the private market as well as co-ops and the non-market housing sector, it's having a huge impact.
That being said, we have the municipal governments that have an important role to play through zoning and planning powers. At the same time, during my review of encampments, I've heard over and over again that municipalities bear the brunt of the housing crisis but lack the resources and powers to address the root causes.
There is no guarantee that savings from reduced development charges will be passed on to new residents, so that's one thing, whether they're homebuyers, renters or people living in non-market housing. Whatever municipalities or whatever incentives are in place, whether it's tax cuts or funds given, there have to be strings attached, because the development charges do play a really important role. That's income to make sure that you have the housing-related infrastructure in municipalities and that they can support non-market housing.
To say that we just need to cut development charges...where are the municipalities going to make up that loss of funds for these really important things? It really comes down to the federal government and provincial governments. They have to take the lead and provide the resources municipalities need to end the housing crisis.