Sure. I'm happy to talk about that.
With regard to inclusionary zoning, in principle the challenge is really just making sure that if you're going to allocate and require a certain amount of housing to be affordable housing.... There are different levels of affordable housing. A lot of times affordable housing refers not to the housing people can afford, but to social housing, typically. In the housing industry, that's what affordable housing is. If you're going to say a certain percentage needs to be that affordable social housing, the real trick is to figure out how that's going to get paid for.
I'm here to tell you that when you say that the developers will pay for that, that's not how any business works. What ends up happening is that new homebuyers pay for it, if there are no subsidies provided in some other way by government, either by providing land or providing breaks on development taxes, etc., so is it important that all developers in an area be treated the same with respect to inclusionary zoning? Yes, but it's also important that when you design inclusionary zoning, you're not inadvertently causing the price of market rate housing to go up. Let's say 20% of the units are supposed to be affordable housing. If the other 80% subsidizes the cost of the 20%, you've just increased the cost of housing in your area.
It's also important that, if there were going to be 100 units, and now you say 20 need to be affordable, that's fine, but if 100 were going to be on the market and we have a huge supply issue—which is what's really a big part of what's driving up house prices—you've got to make sure that you're still going to build 100 units and that you get 20 additional affordable units over and above that. Those are sort of the concerns with that.