Thank you for the question, Ms. Zarrillo.
First, on the 3:1 ratio you mentioned, through acquisitions, there are a significant number of investors purchasing older purpose-built rentals. We know that in British Columbia we lost about 34,000 units of rental housing renting below $750. For every new unit of affordable housing we're building, we're losing three units.
Nationally, that figure is 1:15. Abi spoke to the need for an acquisition strategy, and that's exactly what gap this would fill to stop the loss of existing rentals, because those are really the most affordable rentals that we have today.
Also, then, on displacement, increasingly municipalities are introducing strong tenant relocation and tenant protection measures. There are really no provincial protections in place, and certainly not any federally, but it's more of a provincial mandate. There are no provincial protections in place when a rental building gets redeveloped. Oftentimes, redevelopment is really critical because we get additional supply from that redevelopment, but we need to make sure tenants are protected through that.
If we're going to be incentivizing new rental development through the acquisition strategy, I would suggest that needs to come attached to really strong tenant protection provisions so that people, when displaced, are not seeing a rapid escalation in their rents and have first right of refusal to come back to the new redevelopment at existing rents.
I hope that answers your question.