Whether you're developing a non-profit co-op or a high-end, purpose-built rental or strata, the cost of development and the impact of development costs are the same.
I'll give you one concrete example. The City of Victoria, just in the last month, adopted a very progressive zoning policy that eliminates the rezoning and public hearing process for an affordable housing development that's consistent with the official community plan and local design guidelines. For a project that we have under way in Vancouver, the redevelopment of a 31-unit housing co-op, had that policy been in place in Vancouver when we began the development process, it would have saved us nine months—and the cost of money for that nine months—roughly $650,000 in capital costs, given the increase in construction and interest rates and other soft costs, and it would have reduced the day-one rents in that redeveloped co-op by $200 a month on average.
There's a very tangible example of the impact that, what would seem to be, quite minor improvements in the rezoning process has on the costs of an affordable housing development. That's just one example among many. Everything you do to add time or money to a new or redeveloped housing project, whether it be a co-op or a non-profit—