It's absolutely critical. I would say that seven or eight years ago we could have said that free land was enough to to generate the viability you need to create significant affordability. That's no longer the case.
We developed four sites made available to us by the City of Vancouver on 99-year leases for $10 each. We've built 358 homes on those four sites, all coming in at around 65% to 68% of market rents in year one and getting more affordable over time. That's the impact that investment in land can have.
I would say to municipalities: Never ever sell your land—ever. Make it available on advantageous lease terms to community housing developers. They will deliver the affordability you need, not just for five years or 10 years but forever.