No, I wouldn't agree with that.
I would say that this is a common strategy to try to downplay the concentration of ownership by financial firms.
If we're looking at purpose-built rentals, they have acquired an enormous number. We don't even know the full extent, because it's very difficult to get the full details. A lot of the ownership is concealed by the fact that we don't have high-quality data on beneficial ownership in this country, but what we do know is that approximately 20% to 30% of multi-family rental housing, purpose built, is owned by financial firms, and that's just what we do know about. Like I said, the data is questionable.
It's also the case if you look at condos. For example, there is definitely a lot of investor ownership of condos. Positioning that as mom-and-pop ownership and something that is positive, I don't agree with that. I think there are problems with a lot of the rental housing in condos in that it's not as well protected, and tenant protections don't extend to condos so much.