It is very much a supply issue. Up until the mid-1990s, we invested in rental supply, generally with incentives for the private market, but as importantly, we invested in community non-profit and co-op housing. That investment curtailed drastically after the mid-1990s, so what we're seeing now is the impact of a failure to invest in those decades.
It has gotten better. We've recouped some of that ground in the past five years, especially under the national housing strategy, but a lot more needs to be done to get there. A lot of studies have shown that for every affordable rental home that gets built under national housing strategy programs, we're losing multiple homes—some say four times as many, and some say 10 times as many—in the private market that are renting at that “low end of the market” level. This is the kind of housing we need to preserve, and this is why an acquisition and preservation strategy is one good option to do some of that.