I want to start with Mr. Richter, actually.
I specifically want to speak about some of the comments you made in your opening remarks. You made the comment, “If we only attack one element of the problem—actions by some of those market actors who purchase low-cost, older rental units and raise rents to generate more profit—we won't solve the affordability problem” and we might make matters worse. In restoring affordability of rental housing, you said we need about 1.74 million units and scaring away private sector investments is not going to help with that.
What I love is that you recognize we need all hands on deck and that we need all players involved. We're not trying to demonize anybody in particular.
Can you elaborate on that a little bit, Tim?