Part of our challenge is that we're in a significant hole. When you're in a hole, you have to stop digging. We have to think of a way to slow or stop this loss of affordable rental housing.
As I said, you can probably do that through a combination of creating an NGO, like Ray Sullivan talked about, or a fund so that you could purchase some of these older units. Make it more attractive to build and less attractive to buy, and the market will naturally go to where the best economic opportunity is and the behaviour will likely shift.
I think you want to be really careful about that heavy blunt-instrument approach where you're changing the tax treatment of the REITs or making large-scale sweeping tax changes.
I think you can be quite a bit more targeted than that. However, you do have to disincent that behaviour that causes the loss of that housing. Again, the impact of that loss of housing is magnified by the lack of housing supply.