Thank you, Mr. Chair.
Thank you, witnesses, for coming here today. We really appreciate your taking the time to speak to the committee.
Dr. Moffat, my first question is for you.
About 30 years ago, my wife and I were a young family. I've spent the last 30 years of my life as a middle-class, blue-collar worker. I was a construction electrician for the last 20 years. My last day in the field was two days before the election was called, so it's very fresh for me. My wife and I were a young family with one child, and we were able to buy a home 30 years ago. It was significantly different from it is today. I talk to young families now, and they're just a young family in the same situation that we were in, and that's not an opportunity for them anymore. I think that's very disheartening.
Your talk about the middle-class housing crisis really resonates with me because I understand it and I can really feel it.
What are the main reasons we have this middle-class housing crisis today that we didn't have then? How did we get here?