I'd be happy to run through our models, quite honestly.
On the impediment.... We did an analysis, a couple of years ago, of municipal land use regulation surveys. We just ran a new analysis on it that was released a couple of weeks ago. It shows that an increase of 10% in regulatory burden leads to an increase of 14% in house prices, which, as you can imagine, dampens demand and slows activity on the market.
When you look a bit further, yes, the municipal level regulations are among.... When you think about delays to get permits, red tape.... It's part of the broader picture, obviously.