I think long-term secured financing, which was, frankly, the secret sauce or baguette magique from the mid-1960s to, let's say, the mid-1980s, is terribly important. If I were to answer with one thing that needs to change, it's long-term financing for as low a rate as possible.
Why didn't that work? Well, it was in the early 1980s when interest rates started going up and the federal government freaked out because it was locked into a lot of long-term, low-rate financing for non-market housing. That's when the wheels fell off.
Even if it's five-year renewable, etc.—I'm sorry, but I'm a wonk, so I start getting into the details of finance—there needs to be a clear financing stream and federal leadership for that kind of capital cost. There needs to be assistance with operating costs and rent assistance from provinces. There needs to be assistance with rapid approvals from municipalities. They each have their roles.
I completely agree that local leadership and local coordination are key, but there needs to be national leadership as well. Since I'm speaking to a national group today, I'm calling for national leadership.