Thank you very much, Chair.
It's nice to see both of you here again. It's ironic that it's at the same time on the same panel. That's wonderful.
Ms. Whitzman, I'd like to start with you.
You did allude to this in your opening remarks. In your brief, you stated that housing completions are a more meaningful measure than housing starts, noting that “people can't live in a construction site” and that many projects are stalled. I'm wondering if you could explain why you believe housing starts are a problematic indicator of housing supply and housing outcomes.