Let me put those numbers in the context of some of the broader debates that we have heard around the world over the last 60-plus years.
Think about wealth and equality. You think of the findings you have seen around the world of wealthier people getting richer and richer. If you look at the trend around the world, the increase in housing costs has driven almost all of that. This broad societal problem, which we think is fundamental to so many things, is fundamentally a housing issue. That's just on the wealth and equality side.
Studies in the United States have shown that the increase in housing regulations there have been one of the single most important detractors of U.S. economic growth.