Mr. John Hannigan:

I agree, but there is an easier way to get there, which already exists in another jurisdiction. A significant valuation process has been put in place in the UK which specifically recognises existing use value for social housing. That model enables you to raise the value of the money needed to build the property at the cost it is being delivered at. That takes away any potential devaluation of the balance sheets and allows social housing organisations to create more social housing as a result. There is a mechanism. The red book does not recognise it yet, but with the requirement from, for example, this committee or from Government to do that, then the red book could be updated for that process.