Mr. Maurice Deverell:

It is coming from the fact that a landlord looks at an investment and looks forward, like any other investor looking at any other thing, be that shares or whatever. Whatever is an attractive investment that is going to give a return, which one can buy in and buy out of, is where people put their money. The whole thing is becoming a lot more complicated, as is the process of selling. Even going through the Residential Tenancies Act, at this stage it is 250 pages long and is incredibly complicated. Section 148 is unbelievably unwieldy, even in the way all the lettering has been done. The whole thing is so complicated, it does not encourage any new landlords to come into the market. This is as obvious as anything. I know there are varying numbers on how many are coming and going. There is the RTB count and the CSO count. At the end of the day, I know it from personal experience. The last place I let out, I had 180 applications and 80 phone calls and I met 30 people. I would not have had that five years ago. Clearly, there is a problem with the number of landlords in the market and we need to change that. We need to encourage more landlords into the market or else build a lot of social housing that is going to take that up. We cannot build the social housing quite at the speed we hoped to and with the population rising the way it is, this is the reason we are running into these problems. We need more landlords in the market, basically. This will not encourage one new landlord into the market. That is the point we were trying to make. We feel it will also dissuade some.