Dr. Conor O'Toole:

It really would depend on the calibration of the regulations. As I said, when designing those regulations, lots of factors are considered such as what properties are included and whether prices can be reset between tenancies or are applicable for any increase. Then the allowable increase in inflation really matters for the effect on tenants and the supply-side effects.

In a sense, you can try to balance factors, depending on the calibration, but it involves a trade-off on the spectrum in that you have to think about which side you are going to come down on and which objective, from a policy perspective, is the key one. That is the choice set, I believe, given the huge amount of evidence on this.