Dr. Robert Kelly:

I am happy to. It has been described well. There is essentially a continuum. On one extreme, there are no rent pressure caps. That would incentivise more supply but it comes at the cost of protecting certain households. I also think that, this afternoon, we became very much focused on new supply versus rent protection and the trade-offs there. These rent protection zones create a disparity between people entering the rental market and people in it for a prolonged period. That is another trade-off that members need to think about when making these policy choices. We do not necessarily know whether people entering are low income or high income. It is the whole distribution of people renting. Some of them are in the rental market with protections who might very much need it, while others do not need it for affordability. They are not targeted across income. When one thinks about that trade-off between those, that is one consideration.

The second is that we are very focused on institutional investment coming in. I certainly understand the trade-off and think it has been articulated well by Dr. O'Toole and others here. The second factor is that supply can leave the rental market, which we have seen happen. To what degree are we thinking not only of the supply of new properties in the build-to-rent type model of institutional investment, but also considering the number of landlords leaving the sector, who cite this as one of the factors? I do not think it is the only one but for them it crosses the rate of growth of rent itself under these pressure zones, taxation and maintenance costs that they face, and how they are traded off and included. There is a continuum where you need to think about the calibration. There are definitely cohorts of individuals who would be significantly worse off if the caps were removed. It is about getting the balance of those right, where you feel you have protections in place but also incentivise supply or even stop the flow out of supply, which we have seen for a number of years.