Dr. Ronan Lyons:

To clarify, it was not a minority opinion per se on rent control. It was a footnote for three commissioners where we had a slight difference of opinion. While it is unfortunate the measures are being released more or less as we speak and, therefore, clashing with this meeting, from what we have heard, the vacancy decontrol aspect will reduce some of the harmful effects of rent pressure zones. When a tenant leaves voluntarily, there is an ability to recoup costs. Costs incurred by maintenance can be gotten back in the rent, which is an important lever. When comparing the systems of carry-over rents versus resetting rents, systems with resetting rents typically have a better-performing rental sector. While that is a bit of a simplification, it is true on average. Of course, there is a lot more detail in these measures. The devil may be in the detail. My sense from what has been released so far is that vacancy decontrol is the single most important change being introduced, both for new and existing leases.