Gary Berman: I actually think we’re starting to see some positive, I think we’re starting to see some green shoots, not just in the debt capital markets, but on the regulatory front as well. And if we’re sticking with Atlanta, we did see that piece, but the University of Georgia is going to be coming out with a landmark study — research study, which is going to show how that the real issue around high home prices and rents is a lack of supply. And they’re going to discuss how any infringement on property rights actually is detrimental and leads to lower supply and higher rent. So that type of research from reputable institutions is incredibly important. Florida is in the process of passing a bill or an amendment to a bill, which will prevent local governments or counties from passing any kind of rent control.
We see that as being really positive. Any bills that have tried to limit institutional ownership of homes has failed on the floor, so those haven’t gone anywhere. We think the White House blueprint for Tenant Bill of Rights is a step in the right direction. We’ve come out with our own Resident Bill of Rights, which we think is incredibly important. We think as this industry matures, you need a standard of conduct or care that will hold all operators to that standard. And we think that’s incredibly important as the industry matures. So those — that’s starting to happen and it’s going to protect our residents, it’s going to make our industry stronger. And really, we have to get the message out there, Tal. There is a lot of families and to be precise, it’s about 35% in the U.S. that either can’t buy a home, because they don’t have the credit or they don’t have a down payment or they want the flexibility, but they can’t buy a home and that creates a wealth barrier.
And so that’s why our industry is so important, because it allows families to move into these neighborhoods with good schools and it allows them to have better outcomes for their families and then their families and allows upward mobility. So I think when lawmakers and the media start to understand how important is for families to have options or alternatives and they realize all the good things that we and our industry are doing, that sentiment will start to change.
Tal Woolley: Got it.
Jonathan Ellenzweig: Just to add one piece to that. And that as we have created a government relations arm or group within the company. And we’ve identified, we’ve gone through the process of identifying. We’re starting to reach out to key local, state and federal government officials. Even media, third-party allies to educate everybody about the benefits of this industry and especially how we’re running our real estate and how we think about our residents. So it’s something we’re taking a very proactive approach to do exactly what Gary was saying and educating people about our industry.
Tal Woolley: Great. Thanks very much everyone.
Gary Berman: Thank you.
Operator: Your next question comes from the line of Dean Wilkinson from CIBC. Your line is open.
Dean Wilkinson: Thanks. Afternoon, everybody.
Gary Berman: Hi, Dean. How are you?
Dean Wilkinson: I’m fantastic. I hope you are too.
Gary Berman: Perfect.
Dean Wilkinson: I don’t know if this question is for Gary or if it’s a balance sheet question for your very own CJ Parker. Looking at the Canadian residential development side of things, the $1.5 billion, give or take remaining project costs. How much of that is at risk vis-a-vis inflationary pressures? And have you seen a material uptick in project level financing that is starting to squeeze those returns?
