Jake Silverman

And then I guess it makes you wonder, what is the outcome?

Let's play the tape even further than that.

Because in Toronto, it's not as meaningful.

We have 30,000 and they're not buying any, but the megafunds are going to do a billion dollars each.

They're buying 1,000 units.

It's a drop in the bucket.

It's not going to move the market materially.

Yeah.

Let's say that they're telling the truth that they're going to buy them below market value and market value is currently at 900 a foot and they were previously at 1200 a foot and now the government is going to buy them at $800 a foot or whatever.

The government has now moved the market down and we've seen builders transact at prices and those are now comparables that are going to close that appraisers can use.

that are reflective of market value.

And then a year from now, after this process has gone through and you have downward price discovery and downward price momentum, you still have two thirds of the inventory that needs to clear.

The builders aren't just going to not sell that, right?

So the question becomes, how does this interact with the actual price discovery?

Is it actually going to help prices, expedite prices going down?

Or is it an attempt to floor the prices?

I don't really know the answer to the question, but that's the economic...

Yeah, that's like all bailouts, right?

If they purchase them in a profit-taking position, but if the developers are taking a loss in order for this transaction to take place, then it would be a little bit less of that.

Let's say the outcome, there's two ways that you can arrive at the same outcome.