There’s a residential real estate affordability problem (I’m not fond of the word ‘crisis’ because not many things really are a crisis) in this country. Affordability, no matter what the good or service, is generally due to scarcity, or to put it another way demand supply imbalance. How do you solve demand supply imbalances? Put more supply into the market. Most apartment developers will say “exactly, let us fix the problem”. However the problem in this country is that the whole model is set up only for ‘Build to Sell’. This then leads into the next problem which is that the financing model that sits behind this ‘build to sell’ structure is just project financing. As the banks get scared of projects going bad, they close the funding book, the system grinds to a halt, and the unaffordability problem gets worse.