My third point is around the impact of residential rental increases, potentially as a consequence of what we are changing. I draw the House's attention to page 61 of the regulatory impact assessment. It goes to some detail to highlight what Treasury believes are serious risks on the rental market and the cost inflation potential for extending the brightline. In the third paragraph of the middle section, "Where do the costs fall?" it says, "To the extent that rents are higher than otherwise, the costs would fall on renters who do not purchase a home. This would disproportionately affect low-income households, younger people, Māori, and Pacific peoples. Extending the bright-line could decrease the supply of rentals over the long-term … This means the impact an extension will have on rents is difficult to quantify, but there is a risk that there could be upward pressure." 