Hon DAVID PARKER: The trend is quite clear. The trend is clear that over recent decades the proportion of New Zealanders who live in their own home has decreased and the proportion who are renting has increased. In respect of the breakdown of those, between landlords who own lots and lots of properties and who own one extra, as Mr Bayly was talking about, there was an interesting article by Valocity reported in a Stuff series based on their data that they gathered. And one of the more astounding stats there was that "Over 22,000 homes"—and I'm quoting from them—"are owned by an elite class of large investors who each own more than 20 properties". That's the equivalent of Invercargill or Nelson—all of the houses being owned by 906 people, whose portfolios continue to grow. 