I refer Members to my own declaration of interests, and indeed will be declaring an interest on this debate. I will also be voting very firmly against this legislative proposal, and it doesn't take away the fact that I know the work that you've put into this. There is actual clear evidence that rent controls can have large negative effects, both on landlords, tenants and, indeed, the quality of housing stock. San Francisco's 1994 rent control law led to a 5.1 per cent increase in overall rents over the course of the next two decades. The overall rise in rents created a cost of £2.9 billion accrued to current and future renters, and landlords substituting to other types of real estate, which then lowered the housing supply, shifting it towards less affordable types of housing.

Now, we're already seeing a pattern that's quite worrying in Wales. Private landlords, financial brokers, are telling me that they or their clients are fed up now with so many controls being placed upon them, when all they want to do is provide good-quality accommodation for a fair rent in return. Many are now selling up their stock or moving over to the holiday let. In fact, between 2018-19 and 20-21, Wales has seen over 4,500 private landlords leave the sector. And, Minister, you can shake your head, but I have that figure, firmly, provided to me by Rent Smart Wales themselves, in black and white.

Now, last week, I chaired an estate agents round-table, and it was made clear that there is an agent in south Wales that manages over 4,000 units, and they know for a fact that owners are voting with their feet and actually leaving the rented sector. Your proposal, Mabon, would make that wave a tsunami of landlords leaving, and the casualties will be the very people that you actually think you're trying to help. Studies have shown that rent controls lead to a deterioration in housing quality, resulting from landlords' reduced income and an inclination to keep the upkeep of the housing. Germany introduced a nationwide system of rent controls in 2015, but according to research, this had no persistent effect on rental prices, instead resulting in reducing housing quality.

Now, Dr Simon Brooks has made it clear that providing a sufficient supply of rental accommodation is particularly important in towns such as Llangefni, Holyhead, Milford Haven, Haverfordwest, and Caernarfon and Bangor in Gwynedd. There is no greater example of the failure of socialism in Wales than the absolute carnage that Welsh Labour and Plaid Cymru are making of our housing sector. As was made clear in my estate agents round-table, they believe that you are just driving the quantity of stock available for tenants to rent—