There is cash to *either* build new homes, meet carbon net zero, *or* upgrade existing stock and meet legal compliance requirements on safety and comfort. There isn't enough to do all of that. Most orgs (with 1 or 2 notable exceptions) have shown big drops in new builds & EBITDA MRI %.

The latter point is crucial as it is key indicator of the sector's ability to cover ongoing finance costs from its operating activities. As the Regulator points out, the median score for this metric has dropped by 58 percentage points since 2020.