This ratio is important because we’re done adding infrastructure. Any community serious about their own financial stability is going to take the obvious first step and stop adding more liability. There is no reason for any North American city to build another foot of roadway, or put in another length of pipe, to serve any new property anywhere. Our infrastructure is maxed out; we’re done expanding and, in fact, I anticipate nearly all our cities contracting their obligations to some extent. Our challenge now is not about expanding our infrastructure networks but making better use of what we’ve
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