what this charger will actually help us deliver. i think when we talk about the finances, it is important that however, i believe we are doing this in san francisco because it is the right thing to do and that we cannot rely on these big banks anymore that eat up the little banks and invest in all these things that we feel as san franciscans are destroying the world and our communities. i know that is very complex. i know there are limitations to what we can do. i think this is a good first start. i would love to have a conversation broadened around models, but also about what we hope to deliver, and i also want to thank you for all of your work, and molly, and all the advocates are pushing this conversation. i think in 70 years, i will be dead, just f.y.i., i am 61. i am hoping that we can bring

this to the city and county of san francisco, especially because, instead of investing in these things that we all don't believe in, we start investing in our city and the people that we do believe in. thank you very much. i don't want to hold a public comment because i know this hearing has been long. thank you. >> thank you. >> my apologies to you supervisor if fewer. supervisor stephanie. >> briefly i want to thank you for your presentation. this is one of the first hearings are participated in after being appointed supervisor and i'm excited to be in a second hearing about it. i'm excited about the possibilities. i just want to reiterate my concern does not concern, but my advice in terms of the city i.d. program. and being county clerk for two years and overseeing the program and seeing what potential that has in terms of allowing people to bank in situations where it might be difficult for them to do so, i think the bank is a really good way for us to work

with the i.d. program and the evil that need that service. i want to reiterate that. thank you very much. >> thank you. at this time, there is no budget legislative analyst reports because this is just a hearing. i would like to go to public comment and open it up and hear from the public. i have something very specific i want you to speak to when it comes to public comment. let me look at my notes here. when view --dash we are opening it up for public comment, is it possible if the commenters could state which model that they like , that was presented today, if you could state which model you like or policy priorities you want to see moving forward. thank you. that is it.

>> okay. this is ace again. this is interesting. i go back further than anyone in this chamber here on this banking situation. i don't know if you all know about what we know about redlining and with the bank stand. supervisor, i want to commend you for bringing this issue forward. this is one of the things we will remember you for for bringing to the legislation. banking. here we go again. outmigration. knew some, who is a governor, knows all about that because he put together five points on economic development for as an economic development was one of them. let me say this for the history. my wife worked in the bank of america for 20 years. she retired. i also have an economic specialist that works with me for over 20 years. i will bring him on board. i would like to get the paperwork from you of everything have everything you talked about here. thank you. thank you for doing this. let me inform you, we, as black folks, in again appears because

a black metaphysical to sleep as a black man of the wake up as a black man and in this corner is the black woman. the bottom line is all these people get up and i don't see anyone up there -- let me just say this. the red line, the c.r.a., i don't know if you remember 20 years ago, the community reinvestment act pickers put together because of redlining. you all knew we were coming up here. i'm 64. i'm old enough to be your father's. most of the all. we were involved way back with ricky graham. he is a specialist in me will have them come back to speak. i want to know about all this information. all your taskforces and all this kind of stuff. one thing is for sure. this people that look like me. i'm sure they ain't on your committee. people like me have been designated does not designated, we have been destroyed because of the banking system. the c.r.a., community reinvestment act. i am glad this is back. when i get this information we will review everything. my name is ace and i am on the

case. ricky graham will be handling this. >> thank you. next speaker. >> good afternoon. i'm really pleased to be here at this hearing, in just a little background, as far as i'm concerned, i was at the first alan brown meeting that discussed banking at a small cafeteria in the east bay, decades ago. so i've done -- i've been really watching this process for some time. i don't have an opinion, because i don't have enough information to have an opinion on which of the models is most appropriate. however, i would like to add one idea that i have not heard today and this was one of the ideas. the alan brown public banking -- >> who is ellen brown class. >> ellen brown class. >> yes. >> she was the one who started

the public banking concept and has been pushing it worldwide for some time now. >> thank you. >> she started by writing the book. now she has another book out. anyway, she has -- i think she has a radio program twice a week or it may be it is even on t.v. i don't know. i'm surprised you don't know about ellen brown. >> i don't get out much. >> one of the ideas they had that i not heard today was to buy an existing bank, to start a public bank by buying an existing bank, so that's just an idea you might consider once you look into it, or may be you have to buy the entire bank. may be you just invest heavily so you have control of the policies that the bank has. that is another idea you might look into. thank you. >> thank you. hello.

>> i'm introducing myself to you in my grandmother's language because that is where it all starts for as. is at least for this coalition in san francisco, the public bank coalition started with seeing the effect of our money being invested by wall street banks. the fact was my relatives who drink their water from the missouri river, they are now facing a potential emergency situation with the pipeline. this is just one of the many decisions that we know wall street has made to, and certainly and not does not in line with the balance of san franciscans. as far as the models go, our coalition has articulated our vision for public banks, which includes affordable housing, student loans, green energy, which produces green jobs, and small businesses. every single week we see a business closing because they can't afford the rent. every single day we see people

on the streets living on greats because they are not housed. we had ash in the air for a full 1212 weeks almost because our climate is changing. san francisco has the opportunity here to be a leader and put his money where his mouth is. we are here because these models , while they are great starts, molly has been really great as far as putting money and numbers towards the models, but none of them really encapsulate all that we want to, specifically there's no mention whatsoever about the pool investment fund which is the $9 billion we are talking about. they will go on to articulate why we don't disagree with those , with as a general idea. thank you. >> thank you. >> hello. my name is curtis. i am with the public bank coalition. in regards to the report, i would like there to be more focused on green energy. it wasn't included on the line item. on the cave w., which is a

public bank in germany, they are the largest financing of green energy in the whole world. i guess the bank f. k. fw that would be great if we could reach out to them. i would like to be included in the modelled investment fund to, because we want every penny out of wall street. government structure, i don't know if there's enough time to talk about that, may be another government agency that could take it over and pick up the ball. may be we could study about governance. we have a draft of what the structure could be. we are more than happy to show that. state license, we definitely want there to be a state charter license. i think, we are part of the california public bank alliance and they are working on the charger. i think we are agreeing that we just want to see it very simple. a bank that is owned by a public entity. so that's a resolution that could be passed at the next new board meeting. pass a resolution urging the state to create a charter with

that language. and let the local city his decide on and principles. task force, i think would be great if there could be an appendix for the task force members to see where they fall on issues. there are some advocates on there and there are also some people i don't think that are for it. i wish the task force was televised. that would be awesome. in regard to the cost, i agree with what was being said about thinking big picture. the question as it relates to medicare for all, is not how much it will cost, it is how much it is costing us not to have a public bank. that would be a great report to see. the fees alone, i think it is like a million dollars. that is lost opportunity cost on what we could be investing. thank you so much. thank you for all your help. >> next. >> hello. i am a registered nurse and i am with the california nurses association. we are here to support a public bank for san francisco and

specifically, to request the treasurer's office, and specifically to create a clear path forward in creating a public bank for san francisco. we want to go big. we don't want to go small. our vision is big and our vision is for the future of the city and for the future of america. it goes -- because what san francisco does, we can be leaders for other cities that are trying to do this exact same thing. as nurses, our gender is this --dash our agenda is this. community health and well-being. the way we are doing our banking system right now, communities are being affected. it is 2018, in the city of san francisco continues to do business with corporations that finds dirty polluting pipelines across indigenous land. we continue to fund climate change, which is the biggest threat to all life on this planet. it is not happening in a distant future. it is happening now. we continue to fund, with our

taxpayer money,, to back fire arms. the c.d.c. just released a report this last week that 40,000 americans last year were shot and killed in america. over 1,000 of those are children when we talk about how much will this cost the city to create a bank, let's talk about how much we are funding in these communities that are being destroyed by exploitation, oppression and pollution? we can talk about the cost of that because that far out costs what it cost to create a sustainable banking system that is founded on justice, equity and equality. that is what we are asking for. we want a banking system that changes the status quo. right now, the status quo does not work for the majority of us. the status quo is exploitation and property --dash profiting off that exploitation. we want to change to a sustainable -- >> thank you. next speaker.

>> hello. my name is janice. i am associated with the banking s.f. public main coalition. i just want to say, commenting on what i heard today, if you think about going bigger going small, having worked as a software engineer for 30 years, going small never gets you anywhere. usually does not scale any of the tear it up and start over. it cost you more in the long run go big. in the meantime, having a public bank will save adversity on our city. i want to live in a diverse city thanks. >> thank you. >> good afternoon, supervisors. my name is winston. i am a born and raised san franciscan and board member of the democratic club here today. to support efforts to create a public bank, i think we should be looking even beyond what we have been presented. frankly, it is absurd to me that ten years after the '08 financial crisis and we are

still paying banks who committed some of the largest fraud in human history to manage our taxpayer dollars. they are not trustworthy, and we don't have public oversight or control over where money is going. we deserve public accountability for our tax dollars. additionally, a large portion of public dollars for projects are spent on bond debt, and if we had a public bank, we can eliminate the wall street intermediary. and pass the savings on to taxpayers, student loans, small business loans, affordable housing programs, all using existing credit unions, and community banks. is incredible to me that north dakota has had a similar model and had a bank for almost 100 years. this is something we seem to be struggling with. if north dakota can figure this out, so can we. we deserve public accountability we deserve and demand a public bank. please advance this measure. thank you. >> next speaker.

>> good afternoon. thank you so much for holding this hearing. my name is brandon. i am a member of the san francisco richmond democratic club where -- we are members of the coalition. i wanted to thank supervisor cohen. i love to go big. we should go big. we are the most wealthy city and the most wealthy state and the most wealthy country in the world. we can absolutely have a public bank that is built on equity. we know that in 2008, wall street basically transferred wealth from the 90 9% to the top 1% that took a bunch of working-class people in mostly communities of colour, housing, livelihoods, dreams, and made themselves more wealthy. the accountability that the government had over that was very sparse. we did not see many people actually go to jail for this horrible tragedy that happened to the working-class.

congress is chipping away at the -- they voted to deregulate banks even more. this is our opportunity to make sure we have a bank that is accountable to the community and not accountable to the top 1% of income were earners who are out for themselves. this can be a bank that is focused on equity, focused on building affordable housing, so housing people rather than taking houses from people. we can model this after banks in germany like loans to create more green energy. we really want to see this bank go forward. i'm excited to have such wonderful advocates for this banking project and i look forward to continuing working with all of you. thank you. >> thank you. next speaker, please. >> good afternoon. my name is preston. i'm a resident of the richmond district. i'm here as someone who is in favour of democratic control of the capital surplus. everyone who has spoken, -- so

far is in favour of a public bank. when i heard you speaking earlier, i thank you recognize the radical potential and the legacy that we can leave. not only for the future, but what we can achieve right now in the coming years at public banks as the gentleman who spoke first pointed out, he saw a lack of representation of himself and his community, and i want to address that challenge to making sure that the commission that creates a public bank and ultimately the way the bank is governed, must be extremely expensive and democratic so we can represent all the communities in san francisco, especially the most marginalized , especially those who had the fewest resources. ultimately, if we have a truly democratic public bank that the city can establish with these funds, we are talking about a 9 billion-dollar or greater public investment funds that everybody in san francisco can have. how many people in san francisco

have access to that kind of money? if we can build that stuff together, we can reinvest in communities that are not profitable to invest in or don't have a great return on -- on investment by highly capitalized banks. and a further issue is that we currently spends about $68 million a year simply paying back the interest and debt on our bonsai we take from outside banks. why are we burning that kind of money when we could have no barrier to spending the money on what we can spend as san franciscans? thank you very much. >> thank you. >> hello. i am a resident of d1. i'm here in favour to speak of the public bank. specifically, i wanted to mention the mission, which is to establish a municipal owned bank in san francisco rooted in the principles of racial, social, economic and environmental

justice. i wanted to add that out of the three models, none of them are adequate to meet that mission. specifically with the green jobs that we would like to see created, and it would be like a little green new deal. i did want to reiterate what preston just said about governance. specifically we know that if we have elected officials constantly putting people in power to oversee banks, we may see a reiteration of what happened at wall street. so to avoid that, i want to see a lot of democratically elected people, community members, banking experts, so we can have a more direct access. if they go out of line, or choose profits over people, we can rein that back in. i would also like to see the board of supervisors put this on

the ballot in 2019 as a charter amendment. that can be done with plenty of time. we will all be ready to work on it. thank you. >> thank you. >> good afternoon. from s.f. public bank coalition. i would like to thank the committee and thank the chair for calling this hearing. i really appreciate jericho in's line of questioning, and the comments -- chair cohen's line of questioning. we need to put pressure on state lawmakers as well. there's a lot going on. there's so much going on in this world. i was watching the u.n. climate meeting, in the sec. journal -- and the sec. journal -- general said the most important decisions are no longer taking of the government government

level capital taken out regional and local level. you hear all the time in politics and community organizing, all politics is local, think globally, act locally, what better way to act locally, them to create a public bank clot if money and power go hand-in-hand, money follows power and power follows money, we need to wrestle the money from the powers that be and localize the money and build our own power. why are we giving our money away to thieves and murderers because that is what they do. we are in the midst of a climate crisis and a housing crisis. with advocates rights and the civil justice crisis. it is obliterating our neighbourhoods and communities. the bank of north dakota has been making record profits. in the last 20 years, they quadrupled their profits. and one of the things that we didn't see his student loans --

over 30% of the bank of north dakota portfolio his student loans. that is some of the lowest loans in the country. and the right of return -- rate of return at the bank of north dakota is one and a half%. >> thank you. >> we have the money. let's go. >> next speaker. >> hello. my name is gus. i am a district eight resident and here to speak on the half of the nurse's association. we are very proud to be supporters of nsf public bank. nurses see patients every day who are struggling because of environmental degradation, lack of sufficient housing, and lack of regular and consistent preventative healthcare. nurses know how having a public bank could be critical to solving many of these issues.

we have seen, for fire too long, our tax dollars going into the coffers of banks like wells fargo, bank of america, who have been turning those investments over to oil companies, and two weapons manufacturers and other entities that are only further feeling the health disparities in economic inequality in our great city. as i think we are all aware, san francisco is the most economically inequitable city in the country. we can do a lot with a public bank. for example, on average the bank of north dakota has been able to pull in $40 million per year from their safe general fund and this alleviates taxpayer burden. we could do the same with the earnings of a municipal public bank in san francisco and earmarked those earnings for more social housing to solve the housing crisis. thank you.

>> hello. i am a d6 resident and i work with d.s.a. thank you for holding this hearing and thank you for your time. the argument has been well articulated as to why we should have a public bank. as currently constructed, we are putting all of our resources in the control of people who have not shown the willingness to reinvest in the community. san francisco is increasingly becoming a two tear society, we must take action to restructure it so we can remain a safety and remain true to ideals. in terms of what gets money currently, there is a lot of money going on. the city is very wealthy. he goes to very few projects. it is decided by so few people. a bank would allow us diversification by bringing everyone to the table and giving everyone a shot. we get better ideas and we are a better society. we are stronger together. this is everybody's city. everyone works towards it. by allowing everyone input into where resources go or a greater degree of input, we bring people with new ideas who are currently

excluded to the table, and that can lead to wonderful things. in terms of cost, it is not very efficient as currently structured. there is a technical argument to be made that by bringing in people who are working not just for the bottom line and not just for stock return or shareholder return, we will do better for many people. not just a single column of profitability, but investing resources in a way that benefits us all and allows everybody a chance to thrive and reinvest their earnings back in the community. thank you for your time. >> thank you. next speaker. >> good afternoon. my name is rick. i am a member of the san francisco coalition for public bank, and a member of you esf. i want to thank supervisor cohen for suggesting a public meeting. because i think the experts have been speaking. i think the people who have just been speaking know more about why we need a public bank than

many of the people on that task force, frankly. i don't mean to say anything negative about the task force, i think it's been great. it has been convened. it is very important. i also would like to point out that in addition to the bank of north dakota, throughout the world, there are public banks. there are over 586 public banks -- sorry,, in the world, that control $35 trillion in assets. we are not doing anything new. we are actually just joining with something that has been done for generations throughout the world. >> i'm sorry. how many coiffed. >> $35 trillion worth of assets are in 586 public banks. those figures are from the world bank. there's plenty of models. there's a public bank in costa rica, and there is public banks of people who are mentioned in

brazil, in germany, from the advanced country, to the underdeveloped countries. there are public banks. so i think we can do it, and i agree with supervisor fewer that we have to push the state legislation. i understand representative weiner is supportive of it. i think that that is where we need to go. we just need to make it happen. think big. thank you so much for setting that stage. i think we will continue on and hopefully you will have something to look back on that you accomplished. >> thank you. next speaker. >> hello. i would also like to speak in support of the san francisco municipal bank that would divest from wall street and its investments and the climate genocide and fuel industries.

very credible results have been released recently. we want to secure future for ourselves and not just for our children. and reinvest green energy. we can lead the way. i also want to raise the issue of student loans. there are thousands of san franciscans shouldering unjust debts. in early 2015, the bank of north dakota's rates were true% for a variable right student loan and 5% for a fixed right student loan. at a substantially lower than the 10-15% rates typical of most private student loans. they also have debt forgiveness programs for teachers and staff schools in the municipal bank. they should provide low-cost student loans to help san franciscans get out of debt. i will echo the gentleman that

just spoke as well. if the task force that is so graciously convened takes on this project needs help, whether staffing or research -- research or resources, there are incredibly capable experts in this room who have taken off their jobs, committing their full-time to this project. i'm sure they would be happy to help. thank you for your time. >> thank you very much. we appreciate the feedback. is there anyone else would like to comment? seeing none, public comment is closed. supervisor fewer, parting thoughts class. >> i know this has been a long hearing. i just want to say this. it is time for a public bank in san francisco. there is no economic justice, no social justice without economic justice. it is time to have a public bank for public good. and i want to thank the advocates are coming out in the treasure's department for all the work. this is work that my office is committed to deepening and furthering. i look forward to partnering

with you. but it is time, san francisco is a place where we leave -- lead the nation and we do it first and then they follow. we are not going to follow north dakota, quite frankly. but we can learn from them. we want to create something that other communities are hungry to re-create also for their communities. we can use the money to invest not in things that we don't believe in that oppress other people, that we can invest in as san franciscans that actually are overdue for investment. thank you for coming out. if i don't see everyone,, happy holidays and happy 2019. >> thank you supervisor. come on, you guys know the rules all right. let me get in here. i want to acknowledge our former colleague, who worked in the last two years of his life here on the board of supervisors. although he didn't technically pass on the baton to me, i certainly picked it up. this is a good direction that we

should continue to explore and i'm proud that supervisor fewer has agreed to take on the baton and carrying the conversation here at this body. i want to reiterate this as is a project that i do believe in. i think i will not be here to hear the report. perhaps he will take my call when i asked for an update. i don't know. but i just want to say that this is something that i will be monitoring very closely. i was pushing for a public bank a charger on a statewide level. i will be transitioning and going to a statewide office. i will be advocating and examining the role of state banking and the tax system. we heard a comment about the tax system and there is a strong correlation about how taxes are levied for and against people. and i want to also continue to push to think big, and i hope that the final report will be

able to look at a way to create more bite sized interim programs that can help us achieve policy goals in the near future. i do definitely look forward to what is happening moving forward to. thank you for getting us this far. thank you a big thanks to josé who also is part of this conversation. i know that he has diverse opinions on a diverse perspective on the task force. god bless you guys for corralling and getting it all together. public comment reflects one sentiment and i recognize there are other people who have strong views that are not here, but they have e-mailed and they have written, and they are -- their feedback will be incorporated in the report, as well as in the file for this item. i want to thank sophia who has joined me, and who has just taken up the helm on this project. in my notes, i did neglect to ask a question. it was how we considered buying

a small bank rather than starting one from scratch. i think we could probably take a page out of the big banks and how they buy banks and perhaps we should look into making that level of investment and exploring it. thank you for educating this body. i did not know that there were 586 public banks pick did not realize that there was $35 trillion tied up and being managed by public banks. this is actually some very inspiring news. it gives me hope. if others can do it, it makes you feel like we could do it. particularly when you think of other nations than that -- that have less than what we have. i think we need to be creative to find a way to get us there so we can do it. we also want to remember we don't want to get there by their his gross -- by ourselves. we want other counties to also be there enjoining as and ultimately in the state of california. so i am going to close out this hearing. if there's nothing else, no other names that are on the roster, i would like to continue

this item, supervisor, so if you want to hear it in the future, you can. we will continue to the call of the chair back madame clerk, with that, will take that unanimously. thank you. is her -- [cheering] >> leave it to you guys do not follow the rules. in all seriousness, is there any other sense before this body class. >> we are adjourned. thank you very much. [♪]

[speaking foreign language] [laughter] >> good morning, everyone. my name is london breach. i am the mayor for san francisco i am really excited to be here today for what is really going to be an incredible project. it is fitting that we celebrate the preservation of the buildings that we are in today, and on the one year anniversary of the passing of mayor ed lee, and joining us, as his family. including his wife, anita, his mom, his daughter, thank you all so much for being here. it means a lot to have each and every one of you here to really honor and celebrate the work that the mayor did for san francisco. more than 30 years ago when he

was a tenant attorney at the law caucus, and gordon, you remember that, there you go. he fought to preserve housing, especially affordable housing across the city. our community was faced with displacement of many low income seniors in the financial district at the time. i'm sorry. are we going to translate? okay. he was then representing what is now the chinatown community development centre who led the efforts to construct 14 single room occupancy units here at 2,899th avenue, to make sure that those seniors could be housed and some of them are still with us today. if it were not for his dedication and commitment to the community, who knows what would have happened. today we honor his legacy by preserving these affordable units as well as two units at 800 clement street next-door.

protecting tenants and preserving existing affordable housing is critical to stabilizing folks who are part of the most vulnerable community the small sites acquisition program, which began under mayor lee in 2014, helps present --dash prevent displacement and eviction of low income tenants such as script are at risk properties just like the ones we are preserving today. to date, 27 buildings consisting of 200 units have been acquired by the city. that is more than 200 individuals protected. thirteen buildings with 138 units are in the pipeline. and 105 million of city funds have been committed. and most importantly, hundreds of lives of people have been stabilized where they have a safe, affordable place to call home. absolutely incredible and a

wonderful testament to the work that he did for our city. yesterday, we also introduced the supplemental ordinance to appropriate 75 more million dollars to this effort. i am proud to have joined our district three supervisor in working to free up these funds to reappropriate bond money that just wasn't being used. by investing in our small sights program and others like this, we can preserve even more affordable housing units across the city and keep people in their home. i'm so grateful to norman fong and the chinatown community development centre for bringing this to our attention and working with us for so many amazing projects including many that house so many of our seniors, the mayor's office of housing, supervisor viewer, and supervisor peskin, thank you so

much for your work. i am grateful to the lee family and grateful to ed lee who devoted himself to this important work for decades. i am honored that today we aren't really celebrating what is equipment to the thing that he cared about. protecting and supporting all san franciscans in a way that allowed for a way to have a safe and incredible way to call home. i want to thank each and every one of you for joining us here today. [applause] [speaking foreign language]

[applause] >> thank you, mason. [speaking foreign language] with that, i will introduce the next speaker. the supervisor who represents this district. supervisor if you are -- supervisor you are -- hello everyone. hello. i am centrally fewer, the supervisor of district one. and today -- i am sandra lee fewer. i'm the supervisor of district one. when i was first elected, they came to me and said we have a problem. we judge every time i met with him, i always brought this up. and every time he said to me, we have to do something. i will work on this. we have to do something. and i think today, he is looking

down on us, and i think he is feeling really proud of the work that he has done. in his heart, and attorney, in his heart, always talking to him about this project against the human greed, and also the desire to keep this precious building in my neighborhood permanently affordable for these 14 tenants, but also the whole project that he had worked on for so long. i have a lot of thank you his. first, i would like to thank the mayor. i would like to thank the east west bank. they have been such a strong partner. and also a great business along the business corridor in the richmond. but also to help with the findings of the purchase could be made. i want to thank the mayor's office of housing. thank you so much for helping us out with this.

this is a second small sites acquisition on the west side. both of them in my district, and not to be the last. i would like to thank the mayor also. the management of this building is in good hands. very experienced. i want to thank my predecessor who first started this project a long time ago. a little bit about this building so i did not even know this is an s.r.o. i have lived in the richmond and i moved in a 1959 when i was two years old. so i am 61 years old. you don't have to do the meth. i am 61 years old and i would go to hamburger haven all the time. when i was growing up as a teenager, the orange seats, they were it. i thought i will go to hamburger haven. and now i will nominate them as a legacy business. and i think that --

[applause] >> so this corridor door is so important. hamburger haven is an institution here on the fight on the tenants here. they have lived here for so long it is their home. and so close. this is exactly the kind of housing we should be building for seniors here. so close to shopping and so close to a chinese speaking community. really serving the tenants well. also not to mention, the rent-controlled units. as you know as we look at the housing balance, we are losing rent-controlled units every day. we are trying to keep neighborhoods intact.

when we have disruptions like this possibly we could have seen something crazy happened here. and my breakfast place gone. it was just heartbreaking. when we first had this conversation he said, okay. they want to 9 million. and i told that to the mayor and he said that's crazy. you will not get 9 million. this is a price of 5.5 million. i just want to thank you for doing a great deal and really being strong about it and holding firm 5.5 million. great price. i know it sounds crazy but actually the value of it is immeasurable. i think we all know the history of this. i want to thank everyone today. i'm over the moon about this. i have worried about this ever

since i've gotten into office. i have a girlfriend who lives down the block, and every time i go to her house, i feel anxiety. i would feel anxiety worried about what will be happening to these s.r.o. units. it is hard to sleep at night sometimes. i hope i can sleep really well tonight. it is time to celebrate but i really want to give a shout out to the collective effort to make this happen, and i am hoping that this is not going to be the only small cyclic acquisition as i said i am losing affordable housing every single day. again, thank you, thank you, thank you. this is a gift of immeasurable, immeasurable -- i don't even know. i am overwhelmed. i feel like i can't even measure how valuable this is.

permanently affordable can stay here and be my constituents for as long as you want and i want you. this is great. i want to introduce reverend fong from chinatown at c.d.c. thank you. [applause] >> breanna, tonya, anita, i told you. this is a big deal. this is one of the stories, little places, maybe too little to celebrate a big victory, and a big thing that represents your dad, your husband, and life. this is it. i love ed because he has more heart than anything. ed has kept his heart.

it was always with the residence there are 14 residents that live in our s.r.o. and there are two that are missing that our doctors. the people over there lived at the s.r.o. that was demolished. ed thought they were safer -- say for least 50 years. i will just say it. some greedy land owner wanted to convert it into market rate. i don't want to hide it. and saved the residence twice and this is forever. i feel like her. it is a big deal. i don't know if you all get it, but i think this may or was really different. he rolled up his sleeves on that i know he helped garment workers

that were arrested. so many people, the seniors, he left. i am glad there are people that are still here. she is 99 years old. she may not understand everything. anyway. i'm talking too long. i promise to keep it short. today is heaven on earth right here. a little corner. and we need to appreciate our mayor that fought like crazy, quietly, most of these little stories like this one haven't been told yet. there is a lot more. anyway, then we will hang out at hamburger haven i promise you can call me personally. mayor breed, thank you. you can't win everything in life

this is a little bit of heaven on earth. anyway. i would like to especially thank east-west who is contributing as well and we have emily wang here , francis chang, and sandra lau. [applause] of course, the small sites, you have to love that and build it up. that is for sure. i think preston is part of this. preston, you can be humble and proud. and alvin low is always there. whether it is the hotel, this guy is a secret hero too. he is humble too. let celebrate humility, grace, hope, love, and all the things of this project represents an

winning for once against gentrification and greed. okay. we want to hear directly from our residence. at this time, mrs. quan is going to say a few words. i'm not sure what she will say but she is 84 years old and has lived here over 20 years. she used to be a clothing tester and she is retired now. [applause] holly will translate. [speaking foreign language]

[laughter] [speaking foreign language]

[applause] >> my name -- i live in an apartment two '03. i moved here since november 1995 i want to thank cece d.c. for the caring in the past 20 years. i'm truly grateful here is my honor to live here. i hope that see c.d.c., out the doors as a new owner can take care of us. [cheering]

>> thank you. i would like to ask one of merely transient dollars to come up and say a few words on behalf of the family. [cheering] >> thank you so much for having us here today. i can't imagine a more fitting way to remember my dad and what he cared about and what he fought for while he was mayor. i know that my dad worked tirelessly, but he only works tirelessly because of the amazing people that he was surrounded by. i know he was so inspired by all the work that everyone who fought for this was putting in and i think he really saw himself as a part of the team. that is a kind of person he was. so i wanted to thank you all for the work that you do to make this happen. it is so inspiring and i think

on a day like today, i just want to take the hope and the hard work and take that moving forward. i hope everyone else does too. thank you so much for having us here. [applause] [speaking foreign language] >> all right. this concludes our event for today. i want to thank all of you for being here and so many amazing people that made this happen. we are definitely going to be doing a lot more projects like this in san francisco. thank you again and have a wonderful day. [applause]

>> vice president williams,. >> here. i can two his approval of the minutes of the november 13th, 2018 meeting. >> so moved. >> second. >> is there any public comment on the minutes? seeing none public comment is closed. >> executive session? >> so moved. >> second. >> all in favour? you. all in favor, aye. >> i make a motion we reconvene in open session. >> alln