mr. rosenfield, there are three things clear. one is that it has a positive economic impact as it is written on spending and jobs in san francisco. two, that it is inefficient in a couple of key ways, and that if those inefficiencies were mitigated and removed, the cost to the city would be less and the economic impact book higher. with that summary in place, i will go through the meat of our report and discuss how we arrived at these conclusions. when we look at the legislation for how it affects the economy, it is really, like a lot of pieces of legislation, it has some benefits and some costs. it is about the net effect. it certainly benefits the economy when unemployed local residents have jobs. that increases spending in neighborhoods, and that ripples throughout the economy. to the extent, however, that the legislation increases construction costs, that has a negative impact on the economy. the city must reduce its spending in other areas, on general fund projects. for bond-funded projects, the city have to make due with le