so the plans we received are just that, 8-unit building, con towning no bmr units, because it's under the 10-unit threshold for inclusionary. and it's not even going to the full 65 feet that it's allowed to. so we just -- some estimations, if they were to use home-sf on the same site, could yield 26 units with 8 bmrs. the site could fit up to 20 units. so it's definitely underdeveloped, i would say. so we've heard that -- aside from the cost and complexity of including bmr units, the project sponsor was not interested in taking on the extra process of conditional use, which is what home-sf requires. we've also seen projects like this one at 2670 geary, lucky penny site. here they came to us with mixed-use project containing just 21 units, which is what the base zoning allowed. we asked them to explore a home-sf option that provided more housing and they developed a scheme with 121 units of which 36 would have been affordable. in the end, the project didn't need the extra two stories. they needed the extra density. it was entitled through an s.e.d. that gave it just that, density contr

i would rather talk about bmr currency because that gives us an easier switch. relative to loans at high-yield. i don't have a strong opinion about the relative valuation of loans to high-yield. >> mark, i know you do. it has been your big trade. --ns over high-yield come up high-yield, how does that play out? >> i think it is a function of fundamentals and what you get paid for them. we looked at spread versus turn and surprisingly, even with compression we have seen across leverage loans air at 73 basis points. from a fundamental standpoint you are cheap even though it has tightened. rate dynamic that has been helpful and will continue to be helpful if you look at the expectations for a hike in september and december. i think our call for four hikes this year is in play. as that continues, i see the relative dynamics to be barely good. technicals are going to be good in this space. we don't have enough issuance and there is a lot of demand for floating as people want to play defense. i like loans versus high-yield. >> there is a lot of demand for floating rate

jonathan karl writes, bmr.cr refers to the author of the infamous dossier as michael steele, who is in truth the former chairman of the republican national committee. >> you know, the irony that a white house spokesperson for this administration can't fact check is not lost on me. it's not lost on anyone here. >> i thought it was maybe a subversive act. >> right, getting back at michael in some way. the other thing i think about him, how these people behave afterwards, it seems like the idea is, you go in the administration, shame yourself, he at an a fellowship at harvard or something like that and write a book about him and go out and promote it. i'm almost nostalgic for sean spicer. in the first couple of months, we could still laugh about this in a yard sort of way, you look at this on "snl" and you laugh, but you're right, sarah huckabee sanders takes this completely seriously and you recognize these people are dangerous. >> it was less sinister. >> yes. >> he was breaking us in for the far more grave and

but the northeastern and yeah, and parts of bangladesh and yeah, and parts of bangladesh and bmr, hasur or five days but further south, we have some shelter but still it could stay quite dry and hot there. it has been ever so hot across parts of japan. hot there. it has been ever so hot across parts ofjapan. the korean peninsula, northeast china, the heatwave is set to continue up across the peninsula but we have a tropical storm which is possible relief. the temperatures here are returning to seasonal. it is very hot there, and areas are very heavy rain continuing to affect southern china. the indochina peninsula and also parts of the philippines so very wet for bangkok and manila, it states extremely hot, 40 celsius through the week. for tokyo, closer to the seasonal average. still very hot across europe on a tuesday, particularly eastern areas. it brought a drop in tempter to the british isles during the course of the weekend. it stays pretty u nsettle the weekend. it stays pretty unsettle across the northwest corner but the heat will return across the uk which is bouncing back int

>> the issue with the census analysis that we did as there is no way to sort out what is a bmr unit and what is not. this is just an approximation of what the rent-controlled stock is. that include some older multifamily deed restricted affordable units. >> so a lot of these are percents and we have numbers here pick figure three on the same page shows there is a big jump in 20,000 units in units built before 1980. affordable income level in san francisco. 1990 had a jump up in the year 2,000. i am trying to understand why that is. it drops back down in 2,005 and 2010 and 2015. >> those are the units that had been recently rented. rented in the previous two years. it could be that in 1990, there were more units rented in the previous two years than in 2,000. one of the things that the chart shows is the number of units that are occupied by people who moved recently is going down. it is to the point where one of our commenters made that fewer of those units are turning around because people are staying in the units longer. >> and i think that's a really interesting thing. with the cost o