that goal is 2026 have 22,500 affordable rental units completed for residents. we are looking at targeting the middle gap area where 60% to .0% of area mediancompleted fore that is a nationwide problem as well. host: is the problem of affordable housing worse in hawaii than the mainland united states? compare and contrast for us. caller: i think it is. we have a limited amount of land. none of the islands are connected in any way except by air. you could take a boat. it takes a couple of days to traverse the pacific to another island. mosty, you take oahu, our dense island, we have one million people here and 640 square miles. ourto 50% of it is conservation area, foothills to the mountains. then we have other factors we are looking at, sea level rise, climate change and what that will bring in where we can develop. we have quite a bit of urban la nd, we probably need a little more. if we change the densities in our current urban land, the projection -- i was talking about the 22,500 affordable rental units -- the projection and theill be on oahu rest spread thr

wall street suddenly became very concerned such a slowdown might be on the table, which is why united rentals was getting pulled before it reported. once again they delivered slightly better than expected sales and earnings, once again they raised the full year forecast seems pretty good, right that's certainly what united rent amounts thought they were trying to see good mark demand going forward. this time the stock got beaten to a pulp. which begs the question, how does a company lose the value with better-than-expected guidance like i said before, there were a lot of little things that bothered people, for united rent amounts, the key metrics aren't sales earnings those numbers i gave you don't tell a tale. the key numbers are rental utilization, rental rates and time utilization and how much that equipment gets represented out. rental rates came in at 2.1% >> that sounds okay. here's what the problem was. wall street was looking for 2.5. wall street 2.5, united rentals 2.1. the numbers deteriorated from month to month the time utilization went from 100 basis points >> that is actually no

unit. they'll be comparable high-quality but not identical finishes. and the tower rental amenities will be equally shared with both the podium residents and the tower b.m.r. residents. so this slide has got a lot of numbers on it. it's meant to point out the broad range of affordability that we're able to achieve at transbay block 4. you can see, i just want to point out, and sort of a specific a.m.i., so, as low as 50% medium income is $58,640 and then at 120% a.m.i. it's $142,100. these moderate a.m.i. ranges will provide family rental units which in san francisco, have been historically very difficult to finance and develop. of the two, block 4, 140 will be low income and 207 will be moderate income. and in a few slides later, i'll review the over all income distribution in transbay zone 1. pursuant to the option agreement that was approved in 2016, ocii requires an experienced and qualified non-profit housing affordable developer to be a partner in the block 4 project for the development of the podium. [ please stand by ] -- the services will be tailored for basically

i see the amendment for the rental units, and i'm wondering what the a.m. i. commitments are for the home ownership units are, as well? >> president cohen: thank you. they're the same, but i'll -- >> supervisor kim: so regardless of home ownership or b.m.i., it will be 55% of a.m. i.? >> president cohen: i'm going to invite ann topai. >> regardless if they are rental or market ownership units, they will do no less than 55 is of a.m. i. they will do 15% at 85 to 120% of a.m. i. >> supervisor kim: and you had said -- and that changes a little bit. you said 15% at the 80 to 120% of a.m. i., so 5, 15, and 5. >> supervisor kim: okay. of what is built on-site, 5% will be at 55, 15% will be at 80 to 120, and 5% will be at 140. >> correct. >> supervisor kim: i'm sorry. i'm going to have to reflect because i didn't realize you said rental or home ownership. there's kind of no -- >> we have not capped the amount of rental or home ownership that we can do. >> supervisor kim: okay. i'm going to try to wrap my brain around that. the second question i had, and i talked to th

for a single individual, not be eligible for rental units at 110 or above or home ownership at 130 or above. this is because at that price point, you're starting to hit market rate, and it's not much of a subsidy. so i just want to make sure that that portion of 115 will prevail in this development agreement. >> so that is a policy call for you. and if you want to make that amendment, we would, i think, recommend that we make that clear in the document. >> supervisor kim: okay. so you would recommend that it be clear in the development agreement, even though it's in section 415? >> yeah, because we have specifically negotiated a.m. i. levels, and we've got a lot of language in here about that. you're proposing something additional, which is to say that certainly a.m. i. levels will not be permitted for studios or one bedrooms. >> supervisor kim: so just to clarify, that was a negotiating point. originally, we said that studios would be concluded, but at the end of the day, because sometimes two individuals will live in a studio, once you start hitting the household levels of 115 or 14

we made some pretty our hormones understand that we are monitoring these units for occupancy. for the rental sustainability, ok, in the 2013 it didn't say anything about the b.m.r. unit when it is owned by a rental unit. we found some of those renters have been in there for 10 years and they've never had their carpet replaced. all the market rates in the building had their carpet replaced. si'm moving through. marketing and for project sponsors updates for marketing. so, we used to require the big adds in the weekend newspaper. and that was beginning to cost our developers like in excess of $10,000 to run those adds. that were not very fruitful. so, we took the shift away from that and we're now expanding the requirement to do more community-based outreach and in local newspapers and news letters, we expanded that a little bit and also social media, there was no requirement to put anything on a website or have anything in a facebook page. we also required them to have a sign on the building that says b.m.r. units are coming here. that was not required previously. >> the final things were aro

probably in a position that they'll be seeking market-rate housing, whether that's a market rate rental unit, a transition unit provided by tida or potentially pursuing a market rate purchase of a -- of a unit constructed by ticd. but then, we have -- on the other end, we do have, i believe, 23 of our existing market rate households are section 8 voucher holders, and so those households would qualify for placement into an affordable unit. and then, we have -- again, i believe it's roughly another 40 households that although they are currently in market-rate housing, based on their reported income levels, would potentially qualify for affordable housing -- rental housing. so it -- as i said, i can -- i can provide you a more detailed recap of those figures at a future meeting. but off the top of my head, those -- that's the rough figures that i recall. >> and none of these are with one sf or the housing with -- >> no, these are strictly the households that have been interviewed as -- that are villages at treasure island residents. these are all households that are in market rate housing -- ma

she lives in san francisco and owns five rental units. she says the board of supervisors will do what their constituents want. >> unfortunately what the constituents want has exacerbated the problem already. >> reporter: she says rent control makes people tick rentals off the markets and not build new ones. >> i am afraid no one will want to build. >> reporter: but as robin look for a new place to live she says something has got to change. >> people should be scared. no one is safe. >> reporter: the real question for prop 10 is do you trust your local government to decide whether to set new rent controls and if so what kind of controls to make. if you do vote yes and give them that power. if you don't, won't know it and keep the statewide limit on when controls. >>> we were talking earlier about the traffic getting in and out of the city might have something to do with the nice weather. >> that could certainly be it as it is a very nice day to be in the city. traffic is bad, the weather is pretty good. we can show you outside right now, th

alsoon and united rentals a big disappointment. ed rentals creates a lot of equipment for the construction industry, so the downturn in housing construction is playing out there. so you got the bad news out of the way, what about the good news? we got some positive earnings from paypal and american express. leading on earnings and exceeding in terms of their forecast. look at how they are trading in after-hours. this will give some earnings strength going into the friday session. apl exceeded analyst estimates and it shows they are making a lot of progress toward venmo.ing then mow -- american express continues to expand. they're known for pitching their products to more affluent market. your today charts for these companies, you can look at how they have done so far. both are expanding their partnership, american express and paypal, and that extends the market for each. earnings has been a big driver this week. this is one positive going into friday. is portfoliog us .anager rob arnott great to have you with us. it looked i cut mix

we would have a price point related to the rental units around those bans. >> supervisor lou. the rent bans were created because essentially, we were originally going to go at 110 average with just a range -- >> this is different from what you are saying. the percentages that you broken out, 5% of 55, what supervisor kim, to clarify, at 55 there's a band around that that you can be above 55 and below 55 to a certain point but the rent is pegged at 55 for that 5%. same thing on the top 5% at 140. you would be within a range but the rent would be set and it would not be sent at 140% a.m.i. that's fine in terms of filling those units because i know that we always have trouble with getting people that qualify for those units at those ranges. and the hard range. in terms of, to be frank, in else it of the revenue, what matters is what we can rent the units for. there's two sides to that question. one is, what is the revenue coming from the rent and the other is who can we rent to. i don't know if that answers the question. >> i'm not sure what the question is. >> restate it again b

hutchison: they pay that same 40%, the people who build those rental units, the same 40%. they cannot build housing that is affordable anymore because of what government has done. government is not the answer in housing until they can provide incentives that help developers build, especially around transit, build the kind of affordable housing that they can actually afford to build as developers, so that people can actually afford to rent them. this is an issue where there is too much government in the way with permitting and fees and red tape and we need to get rid of it. sen. cantwell: that is exactly what the affordable housing tax credit does, incentivize developers to build more affordable housing where otherwise they wouldn't. what is great about making this bogus is because if you don't have enough supply in the marketplace, the demand goes up and people are getting higher and higher rents. we have to go back and look at some of these projects that were built years ago, and as we came out of a downturn, people converted affordable housing and a higher market rate pr

. >> some premiere names on the list blackrock, citi, fedex, united rentals. micron, aig, three pages full of new 52-week lows >> and you talked about generally we've seen good earnings it's all about guidance. i would point out, i don't know that we're necessarily at the bottom at this point in time you're always looking for opportunity, right what i don't like what i'm seeing in the options world is the volatility indexes we reference all the time last week jon talked about the vxx. that's the very short-term volatility and jon talked about the fact, hey look, in the past we've seen this spike up to 38. in january, early february, it got up to 55 today they are actually rolling out and going up and expecting a move into the 50s, scott we're trading at 38. people are preparing for something like that. so look out for the idea that maybe volatility -- i know jim cramer and some of the guys -- >> were talking 25 >> i don't think 25 is the number i think 30 i would disagree with jim on that one i think 22 to 25, that's an interesting area that seems to be where

but there were things to like as well process i'd like to buy more united rentals. i didn't feel today was the day to do it i'd like to wait two or three days the three day rule one started coming already, one analyst downgraded but i thought it was not bad i'd like more of that. i probably will buy more but want to wait a little. >> that's exactly what everybody is saying in the market. all these things that brought the market down today have been around for six months. we have talked about them. we debated about them. all of a sudden it matters and there is no reason to buy. why do i need to rush in and add on to a position why not let it come to me. there is no fomo it's exactly the opposite all of the things the four things we mentioned at the top, any one could be the catalyst that in six months hurts earnings not necessarily doing it today but the market cares about it today. and i guess i'm in the camp with you, i think we go lower it doesn't feel like we washed out on this. >> here is the thing they are hurting earnings and outlooks. and the uncertainty abou

that goal is 2026 have 22,500 affordable rental units completed for residents. we are looking at targeting the middle gap area where 60% to .0% of area mediancompleted fore that is a nationwide problem as well. host: is the problem of affordable housing worse in hawaii than the mainland united states? compare and contrast for us. caller: i think it is. we have a limited amount of land. none of the islands are connected in any way except by air. you could take a boat. it takes a couple of days to traverse the pacific to another island. mosty, you take oahu, our dense island, we have one million people here and 640 square miles. ourto 50% of it is conservation area, foothills to the mountains. then we have other factors we are looking at, sea level rise, climate change and what that will bring in where we can develop. we have quite a bit of urban la nd, we probably need a little more. if we change the densities in our current urban land, the projection -- i was talking about the 22,500 affordable rental units -- the projection and theill be on oahu rest spread thr

united rentals, 15%. even though united rentals beat in theory, the stock still hammered.t is this telling us? karen: people have been worried for a while, are we at the end , prices are? people going to go down and they are very capital intensive. the tariff impact being bigger than expected. people went in worried and now they are looking for the things that are negative. the united rental numbers were good. the outlook is still good but hasn't beentton it set. christopher: they are executing at a high level. i am in the camp of i am concerned about where we are in the cycle and when the recession will come and it will come at some point. thing that weg are seeing more than anything else is wage, push, tighten inflation. how much are we just going to have to go up to continue to get the team they need to be able to execute? as a result of that, it could create some pressure. that could have contributed to some of the weakness. people have been anticipating the downturn for six to nine months now. china is big. that is a concern. they are looking at a glass half-empty. al

weakness in united rental, snap-on, netflix down today and trading a little lower.ing about the fact that the treasury secretary will not go to the saudi investment conference. we will talk about that next. this is bloomberg. ♪ vonnie: stocks at session lows after we got word that the secretary treasury steve mnuchin after we got word that the secretary treasury steve mnuchin has decided he will not attend the saudi arabia future investment initiative next week. -- we have waiting been waiting and till right now to see if the treasury secretary would change his mind. he was one of the holdouts until just a few moments ago. a news conference given by mike pompeo following his visit to saudi arabia in which he said, we need to give them a couple of days to figure out what happened to jamal khashoggi, the journalist. he went to the saudi arabia and consulate injured -- turkey best in turkey and never came out. clearly the market has not expected -- there was some way of sweeping this under a rug. >> evidence just continues to mount that the saudi government may have be

. >> caller: i got a position in rentals and wonder whether united rental's recent accusation will makefor revenue shortfalls -- or recovery and the impact of the canada trade, what are your thoughts does it come back to 190? >> i get discouraged because i keep seeing great numbers and the stock does not go higher, but i am not going to give up. i think that caterpillar, remember, they don't buy cat stuff, but caterpillar just soaring here and this one is domestic but people love china all of a sudden they love caterpillar and boeing i'm not giving up but i can't pound the table. >>> all right. new cars, out, used cars in. rushing to buy carvana that's me saying buy, buy, buy, but be careful because this stock is very, very high "mad money," i'm eyeing the two key cull pits to find out what's behind their underperformance. you keep asking about them i've got it. >>> cloud, big data. machine learning i'm speaking with the ceo behind of company of data center real estate who understands different ways to play these trends. does a bear poop in the woods? sure but it doesn't have to poop al

alix: this is an equipment rental company, united rentals. it is for the construction industry.arter. volumes were good. rentals were good in the stock is getting totally -- industrial companies are reporting and getting hammered. what that means for the economy, for trade -- david: it goes the other way. markets are nervous about industrials. alix: rental revenue is up 21%. you report something and you get hammered. david: will it keep going? ooke is nodding. we will bring in brooke sutherland to talk about the postal service. president trump said he will pull out of the international postal agreement which is been around for 142 years because china is getting too good a deal. what companies are affected by this? brooke: this is fascinating. there is a governing body in switzerland known as the universal posted union. the basic idea is to make international mail flow more efficiently and cost-effectively. the body sets the rates at which countries reimburse each other. if i know you a package from collects thee u.s. postage and reimburses france for its share of the work. those

the expectation is to have those parcels would be ownership at 50 units and the third parcel would be a 100% affordable rental property at 130 units. >> supervisor tang: what is the percentage of two and three-bedroom units required in the affordable and in the market rate? >> the percentage -- i'm sorry the percentage of the number of units? >> supervisor tang: two and three budget -- two and three bedroom units. >> is a 25% for the two bedroom -- i'm sorry. what? >> supervisor tang: i could not find this on the d.a., as well. >> i can't remember. the number of two and three bedrooms. >> supervisor tang: about 35% of units are two and three bedrooms. and the affordable and the market right? >> they will have to match. >> supervisor tang: about 35%. can you give me an accurate number? >> there is about a split. >> supervisor tang: ok great. if we can confirm, that would be great. i feel very uncomfortable with this very flexible open menu of affordable housing. i do think they percentage is quite high, to be honest, particularly given the district that this development is going into and the a.m.i. percentages

where does that leave the united rentals? transport, because their earnings do not live up. david: we are talking about rail and trucking and every now and then come airlines. i would not put united rentals. david: how is transportation doing? good. i think they are holding up well. david: at one point is the -- or are weively not there yet? is that enough to watch the multiples but at the same? >> it gets down to individual names. another sectors difficult. the investment is about data and your ability to get it, to understand and to make decisions. the data does change and you cannot say, trade is going to be bad for all companies and walk away. there are opportunities within of peopleven group where the differentiate themselves or you can make money. you have to stay on top of it willie --ling -- really be willing to work the data. na market, we had boeing roundup helping to lift the doubt. the s&p 500 now down 4%. we are still down by 5:00. again unitedhlight technology, the risk you will write up -- why did seeing in ter

we also find out how united rentals is doing this is a terrific company at the same time i worry about construction thursday nucor reports this company should be making a fortune. if the numbers aren't great, i think it will be surprising to wall street after the close, we get a call from paypal bounce of $79 today. i told action members you had to buy the weakness, something i will stress again at the boot camp that we will be running not to mention how the recent acquisitions will be working out. we will be working from another payment play american express. the stocks go down on the numbers and then bounce back up could happen again friday may be the biggest day of all. also give us a preview of what the new honey well will look like honeywell has been a good pick for my travel trust. you know what has been a terrible one, where i screwed up slumberger refusing to increase drilling budgets. it has been a severe disappointment will proctor and gamble. if there is any additional growth or any better, a restructuring stock can fly. last but not least vf corp doubling down on high growt

that would be included, followed up with a comment that these units should indeed be intended for long-term occupancy and not short term rental use. the units would have all standard appliances in the kitchen including washer and dryer. the department finds that the addition of dwelling units at the site is consistent with the purposes of the r.c. zoning district in the north of market residential area. the resulting building form a similarly compatible with the characteristics of the surrounding neighborhood and adjacent historic districts. the proposed units with two bedrooms each and exhibiting the residential flats policy appear suitable for a family occupancy. a goal of this commission and the city. as discussed in report, while the project is not fully maximize the permitted density on site,, there are unique site and contextual characteristics that constrain the overall unit count that is possible on the given site. the department finds this project on balance to be consistent with the objectives and policies of the general plan and necessary and desirable for and compatible with the surrounding neighborhood. that conc

little earth housing processing complex which by the way is the only section eight rental assistance community in the united states that gives preference to native americans thank you so much for joining us charlie and. thank you for having me so julian tyro here i want to start how how how have these profit driven the housing and rental markets affected members of the american native american community in minneapolis and what do you see that is what is driving this homelessness. i really do feel like it's driving homelessness they could be investing in individuals and family and doing it with the corporate has just made it harder lot of people even at the wall work a lot of people. whether native american or not our paycheck away from being homeless the astronaut cole grants there's no such thing as affordable housing. in minneapolis anymore you can't make a living in have housing it's just not done and for american indian people it's even harder we're being pushed out because of our way because of our extended families all kinds of factors there that you hit on. one of the things i noticed was a little ea