couldn't afford the prohibitive costs of seismic retrofitting or newly designated businesses like besitas bakery which is experiencing unreasonable rent increases. that came to a halt. in the resession it was the same private institutions that were unaccountable and ripped families from their homes. my own family struggled with this. as federal tax reforms are beginning to limit or will limit affordable housing, financing in our sanctuary cities targeted for servicing and being committed to our immigrant community, we need a municipal bank now to protect and advance our san francisco values. thank you. >> hi, my name is otto pipinger, i want to remind the board this endorsement represents all 800 of our members, or approaching 800 that we have. democratic socialists endorses because we believe it ought to be governed democratically as well. i would like to take a moment to address the conflict with san francisco social issues these banks have addressed and remind you $9.6 billion in the hands of these banks is a tacit endorsement tantamount to overtly giving millions a year to the private