edward mason. the m.t.a. and the sfcta should participate with the planning department to acquire development funds. growth must fund growth and not rely on state funding. the nexus study for development and transportation study resulted in this transit sustainability fee being reduced by 75%. in essence, growth was not funding growth and there should be more reliance on the developers paying the fee. this is an article for the valley transportation authority in santa clara county. on the 208th of december, they will restructure their transit lines. bottom line is, they will escape probably most of the requirements of bill 50 by having service upgraded to 15 minutes from 30 minutes and a lot of lines are going to go that way. however, you the transit stations, they will have anywhere from 30 to 238 buses in our. indirectly, senate bill 50 has rezoned that area around those centres. this is in direct. my concern is growth must fund growth and don't go to the state piggy bank for funding because the state piggy

mason sheets of pgim fixed income, nela richardson of edward jones, and maneesh desphande of barclays. with a biden coming out tax that will raise $3.2 trillion to fund all this stuff. how do you look at 2020 and the proposals we are seeing for the democrats? how does the market and a ceo take all that in? nathan: i think the markets, also the corporate sector, are going to be following what happens in this election very closely. i think as we move further into 2020, this question of what will democrats do with taxes if they are elected is one that will loom very large. we saw joe biden's proposals out today, which was something in $3.5 trillionn to range, pretty moderate compared to what elizabeth warren might be proposing. i think the markets would be able to absorb biden level kinds of proposals. if you go much beyond that, i think it could be an enormous ,ource of uncertainty especially if we are in a world where trump is struggling, elizabeth warren gets the nomination, and it looks like she might have some support in congress to do what she wants. nela: i think our base case for