the department invited the new project and took into consideration the offsite historic resources of any potential historic districts and considered that with the proposed project. president chiu: any follow up to your question? supervisor cohen: now that you call me, i think i will ask one more question. this building will be eligible for the inclusion in that district, right ms. tam? >> this building is not a historic resource or a contributor to the district, but we do believe it is compatible with the district. president chiu: any additional questions to planning? seeing none, we will go to the real party of interest for a presentation of up to 10 minutes. >> i am rick gladstone. to my right is sam kelley, an attorney in my office to advise me on this for several years. as you know, the client provided a loan to the prior owner, who intended to renovate it. he stopped making loan payments and abandoned the development. as a result, it is concrete open to the sidewalk. there are missing walls and also missing portions of ceilings. the building will come down and there will be new

relocating the people offsite away from noise and pollution. lastly, and this reminds me of redevelopment that occurred in western as asian that i lived through. -- westernization i lived th rough. i think this will be similar. seniors, retirees, the disabled, stay at home mom and dad's, in effect, they will be displaced and re-evicted. that is what it amounts to. and lastly, to the livability issue. i have heard about that before. i think it feels in some way that livability is a very important human issues. -- issue. please consider that. president olague:than thank you. [reading names] i can't make out the last name. >> i was born and raised in west sunset. i have been there for many years. the concept of find a very exciting. i understand how people feel. i am hoping the issue will go away, and it has been well thought out. i understand the concerns. both of my parents are immigrants from france. why have a brother and two sisters that don't live in san francisco. they can't afford to live there. the concept of having all of this additional

the project was switched to offsite. we have a strong resolution, which is in this report, about our opinion on that. we will also push for some alternatives. what we see that as a real alternative, i will turn it over to the next speaker. this was done on the fly. one of my friends and colleagues who can do this on the fly. those 584 housing units that have been built by their affordability level relative to the regional housing needs allocation projection of how housing should be built by affordability level if we are to be reaching that sustainability level. the combination of the low and very low-income units should be about 37% of all reduction or 17% in one project. the moderate income should be about 27%.

we are increasing our offsite surveillance for all institutions so that we know, especially those with cre concentration, what their financial condition is. we are concerned about interest rates. this is a low-interest rate environment. we want to stress testing so they can see where they will be if an adverse situation takes place. we are concerned about the health and safety and soundness of the financial sector. we have had a good response from our bankers with regard to this forward-looking provision approached. >> can you comment also in the cre context as to what is expected on institutions under different economic scenarios as well as utilizing statistical modelling for lost reserving? >> that is an important emphasis that we put out in 2006. it has been reinforced with respect to the larger institution and requires the board to conduct annual stress tests. it requires banks to conduct their own stress test. those debtor $10 billion -- on a semi-annual basis. and to post reports on that. where there is cre concentration, those stress testing will have to be an important part of

we are increasing our offsite surveillance for all institutions so that we know, especially those with cre concentration, what their financial condition is. we are concerned about interest rates. this is a low-interest rate environment. we want to stress testing so they can see where they will be if an adverse situation takes place. we are concerned about the health and safety and soundness of the financial sector. we have had a good response from our bankers with regard to this forward-looking provision approached. >> can you comment also in the cre context as to what is expected on institutions under different economic scenarios as well as utilizing statistical modelling for lost reserving? >> that is an important emphasis that we put out in 2006. it has been reinforced with respect to the larger institution and requires the board to conduct annual stress tests. it requires banks to conduct their own stress test. those debtor $10 billion -- on a semi-annual basis. and to post reports on that. where there is cre concentration, those stress testing will have to be an important part of