lot of comments on that so i want to ak nobling it requires the consent of the credit union. >> why? >> the san francisco credit union is an approved lender, and in the approved lender agreement there is language about the price and m.t.a. not lowering the price below any price that they have outstanding loans for. so the focus of the medallion perform is to support the medallion holders. for the most part they have paid $250,000, some did pay $125 and still make the least amount of money. they have paid in the most and make the least. they are our biggest concern. if you have a large loan, it is estimated you are bringing home $38,000 compared to $54 those for the postk or free medallion and/or if you are a driver with no loan. and to date we had 154 closures and there are 236 on a list to sell. there have been no medallion sales since april 2016. that is our context in which we are bringing the draft recommendations forward. so after looking at -- >> i am so sorry. on the estimated annual earnings, this is current to date? >> that is right. this is part of the pfm shaller report and they did a pro form

. >> for clarification, we read about san francisco credit union and $28 million on defaulted loans. are we talking about the $6.2 million to get a down poiment and able to secure a loan -- a down payment and secure a loan, correct? >> yes. it provided a down payment assistance. >> was that also afforded to the people who paid $125,000 for a medallion? >> an i believe it was open to everybody. and my numbers show -- let me see. i think with ehad 250 avail themselves of that program. >> superviser fewer: thank you very much. i think it's going to get more

peskin: to that end, and not to toot my office's horn, but we've been working with the san francisco federal credit union that hopefully in the next custom of months, we'll have a loan product aimed at adus. we were just in touch with them yesterday and actually looking at an e-mail that says they think they will have such a product to offer within the next 45 days. so that is encouraging. i think corporate apartment owners are much better positioned and indeed, when you look at the data of where our adus have actually been applied for, permitted and constructed, they tend to come from large apartment owners who know the system and have access to financing. the part of the potential market that we're not exploiting is, you know, the 125,000 single family homeowners that are out there, some of which don't lend themselves to adu and some that do. the largest barrier to entry is getting a loan product that would allow them to recoup the life over the rental property. >> agreed. there are other problems, like for example, a multiunit building owner can apply for one permit and build two adus in the basement

of the san francisco federal credit union. i wanted to explain a few items. one is regarding -- there seems to be a misconception that the credit union does not want to adjust the price of the medallions. that is factually incorrect. we need to adjust the price. the fact that we have not issued one retransferred medallion in 2 1/2 years says that $250,000 is not the right price, right? i bein think that we could agren that. it needs to be part of a larger solution. there's about 560 transferable medallions. and 2366 those, according to recaller comments, are actually on a wait list to retransfer. 158 of those i have as currently as foreclosed medallions at the credit union, so that means that 400 out of 536 people that have the ability to re-transfer medallion have either left being a taxi driver or want out. so i urge you to look at this. we're against this proposal and the reason being is that it needs be part of a solution adjusting the transfer price. thank you. >> chair c. brinkman: thank you, mr. oliver. next speaker, please. consensus hands, please. >>

with the help of the san francisco fire credit union and also a big boost to tony rivera and other membersis other large donation. we were able to donate $6,500 to the burn foundation on behalf of the fire department members and the credit union. i did want to give a shout out. they may have left but the block firefighters association. as they have done for several years, the cooked dinner and it was jacob held that spearheaded that efforts. at the end of the day, there is probably 40 or 50 people there. they were fed and appreciated the hosting by the division of training. i'm sure she will mention it in her report, the deputy chief attended an event honouring those members that self dispatched but in a very brave and courageous way to 911-2001, including our own assistant job e.g. chief. last week, on the 18th, the deputies and i attended a labour-management meeting. the commission secretary handed you two items. the commission graciously approved by travel which was paid for, not by the city but by the national fire protection association. there is two documents i handed you. one is the

the program had -- the federal credit union loan to hundred 25 million into the taxi industry of which 64 million went to the city of san francisco in fees and transfer feelings -- views. the credit union is suing the city for $28 million. it has taken back 158 of the permits. it looks like it will take back more. that is where this reform measure comes in. the reform measure that was proposed last night wants to take back 260 permits and just take them back. they were the permits that existed before 1977. give those people nothing. they have had this permits for 40 years. we just take them back. they want to take the permits that were never transferred in the program. limits them to not be able to go to the airport. the whole purpose is of the evaluation of those existing permits i cannot go to the airport will fall. the valuations of the permits that can go to the airport, which are the ones that were sold in the program will rise and the city will extract itself from the liabilities that they see in this lawsuit. in 2016, there were a series of meetings between m.t.a. and the federal credit union and the credit union was pushi

credit union. the 45,000 members who live, work, go to school and worship in the city of san francisco. 45,000.citizens who will be financially harmed if you vote to approve this. their life savings, their pensions. do you really want to do that? do you want to harm more people than you already have? credit union has asked that you fairly and responsibly unwind this program. that you admit your mistakes. be adults. please, take steps to do that before more people get hurt. >> next speaker, please. >> good afternoon. i've been a taxi driver for the last 30 years. >> say your name again. >> joba. i've been a cab driver for the last 30 years. as an owner to speak if front of you and madam, what we're fighting is we're fighting against each other. innovation is the way. you -- you are in the city that has created over and left. you, we don't want you to destroy uber or lyft. technology. everybody has uber and lyft. instead of fighting them, we can be innovative. the next time you call on uber, for example, what if the uber driver shows up in a taxi? what do you think? if someone says take me to the