thank all the other great partners who are part of this great project, mercy housing, san francisco housing association, california housi housing growth council and the mayor's department of housing and acting mayor breed and late mayor lee. obviously there was a huge loss when we lost our partner in crime mayor lee who has been the affordable housing mayor. it's hard to go to these events and not see him here with us. and not know that he is just -- he is missing the event hanging out with michelle obama, which i think happened a couple weeks ago. we invest over $4 billion last year in affordable housing. when we make decisions on where the money is going to go, the numbers are important. we are a bank. what's more important than that are the people we do business with. organizations like mercy housing and cities like this, like the city of san francisco and mayor lee. a couple years ago, there was this crazy plan to rebuild all of public housing in san francisco. and i took it back to the leadership at bank of america and washington d.c. and i said i want to talk with you about this plan, ignore the

housing program, you might as well do it right. >> reporter: dave osgood is president of the tenants association in the luxury high- rise near san francisco's waterfront. 76 apartments in carmel rincon are what are known as cmrs, below market rate units. they are part of the city's affordable housing program. while market rate apartments in the building get luxury upgrades, bmr units are neglected even though rents are going up. not only that, he says there have been rumors. >> in the past employees have been placed into the below market units. >> reporter: there's supposed to be a wait list for the affordable units that are in high demand due to the housing crisis. >> did the employees wait? that information is concealed from us. so we don't know exactly how fair it is that, um -- there's certainly been plenty of stories about people jumping ahead. >> reporter: bmr renters aren't the only ones complaining. turns out, bmr landlords aren't happy, either. >> it's a disservice to all parties involved. >> reporter: this woman with the san francisco apartment association says she has heard of more than 100bmrs currently available for rent but no

san francisco. i bought the home in augus august 2016, because i had a great fondness for this house as it has been closely associated with this show that i've loved since 1987. i gave one interview 18 months ago that was picked up by dozens and dozens of news outlets and in my initial excitement i made a few comments that were not thought through that i regret having made, but that my neighbors have seized upon to falsely claim that i am planning on opening up some sort of commercial enterprise in this home, something that would require a special use permit that i have not sought. my neighbors also claim that i am seeking to build an exact replica of the tv show inside my home. that's physically impossible. i would have to gut the entire house and start from scratch and build it completely new to accomplish this. the neighbors' fears are simply unfounded. when i first bought the house i invited all of my neighbors over to an open house to meet them and to hear any concerns. i told them that i plan on commencing a much-needed renovation, opening up the floor plan, do a seismic retrofit and add decks to increase the h

san francisco housing authority and of course san francisco local home for efforts collaborative. and their work to hold us accountable to get to the zero number. so thank you. and the san francisco association of realtors. in these partnerships new people step forward and step to the table and we're grateful for their efforts and they help us turn a building into a home with their welcome home project so thank you to them. last but not least, ecs would like to thank dish and their co-directors and their team. the operations of the auburn is a collaborative partnership with dish. and with dish, we're excited to have the opportunity to work with them. this is our first effort in working with them. we're very excited, we thank them for their continued excellence and continued effort to get us where we are today. thank you. our board of directors and the remarkable team at ecs. along with dish who rolled up their sleeves and worked hard to ensure u.s. veterans had keys in their hand before the start of the new year. this includes our director of housing development and asset management and her team. liz is here in the front row. anna cooper, and i would like to thank scott ecker, and others lea