##VIDEO ID:E1L77lA3VFw## ,  FOR THE RECORD MY NAME IS BRIAN AROUND COUNCILMAN DISTRICT FOUR AND I'M THE CHAIR OF THE BOSTON CITY COUNCIL COMMITTEE ON WAYS AND MEANS. TODAY IS NOVEMBER 13, 2024.  THIS HEARING IS BEING RECORDED. IT IS ALSO BEING LIVESTREAMED AT BOSTON NCOV BACKSLASH CITY DAS COUNCILOR DAS TV AND BROADCAST ON EXPANDED CHANNEL EIGHT RCN CHANNEL 82 AND BIOS CHANNEL 964 WRITTEN COMMENTS MAY BE SENT TO THE COMMITTEE EMAIL AT THE IWM AT BOSTON DOT GOV WILL BE MADE PART OF THE RECORD AND AVAILABLE TO ALL COUNCILORS. PUBLIC TESTIMONY WILL BE TAKEN AT THE END OF THIS HEARING INDIVIDUALS BE CALLED ON IN THE ORDER IN WHICH THEY SIGNED UP WHO HAVE 2 MINUTES TO TESTIFY. IF YOU ARE INTERESTED IN TESTIFYING IN PERSON PLEASE ADD YOUR NAME TO THE SIGN UP SHEET NEAR THE ENTRANCE OF THE CHAMBER. IF YOU LOOK AND TESTIFY VIRTUALLY PLEASE EMAIL OUR CENTRAL STAFF LIAISON.  MEGHAN COREY HARGROVE AT MEGHAN AND E A G N DOCKERY HATO AT C0RUG IDO AD BOSS IN DOT GOV AND I APOLOGIZE MEGHAN FOR THE MISPRONUNCIATION OF YOUR LAST NAME FOR THE LINK IN YOUR NAME WILL BE ADDED TO THE LIST. TODAY'S HEARING IS ON DOCKET NUMBER 100. TO ORDER FOR A HEARING TO CREATE A BOSTON DEVELOPMENT FUND IN THE PLANNING DEPARTMENT. THIS MATTER WAS SPONSORED BY COUNCILORS BRIAN MORRELL, COUNCILOR MEJIA IN COUNCIL TOMMY FINANCE ANDERSON AND REFERRED TO THE COMMITTEE ON JUNE 12, 2024. WE'RE HERE TODAY TO CONTINUE DISCUSSION AND I STARTED IN JUNE ABOUT $150 MILLION DEVELOPMENT FUND IN BOSTON. THIS FUND IS NOT MEANT TO COMPETE WITH THE 100 MILLION FUND ANNOUNCED BY MAYOR WU IN OCTOBER . THIS IS MEANT TO COMPLEMENT IT. I BELIEVE THAT THE FUND SHOULD BE MORE THAN $100 MILLION. I ALSO BELIEVE SHOULD INCLUDE THE PRODUCTION OF HOME OWNERSHIP UNITS WHICH ARE THE MOST EFFECTIVE TOOLS TO CLOSE THE WEALTH GAP, STOP DISPLACEMENT AND KEEP THIS MONEY FROM EVENTUALLY JUST ENDING UP IN THE BANK OF ACCOUNTS OF LARGE CORPORATE LANDLORDS INSTEAD BY INVESTING IN HOME OWNERSHIP WE WOULD ULTIMATELY BE GENERATING WEALTH FOR THE PEOPLE. I HOPE THAT TESTIMONY FROM TODAY CAN TELL THE STORY OF BOSTON'S NEED FOR HOUSING IN THE INTENTIONAL POLICIES SUCH AS BLOCKBUSTING IN REDLINING THAT WERE PUT IN PLACE AND LAST CENTURY THAT CAUSED THE RACIAL RACIAL INEQUITY WE SEE TODAY. IN ORDER TO OVERCOME THOSE PAST HARMS WE NOW NEED INTENTIONALITY IN OUR POLICIES AND EXPENDITURES. WE HAVE TOOLS SUCH AS AFFORDABLE HOUSING, LOTTERIES, HOMEOWNERSHIP VOUCHERS, ONE PLUS MORTGAGE NAKA AND OTHER FORMS OF HOUSING ASSISTANCE THAT CAN REALLY MAKE A DENT IN THIS HOUSING CRISIS. WE HAVE A COALITION OF SUPPORT FROM REAL ESTATE EXPERTS, DEVELOPERS, HOUSING ADVOCATES ON THE RENTAL AND AND OWNERSHIP SIDE AND REAL LIFE PEOPLE WHO ARE HOPING TO BUY A HOME IN BOSTON. THIS IS ABOUT KEEPING YOUNG PEOPLE HERE FROM COLLEGE TO RETIREMENT, GIVING EVERY BOSTONIAN AN OPPORTUNITY TO OWN IN THE CITY THEY GREW UP IN. THIS CITY NEEDS TO LEAD THE WAY IN HOMEOWNERSHIP.  MOST OF THE STATE MONEY GOES TO RENTALS. MOST OF THE FEDERAL MONEY GOES TO RENTERS. THIS SHOULD NOT DISSUADE US. WE MUST CREATE A MODEL FOR THE REST OF THE COUNTRY. BOSTON HAS A COMPLEX HISTORY WITH HOUSING.  REDLINING IS A SCAR THAT OUR CITY WILL ALWAYS WEAR BUT WE CAN OVERCOME THAT PATH AND LEAD THE WAY ON HOMEOWNERSHIP WHICH WILL LIFT OUR COMMUNITIES AND STOP FURTHER DISPLACEMENT OF OUR RESIDENTS. BY INVESTING IN HOMEOWNERSHIP PROJECTS. THIS CITY WILL RISE AS OUR RESIDENTS GROW IN THE HOMES THEY OWN.  IT STARTS WITH THIS FIGHT AND I'M VERY APPRECIATIVE HOW THE ADMINISTRATION HAS BEEN WILLING TO ENGAGE ON THIS FINDING THESE IDEAS AND I'M EAGER TO CONTINUE THOSE CONVERSATIONS. ALSO TODAY I'M JOINED BY MY COUNCIL COLLEAGUES IN ORDER TO RIVAL CASTLE MURPHY COUNCIL FRIEND, COUNCIL PRESIDENT LOUIJEUNE AND CONCILOR MEJIA HERE. I'LL START WITH ONE OF MY ORIGINAL CO-SPONSORS FIRST COUNCILOR MEJIA. IF ANY OPENING REMARKS THE FLOOR IS YOURS BECAUSE YOU KNOW I WANT TO BE HEARD. THAT'S RIGHT.  GOOD AFTERNOON EVERYONE. REALLY EXCITED TO BE HERE.  I'M REALLY GRATEFUL TO THE LEAD SPONSOR TO REALLY UNDERSTAND WHAT THIS MOMENT MEANS. I OFTEN TALK ABOUT THE FACT THAT MY MOM AND I BOUNCE FROM PLACE TO PLACE AND IT WASN'T UNTIL I WAS IN THE FIFTH GRADE THAT I HAD MY OWN ROOM.  AND SO HOUSING INSTABILITY IS SOMETHING THAT I KNOW PROFOUNDLY FROM MY OWN LIVED EXPERIENCE AND IN 2017 I BECAME THE FIRST IN MY FAMILY TO PURCHASE A HOME AND THE ONLY REASON WHY MY MOM AND I STILL LIVE IN THIS CITY IS BECAUSE OF HOME OWNERSHIP. MY BROTHER AND I SHARE ONE SIDE WITH ME AND OUR KIDS AND MY MOM LIVES ON THE OTHER AND I KNOW WHILE I LIVE IN A SITUATION WHERE IT'S NOT ABOUT BUILDING GENERATIONAL WEALTH BUT IT WAS REALLY MORE ABOUT STABILITY LOOKING AT THIS AS AN OPPORTUNITY FOR US TO THINK OUTSIDE THE BOX AND CREATE AS MANY OPPORTUNITIES FOR PEOPLE TO HAVE RIGHT TO STAY IN THE CITY THAT WE HAVE BUILT. AND I THINK THAT HOME OWNERSHIP IN ADDITION TO HOME RENTALS SHOULD BE A PART OF THE CONVERSATION BECAUSE I DON'T THINK THAT ONLY THOSE WHO HAVE SHOULD BE THE ONLY ONES WHO COULD AFFORD TO BUY. I THINK THAT IF WE HAVE AN OPPORTUNITY TO UTILIZE THIS FUND IN A WAY THAT WILL GIVE US THAT PATHWAY, I'D LIKE TO EXPLORE THAT. THANK YOU. THANK YOU. CARSON MURPHY, THE FLOOR IS YOURS. THANK YOU. THANK YOU, CHAIR, FOR CONTINUING THIS CONVERSATION AND ALSO FOR YOUR OPENING REMARKS AND OF STARTING TO CLARIFY THE DIFFERENCE BETWEEN WHAT I KNOW THE ADMINISTRATION HAS PUT FORWARD AND HOW THIS IS SOMETHING SEPARATE AND WE WANT IT IN ADDITION TO.  BUT LOOKING FORWARD TO THIS CONVERSATION I HAVE YOUNG ADULTS MY SON WHO THREE YEARS OUT FROM COLLEGE GRADUATION AND ONE WEEK OUT FROM HIS WEDDING HIM AND HIS WIFE BORN AND RAISED IN DORCHESTER AND THEY WANT TO STAY HERE AND THEY WANT TO RAISE THEIR FAMILY NEAR ME AND THEIR GRANDPARENTS AND THEIR FAMILY AND WE HAVE LOTS OF HARD CONVERSATIONS ABOUT HOW NOT ONLY, YOU KNOW, RENT IS SO EXPENSIVE BUT THE ABILITY TO, YOU KNOW, SAVE UP DESPITE THEM BOTH FEELING VERY FORTUNATE THAT THEY HAVE TWO GOOD JOBS AND TRYING TO SAVE. BUT IS HOMEOWNERSHIP SOMETHING THAT THEY CAN ATTAIN? SO IT'S IMPORTANT TO HAVE ALL OF , YOU KNOW, THE TOOLS THAT WE CAN USE TO DISCUSS THEM TO USE THEM WISELY. SO LOOKING FORWARD TO THIS CONVERSATION TO LEARN MORE ABOUT HOW WE CAN HELP MY SON AND OTHERS LIKE HIM ACROSS THE CITY SO THANK YOU FOR BEING HERE. THANK YOU. CALCIFYING THE FLOOR IS YOURS.  THANK YOU, MR CHAIR. AND THANK YOU TO THE SPONSORS, TO THE PANELISTS, TO THE ADMINISTRATION TEAM THAT IS HERE AS WELL. LOOKING FORWARD TO THE CONVERSATION.  THANK, MR CHAIR. THANK YOU. COUNCIL PRESIDENT LOUIJEUNE THE FLOOR IS YOURS.  THANK YOU FOR BRINGING THIS MATTER BEFORE US, MR CHAIR, AND FOR YOUR DILIGENCE IN ENSURING THAT HOMEOWNERSHIP IS SOMETHING THAT WE'RE TALKING ABOUT AT EVERY LEVEL AND IN ALL THE WORK THAT WE'RE DOING. I REALLY WANT TO COMMEND THE WORK THAT WE'VE DONE SO FAR AS A CITY WHEN IT COMES TO ARPA DOLLARS IN TERMS OF ALLOCATING FUNDS TO HOMEOWNERSHIP.  THIS LAST ARPA ALLOCATION ALLOCATING 3 MILLION OF THE 7 MILLION TO HOMEOWNERSHIP AND I THINK THAT JUST REVELATORY OF THE COMMITMENT OF THIS COUNCIL TO MAKING THAT WE'RE CENTERING HOMEOWNERSHIP AS NOT ONLY A WAY TO RIGHT THE HOMEOWNERSHIP IS THE BEST FORM OF RENT CONTROL BECAUSE YOU KNOW WHAT YOUR MORTGAGE IS GOING TO BE EVERY MONTH. IT'S IT HELPS TO CREATE MORE STABLE COMMUNITIES BUT ALSO IMPORTANT AS A FORM OF REDRESS FOR THE PAST HARMS THAT HAVE BEEN DONE TO BLACK AND BROWN COMMUNITIES AS A RESULT OF REDLINING AS A RESULT OF BLOCKBUSTING RIGHT AT THE TIME WHERE PERIODS AND COMMUNITIES IN ROXBURY AND MATTAPAN AND DORCHESTER WANTED TO INTEGRATE AND WANTED TO LIVE TOGETHER BUT FOR PRACTICES OF THE PRIVATE MARKET HELPED BY GOVERNMENT TO PREVENT THAT FROM HAPPENING, LEW AND I HAVE DONE SOME WALKING TOURS OF MATTAPAN AND OF DORCHESTER TALKING TO PEOPLE ABOUT THAT HISTORY AND WHAT THAT HAS MEANT FOR OUR CITY.  AND I THINK IT'S IMPORTANT FOR US TO THINK ABOUT THE ROLE OF GOVERNMENT AND REDRESSING THOSE HARMS.  SO I WANT TO THANK EVERYONE FOR BEING HERE. SHOUT OUT TO MAHA WHO YOU KNOW I STARTED AS A JUST SOMEONE TAKING A CLASS WITH MY HEART TO YOU TURN ALL PARTICIPANTS INTO ORGANIZERS AND I JUST THINK THAT YOU ALL ARE REALLY DOING INCREDIBLE WORK AND HAPPY TO HEAR FROM EVERYONE WHO IS HERE ON THE PANEL.  SO I WANT TO COMMEND YOU AGAIN CHAIR FOR HOLDING THIS HEARING AND FOR KEEPING HOMEOWNERSHIP FRONT AND CENTER. THANK YOU. NOW I LIKE TO INTRODUCE TODAY'S PANELISTS FROM BOSTON INDICATED TO SENIOR RESEARCH ANALYST LUCAS MUNSON FROM MASSACHUSETTS ACTING FOR JUSTICE LOUIS FANFARE FROM THE GREATER BOSTON REAL ESTATE BOARD GREG BASIL AND FROM MASSACHUSETTS AFFORDABLE HOUSING HOMEOWNERSHIP ALLIANCE HILARY PIZER.  WE'LL START WITH LOU AND THEN WORK DOWN FOR ANY PRESENTATION THE OPENING REMARKS. LUCAS THE FLOOR IS YOURS. THANK YOU, COUNSELOR.  YES. HI. MY NAME IS LUCAS MUNSON. I'M A SENIOR RESEARCH ANALYST FOR THE BOSTON INDICATORS FOR A RESEARCH GROUP HOUSED AT THE BOSTON FOUNDATION WHERE WE ANALYZING LOCATORS TO ASSESS THE REGION'S WELL-BEING AS WELL AS TO RESEARCH PROMISING IDEAS TO HELP GREATER BOSTON THRIVE. SO I'VE BEEN ASKED TO JUST KIND OF PROVIDE A LITTLE BIT OF KIND OF THE DATA AND THE NUMBERS THAT KIND OF SUPPORT AND TALK THROUGH SOME OF THE NARRATIVES THAT PEOPLE ARE DISCUSSING.  WE RECENTLY OR JUST YESTERDAY WE RELEASED THE GREATER BOSTON HAS A REPORT CARD FOR 2020 FOR 2024. WE HAVE HARD COPIES HERE TOO IF ANYONE WOULD LIKE TO SEE A COPY. SO I'M GOING TO KIND OF GO THROUGH A FEW OF THE HIGH LEVEL FINDINGS FROM THAT REPORT.  OKAY, GOOD. IT DOES WORK. SO I'M GOING TO GO THROUGH SOME STUFF THAT MAYBE PEOPLE ARE ALREADY FAMILIAR WITH BUT IT'S NICE TO KIND OF HAVE HARD FIGURES TO GO WITH IT AROUND PRICES, THE SUPPLY AND CONSTRUCTION OF HOUSING AND AROUND AFFORDABILITY ESPECIALLY WITH THE FOCUS ON HOMEOWNERSHIP . AS MANY PEOPLE KNOW, HOME PRICES AS WELL AS RENTS HAVE BEEN INCREASING FOR A LONG TIME IN THE BOSTON AREA. HOWEVER, TWO THINGS PERHAPS WORTH EXTRAPOLATING FROM THAT. ONE IS THAT SINCE THE PANDEMIC BOTH PRICES AND RENTS HAVE BEEN GROWING AT A FASTER PACE IN THE REGION. AND THE OTHERS THAT HOME PRICES HAVE BEEN GROWING FASTER THAN RENTS. AND THAT'S ESPECIALLY TRUE IN 2024 WHERE RENTS HAVE ACTUALLY KIND OF PLATEAUED AND TAPERED OFF A LITTLE BIT IN THE REGION. HOWEVER, PRICES CONTINUE TO ESCALATE WITH KIND OF NO END IN SIGHT. JUST TO PUT SOME FIGURES ON THAT AT A REGIONAL LEVEL IN THE FIRST SIX MONTHS OF THIS YEAR 35 MUNICIPALITIES IN THE GREATER BOSTON AREA HAD A MEDIAN SALES PRICE NORTH OF $1,000,000 AND FOR MOST FAMILIES HAD A MEDIAN SALES PRICE IN NORTH OF $2 MILLION INCLUDING TWO OF YOUR NEIGHBORS IN CAMBRIDGE AND BROOKLINE. OF COURSE HOUSING COSTS AND THE COST OF HOUSING IS KIND OF A IT'S A NATIONWIDE PROBLEM IN A LOT RESPECTS THE A WORLDWIDE PROBLEM. BUT THAT BEING SAID, MASSACHUSETTS IN THE BOSTON AREA HASN'T REALLY DONE ITSELF ANY FAVORS IN TERMS OF PRODUCING HOUSING IN THE 20 TENS WE PRODUCE LESS HOUSING THAN WE DID IN THE 2002 THOUSAND. WE PRODUCE LESS HOUSING THAN WE DID FOR MOST OF THE LATTER HALF OF THE NINTH OF THE 20TH CENTURY. WOW. ACTUALLY ONE MORE POINT THERE TOO IS THAT WE'VE SEEN A LITTLE BIT OF A DECLINE IN PERMITTING IN THE LAST TWO YEARS. THIS IS DATA FROM THE CENSUS BUILDING PERMIT SURVEY WHICH IS NOT PERFECT AND SO THEREFORE IT'S A LITTLE SOON TO KNOW EXACTLY THE EXTENT OF THIS PERMIT SLOWDOWN. WHAT WE DO HAVE BETTER DATA IS FOR THE 15 MUNICIPALITIES THAT ARE IN THE METRO MAYOR'S COALITION WHICH INCLUDES THE CITY OF BOSTON.  SO WHILE OF COURSE BOSTON DOES PERMIT MORE HOUSING THAN ANY OTHER CITY GIVEN ITS SIZE, IT HAS ALSO EXPERIENCED A SLOWDOWN IN THE PAST LIKE EIGHT YEARS OR SO. SO BETWEEN 2015 AND 2017, FOR EXAMPLE, IT PERMITTED 13,600 UNITS OF HOUSING BY BETWEEN 2021 AND 2023 THAT FELL TO 9400. AND WE DON'T YET OF COURSE HAVE DATA FOR 2020 FOR IT JUST TO KIND OF GO THROUGH A LITTLE BIT OF KIND OF WHAT THAT LOOKS LIKE THEN WHEN YOU DO NOT PRODUCE ENOUGH HOUSING AND YOU SEE THIS KIND OF RAPID INCREASE IN PRICES WHEN YOU'RE TALKING ABOUT IS A VERY TIGHT HOUSING MARKET.  SO A FEW KIND OF INDICATORS TO GO ALONG WITH THAT. ONE IS THAT THE HOMEOWNER VACANCY RATE IN BOSTON REMAINS EXTREMELY.  THE RENTAL VACANCY RATE IS ALSO VERY LOW BUT WE CAN FOCUS A LITTLE BIT MORE ON THE HOME OWNERSHIP SIDE. SO BASICALLY THAT KIND OF EXIST WITHIN THIS BROADER CONTEXT OF A VERY TIGHT HOUSING MARKET WHERE THERE HAS BEEN A SHARP DECLINE IN INVENTORY ON THE HOUSING MARKET AND THE HOUSES THAT DO GO FOR SALE GET SNATCHED UP VERY QUICKLY IN THE REGION. YOU CAN SEE HERE THE DECLINE BETWEEN BUT FROM 2017 2018 TO NOW AND KEEP IN MIND THAT OF COURSE IN 2017 AND 2018 WE WERE HAVING THESE SAME CONVERSATIONS ABOUT ALREADY EXISTING IN THIS TIGHT HOUSING MARKET AND WHICH HAS JUST GOTTEN WORSE SINCE THE PANDEMIC. SO OF COURSE THEN A LITTLE BIT OF ARTICLE THREE KIND OF QUICKLY A LITTLE BIT OF WHAT THAT MEANS FOR PEOPLE WHO ARE TRYING TO AFFORD A HOME IN THE REGION IN THE REGION. ONE THING IS THAT 50% OF RENTERS IN THE REGION ARE CONSIDERED COST BURDENED,  MEANING THAT THEY SPEND MORE THAN 30% OF THEIR INCOME ON HOUSING.  THERE ARE ALSO LARGE RACIAL DISPARITIES WITHIN THIS GROUP BUT IN GENERAL THAT MEANS THAT OF COURSE HARD TO SAVE UP FOR A HOME WHEN THE RENT HAS TO EAT FIRST. HOMEOWNERS IN GENERAL HAVE A LOWER RATE OF OF COST BURDEN. THIS IS DUE TO A LOT OF FACTORS SUCH AS YOU KNOW, BUYING YOUR HOUSE A LONG TIME AGO, HAVING ALREADY PAID OFF YOUR MORTGAGE ETC. BUT ALSO OBVIOUSLY BECAUSE HOMEOWNERS IN GENERAL EARN A HIGHER SALARY HERE YOU CAN SEE THAT KIND OF BROKEN OUT BY BY RACE AND BY TENURE. THIS IS KIND OF I MEAN PERHAPS INTUITIVE BUT JUST TO KIND OF KEEP IN MIND THERE'S ALSO THE RACIAL DISPARITIES PERSIST WITHIN TEN YEAR GROUPS AND HOMEOWNERS IN GENERAL DO HAVE HIGHER INCOMES WHICH OF COURSE MAKES SENSE WHEN YOU CONSIDER THE COST OF BUYING A HOUSE HERE . ANOTHER QUESTION YOU CAN ASK IS WHO THEREFORE IS AFFORDING A HOME IN THE REGION. AND ONE WAY TO THINK ABOUT THAT IS WHAT PERCENTAGE OF HEAD OF HOUSEHOLDS IN THE REGION ARE HOMEOWNERS? AND YOU CAN SEE HERE THAT BETWEEN THE AGES OF 25 TO 34 THERE'S BEEN A DECLINE IN THAT. HOWEVER, WHAT'S MISSING IN THIS DATA IS THE ABILITY TO CAPTURE SITUATIONS LIKE YOUNG ADULTS MOVING BACK IN WITH THEIR PARENTS OR YOUNG ADULTS KIND OF GROUPING UP AND RENTING TOGETHER THINGS LIKE THAT BECAUSE THIS ONE CONSIDERS THE HEAD OF HOUSEHOLDS. SO IF YOU DO JUST CONSIDER ADULTS WHAT PERCENTAGE OF THOSE ARE HOMEOWNERS IN THE REGION? YOU SEE THE DECLINE EVEN MORE RAPIDLY. AND SO THIS KIND OF BETTER CAPTURES THOSE OTHER TRENDS KIND OF WITHIN THE DATA AND OF COURSE IS KIND OF GOING A LITTLE BIT ON THE CAPTURING ALSO THAT CONTINUE THE RACIAL DISPARITIES FOR HOMEOWNERSHIP AS WELL AS ANOTHER THING HERE THAT I WOULD ALSO LIKE TO FLAG THAT. SO THIS IS GOING LEFT TO RIGHT. THIS IS THE AREA MEDIAN INCOME IN DIFFERENT KIND OF TRANCHES AND SO THE FURTHER TO THE RIGHT YOU GO, THE HIGHER THE MEDIAN INCOME OF THE GROUP. AND ONE THING YOU CAN ALSO SEE HERE THOUGH IS THAT EVEN THAT LIKE 50% OR 50% TO 80% OF THEIR INCOME THERE ARE STILL A LOT OF HOMEOWNERS IN THE REGION WHICH IS OF COURSE MOST LIKELY PEOPLE WHO BOUGHT THEIR HOUSES A LONG TIME AGO BUT WHO DON'T EARN A LOT OF MONEY AND THEREFORE ARE VERY DEPENDENT ON THEIR HOME PERHAPS FOR FOR WEALTH. THAT'S THAT'S ANOTHER KIND OF DYNAMIC TO CONSIDER AND KIND OF RAPID THOUGH AND THIS ENTIRE THING WHAT'S KIND OF BEEN THE TREND IN THE LAST THREE YEARS? SO IN OUR REPORT WE GO A LITTLE BIT DEEPER INTO THIS BUT KIND OF WHEN YOU COMBINE THESE RISING HOME PRICES WITH INCREASE IN MORTGAGE RATES, WHAT DOES THAT MEAN FOR HOW MUCH MONEY SOMEONE NEEDS TO ACTUALLY ENTER HOMEOWNERSHIP THESE DAYS IN THE REGION?  AND WE GO INTO A LITTLE MORE DETAIL HERE BUT YOU CAN SEE I CAN JUST FLAG AT LEAST ONE FIGURE OF LET'S SAY IN FOR THE MIDDLE TIER OF HOMES IN 2021 WHICH WOULD BE ABOUT AROUND $600,000. YOU WOULD NEED AN ANNUAL INCOME OF ABOUT $140,000 REALISTICALLY TO AFFORD THAT WITH THE 3.5% DOWN PAYMENT. BUT BY 2024 SINCE THE AVERAGE HOME PRICE THERE INCREASED BY ABOUT $100,000 BUT ALSO THE AVERAGE INTEREST RATE MORE THAN DOUBLED YOU WOULD ACTUALLY USE SALARY ABOUT $222,000 WHICH OF COURSE PRICES A LOT OF PEOPLE OUT OF HOMEOWNERSHIP . AND THE ONLY KIND OF THIS ALSO SPEAKS A LOT TO THE IMPORTANCE OF A LARGER DOWN PAYMENT UPFRONT BECAUSE AS INTEREST RATES STAY HIGH, THE THE MORE MONEY UPFRONT THAT YOU CAN AFFORD TO PUT DOWN THE MORE LIKELY YOU ARE TO BE ABLE TO AFFORD A HOME WHICH OF COURSE ALSO HAS ITS RAMIFICATIONS. SO ANYWAY SO TO WRAP UP THERE MOST OF THE MATERIALS FROM TWO OF OUR REPORTS THE LONG ROAD HOME AND THE 2024 GREATER BOSTON HAS A REPORT CARD FOR MORE OF OUR WORKING THE BOSTON STORIES AND I'LL WRAP UP THERE THANK YOU.  THANK YOU, ALI. THE FLOOR IS YOURS.  ALL RIGHT.  HI, MY NAME IS HILLARY PIZER. I'M THE DIRECTOR OF ORGANIZING AND POLICY FOR MHA. HERE NOW THE MASSACHUSETTS AFFORDABLE HOMEOWNERSHIP ALLIANCE AND MOST OF YOU KNOW WE DO A COUPLE OF THINGS THAT ARE REALLY INTERRELATED WHICH IS ONE, WE TEACH PEOPLE HOW TO BUY A HOME AND HOW TO MAINTAIN THAT HOME WHETHER IT BE A CONDO, SINGLE FAMILY OR MULTIFAMILY.  WE HAVE DIFFERENT TRACTS FOR THOSE. AND THE OTHER THING THAT WE DO IS WE ENGAGE ALL OF OUR CLASS GRADUATES HAVE THE OPPORTUNITY TO ENGAGE IN ORGANIZING AND ADVOCACY TO MAKE HOMEOWNERSHIP POSSIBLE IN THE FIRST PLACE AND THEN TO HELP THEM SUSTAIN THEIR HOMES OVER TIME.  WE GRADUATE ABOUT 3600 PEOPLE A YEAR ARE GOING THROUGH OUR CLASSES.  OVER 2000 OF THEM ARE FIRST TIME HOMEBUYERS WHO REALLY ARE LOOKING TO JUST ESCAPE FROM THE RENTAL MARKET. WE'VE HAD A LOT OF DISCUSSION HERE ALREADY ABOUT HOW TOUGH IT IS AND HOW UNSTABLE AND HOW INSECURE THAT IS FOR FAMILIES.  AND SO FIRST AND FOREMOST THEY'RE LOOKING FOR WHAT YOU LOOK FOR IN HOME OWNERSHIP, SECURITY, STABILITY, LACK OF KIND OF MOVING AROUND CONSTANTLY.  WE'RE SEEING A LOT OF PEOPLE WHO ARE COMING IN SAYING IT'S AN EMERGENCY I NEED TO BUY NOW AND THEY'RE NOT NECESSARILY READY TO BUY BUT THEIR RENTAL SITUATION HAS EXPLODED AND YET AGAIN AND THEY'RE FEELING DESPERATE.  SO WHAT IS THIS SITUATION KIND OF MORE GRANULARLY FOR DIFFERENT RACES ETHNICITIES IN BOSTON AND ACROSS THE STATE HOMEOWNERSHIP RATE IT'S I HEARD A LOT OF DISCUSSION STATEWIDE ABOUT 70% OF WHITE HOUSEHOLDS OWN THEIR OWN HOMES.  FOR BLACK HOUSEHOLDS IT'S 37% BLACK NEXT 30 TO ASIAN 57. SO THERE'S A BIG GAP WHICH MEANS ALL OF THOSE THINGS I JUST TALKED ABOUT ARE HAVING DISPROPORTIONATELY TO THE CONSTITUENCY THAT MAHA SERVES WHICH IS 80% BIPOC 86% LOW AND MODERATE INCOME MAKING LESS THAN 80% AM I WITHIN BOSTON THE GAP IS NOT AS WIDE BUT IT'S NOT BECAUSE THE BIPOC HOUSEHOLDS ARE DOING BETTER. IT'S BECAUSE 41% OF WHITE HOUSEHOLDS IN BOSTON OWN THEIR HOME.  IT'S 31% BLACK FOUR FOR HISPANIC TEEN EXIT 66% SO THE LOWEST RATE IN BOSTON TERMS OF AFFORDABILITY THREE TIMES YOUR INCOME FOR THE PRICE OF A HOME IS CONSIDERED AFFORDABLE IN BOSTON FOR BLACK HOUSEHOLDS IT'S 11 AND A HALF TIMES INCOME WHITE HOUSEHOLDS IT'S FIVE AND A HALF LATINX HOUSEHOLDS IT'S 13.6 TIMES INCOME THAT THE MEDIAN HOME PRICE. SO WE HAVE A MAJOR PROBLEM IN BOSTON IN PARTICULAR EARLY WHAT'S HAPPENING ACROSS THE STATE IN TERMS OF WHO'S PURCHASING ACROSS THE COMMONWEALTH THE STATS LOOK PRETTY GOOD IN TERMS OF PERCENTAGE OF THE POPULATION FOR EACH RACIAL GROUP AND THE PERCENTAGE OF HOME PURCHASES.  THAT IS A CHANGE FROM THE PAST AND IS ENCOURAGING. BUT IF YOU LOOK WHAT'S HAPPENING IN BOSTON YOU'RE SEEING AN EXODUS OF LARGE EXODUS OF BLACK AND LATINO HOUSEHOLDS. SO WITHIN THE CITY 21% HOUSEHOLDS ARE BLACK HEADS OF HOUSEHOLD. THEY HAD 8% OF THE MORTGAGES PURCHASED MORTGAGES LATINA IT'S 20% OF THE POPULATION 8% OF THE MORTGAGES.  CONVERSELY, WHITE HOUSEHOLDS WERE 44% OF THE HOUSEHOLDS AND THEY HAD 69% OF THE MORTGAGES. SO YOU YOU KNOW YOU CAN SEE THOSE AFFORDABILITY STATS THAT I JUST TALKED ABOUT PLAYING OUT IN TERMS OF WHO CAN AFFORD TO BUY HERE.  SO ONE OF THE THINGS THAT'S REALLY AMAZING ABOUT THIS JUNCTURE IS THAT MORE PEOPLE ARE ASKING ABOUT WHAT CAN WE DO RIGHT THE BOX WHEN WE WERE TALKING ABOUT THINKING OUTSIDE THE BOX THE BOX IS ABSOLUTELY A RENTAL BOX AND WE'RE TRYING TO DEVELOP NEW SOLUTIONS THAT END UP AFTER 30 YEARS WITH THE PEOPLE IN THE COMMUNITY HAVING THOSE ASSETS AND THE ONLY WAY TO DO THAT IS THROUGH HOMEOWNERSHIP.  SO FIRST I WANT TO THANK THE COUNCIL FOR STEADFAST SUPPORT FOR ONE PLUS BOSTON THAT HAS ACTUALLY BEEN A GAME CHANGER GOING FROM ONE MORTGAGE TO ONE PLUS BOSTON. WE'VE SEEN THE NUMBER OF PEOPLE WHO CAN AFFORD TO BUY IN BOSTON FROM OUR CLASSES AND JUST LOOKING AT THE STATS OVERALL HAS GONE WAY UP.  IT REVERSED A DOWNWARD TREND WITH ONE MORTGAGE. IT'S NOW GONE WAY BACK UP AND WE'RE LOOKING NOW BOSTON'S BEEN THE MODEL AGAIN AND WE'RE GOING TO BE BRINGING IT TO OTHER COMMUNITIES THAT HAVE THE SAME KINDS OF AFFORDABILITY ISSUES AND IT WILL ALSO HELP FOR THOSE FOLKS WHO REALLY MIGHT LIKE TO STAY IN BOSTON BUT CAN'T IT WILL HELP THEM GET AT LEAST A STAKE IN THE GROUND IN ANOTHER COMMUNITY. IT'S NOT WHAT WE WANT TO SEE. WE DON'T WANT TO SEE THIS HUGE EXODUS. BUT THE REALITY IN OUR CLASSES NOW IS THAT PEOPLE ARE MAKING THAT CHOICE BECAUSE THEY CAN'T OR WON'T CONTINUE TO JUST PAY HIGHER AND HIGHER RENTS AND BOUNCE AROUND.  SO NUMBER ONE THAT'S FANTASTIC. NUMBER TWO, STASH WHICH IS FOR FIRST GENERATION HOMEBUYERS THAT IS THE MOST TARGETED COST EFFECTIVE WAY TO REACH PEOPLE WHOSE PARENTS CAN'T HELP THEM BY TAKING SOME EQUITY OUT OF THEIR HOMES. WE NEED TO GET THAT FUNDED AGAIN. THE GRANTS FROM THE STATE HAVE RUN OUT. WE NEED TO RENEW IT BUT THE LAST PIECE IS THEY'VE GOT TO HAVE SOMETHING TO BUY WHICH MEANS WE'VE GOT TO LOOK AT OUR HOUSING DOLLARS AND FIGURE OUT HOW WE'RE GOING TO GET THEM INTO HOMEOWNERSHIP PROGRAMS.  SO THIS IS ONE EXAMPLE OF LIKE LET'S THINK OUTSIDE THE BOX. WE DON'T HAVE A FINANCING MODEL. LET'S BRING THE RIGHT PEOPLE TO THE TABLE THE REAL ESTATE INVESTORS, THE LENDERS, THE THE NONPROFIT DEVELOPERS AND FIGURE THIS OUT.  WE COULD NOT BE MORE EXCITED ABOUT SOMETHING THAT COULD DOUBLE THE NUMBER OF AFFORDABLE HOMEOWNERSHIP UNITS IN BOSTON.  WE HAVE SUCH A SMALL NUMBER AND WE CURRENTLY PRODUCE A SMALL NUMBER.  I WOULD ALSO LOVE TO SEE SOME CROSS CITY COLLABORATION AMONG ELECTEDS SO THAT WE'RE GOING TO LOOK AT THE STATE RESOURCES AND HOW WE CAN PARTNER WITH THE STATE IN A WAY THAT BRINGS THEM MORE INTO THE HOMEOWNERSHIP REALM.  WE JUST PASSED A HISTORIC BOND BILL MOST OF THOSE PARTS HISTORICALLY HAVE GONE FOR RENTAL AND ONE OF THE BARRIERS I KNOW FOR BOSTON IN TRYING TO USE ITS MONEY FOR HOMEOWNERSHIP IS IT DOESN'T HASN'T HAD UNTIL VERY RECENTLY WITH COMMONWEALTH BUILDERS STATE PARTNER SO THIS IS AN OPPORTUNITY I THINK FOR ELECTEDS AND NONPROFITS AND OTHERS TO WORK TOGETHER TO MAKE SURE THAT WE'RE BUILDING THE KIND OF HOUSING THAT OUR PEOPLE REALLY WANT AND NEED.  I THINK THERE'S A REASON WHY 70% OF WHITE HOUSEHOLDS OWN THEIR HOMES. THERE ARE TREMENDOUS NUMBER OF BENEFITS TO THAT AND WE WANT YOUNGER HOUSEHOLDS.  I HAVE 20 SOMETHINGS TWO OF THEM FORGET ABOUT IT. THEY ARE NOT BUYING IN THIS MARKET MY FRIENDS KIDS HAVE MOVED OUT OF STATE A LOT OF THEM BECAUSE THEY JUST CAN'T AFFORD TO STAY HERE.  SO THIS IS TOUGH FOR EVERYBODY AND I THINK USING CITY FUNDING CPA LINKAGE, CDBG LOOKING AT THE ACQUISITION OPPORTUNITY PROGRAM AND HOW THAT COULD BE USED FOR OWNERSHIP, THERE'S A LOT OF RESOURCES THE CITY HAS THAT WE HAVEN'T BEEN ASKING THOSE QUESTIONS ABOUT HOW CAN WE PUSH THIS FORWARD NOW THAT ARPA IS ENDING RIGHT?  ARPA WAS A GAME CHANGER WHEN YOU ALL SAID 50% OWNERSHIP, 50% RENTAL USUALLY IT'S 8% HOMEOWNERSHIP. THAT'S THE STATISTIC OVER THE LAST EIGHT YEARS 8% HOMEOWNERSHIP 92% RENTAL LAST YEAR IT WAS 3% HOMEOWNERSHIP 97% RENTAL. IT'S CHANGING IN THE PIPELINE NOW OF ALL THIS ARPA MONEY SO LET'S KEEP IT GOING. THANK YOU, HILARY GREGG WHO WAS U.S.?  THANK YOU, MR CHAIRMAN. MEMBERS OF THE COUNCIL FOR THE RECORD, MY NAME IS GREGG VASSELL AND I'M THE CEO OF THE GREATER BOSTON REAL ESTATE BOARD.  THANKS FOR THE OPPORTUNITY TO COME AND SPEAK TODAY.  THE REAL ESTATE BOARD IS THE OLDEST REAL ESTATE TRADE ASSOCIATION IN AMERICA. WE'RE 135 YEARS OLD AND I THINK WE HAVE MEMBERS THAT BOTH BUILD RENTAL AND WE HAVE MEMBERS THAT BROKER RESIDENTIAL FOR SALE PROPERTIES. SO I THINK THAT THE SIMPLEST WAY TO THINK OF A REAL AND WE DO HAVE A HOUSING CRISIS IN THIS IN BOSTON AND IN MASSACHUSETTS IN GENERAL I THINK THE THE SIMPLEST WAY TO LOOK AT THIS IS IN THE REAL ESTATE COMMUNITY IF THE NUMBERS WORK THEY WILL BUILD IT. SO WHY DO THEY BUILD RENTAL BECAUSE THERE'S SUCH AN ENORMOUS AMOUNT OF MONEY AVAILABLE FOR RENTAL PROPERTIES. THOSE PROGRAMS CAME IN, YOU KNOW, UNDER LBJ A WHOLE LONG TIME AGO AND REALLY I THINK IT WAS BECAUSE HOMEOWNERSHIP AT THE TIME WASN'T AS MUCH OF AN ISSUE. SO WHAT DID WE DO BACK IN THE GREAT SOCIETY? WE BUILT THESE HUGE MONSTROSITIES AND WAREHOUSE PEOPLE AND WE FINALLY REALIZED THAT'S PROBABLY NOT THE WAY TO GO. SO THERE WAS A FALLING OUT OF FAVOR A LITTLE BIT BUT WE HAVEN'T HAD THE MECHANISMS TO BUILD HOMEOWNERSHIP. WHY IS HOMEOWNERSHIP IMPORTANT? AND I THINK PEOPLE HAVE TOUCHED ON IT TODAY BUT PEOPLE FEEL ROOTED IN A COMMUNITY IF SOMEBODY OWNS A PROPERTY THEY FEEL DIFFERENTLY ABOUT IT THAN IF THEY JUST RENT IT THAT BELONGS TO SOMEBODY ELSE.  WHEREAS IF IT'S THEIR OWN AND THEY CARE ABOUT IT DIFFERENTLY HAVE TOILET LEAKS, THEY'LL WANT TO FIX IT RIGHT AWAY. WHY? BECAUSE THEY KNOW THE CITY'S WATER BILL IS GOING TO BE GOING UP AND THEY'RE GOING TO BE THE RECIPIENT OF THAT BILL.  THEY GET TAX BENEFITS. THEY GET TO UNDERSTAND HEY, IF I OWN THIS I GET A BENEFIT FOR OWNING IT AND THIS IS WHAT IT MEANS DOLLARS AND CENTS WISE FOR ME AND IT MOST IMPORTANTLY IT HELPS THEM BUILD GENERATIONAL WEALTH. THERE HAVE BEEN TREMENDOUS INEQUITIES IN THIS COUNTRY AND WE NEED TO BE ABLE TO START ON THE PATH TO SOLVE THOSE AND I WAS THINKING ABOUT THIS YOU KNOW, THE FOREFATHERS OF THIS THE PEOPLE THAT FOUNDED THE CITY OF BOSTON BASICALLY LEFT ENGLAND BECAUSE THEY WERE FLEEING RELIGIOUS PERSECUTION AND THERE ALSO WAS A SYSTEM OF OWNERSHIP THERE WAS A LITTLE BIT DIFFERENT THEY CAME TO A NEW COUNTRY AND WANTED A NEW LIFE SO THAT THEY COULD OWN THINGS AND HAVE IT BE DIFFERENT . SO YOU KNOW, THEY CAME TO THIS COUNTRY AND THEY WERE ABLE THEY REALIZED THAT. BUT REALLY WHAT HAPPENED HERE IN SOME RESPECTS THEY BROUGHT THEIR OWN PRACTICES AND IT MADE IT UNFAVORABLE TO OTHER GROUPS AND THAT'S REALLY I DON'T THINK THE WAY WE THINK ABOUT AMERICA IN BOSTON, IN MASSACHUSETTS, IN OUR COUNTRY THAT WE REALLY THINK IT SHOULD BE WE THINK IT SHOULD BE EQUAL FOR EVERYBODY AND AND IT SHOULD BE SO YOU KNOW, IT WAS INTERESTING I NOTICED LAST WEEK THE BANKER AND TRADESMEN PUT OUT AN ARTICLE THAT FROM 2023 TO 2024 THIRD QUARTER THAT OWNERSHIP WAS UP A POINT AND A HALF PERCENT YOU KNOW, 1.5% MORE THAN THE YEAR BEFORE WHICH I THINK IS A GOOD THING FOR BOSTON BECAUSE WE DO HAVE A LOT OF RENTAL BUT WE DON'T HAVE ENOUGH OWNERSHIP.  SO THAT'S WHY I WANTED TO COME DOWN AND I WANT TO THANK COUNCILOR . I WANT TO THANK MATT MARTINELLI OF YOUR STAFF FOR REACHING OUT TO ME A COUPLE OF TIMES AND TALKING TO ME A LITTLE BIT ABOUT THE PROPOSAL TODAY. IT'S IMPORTANT FOR THE BOARD TO PARTICIPATE IN THIS BECAUSE OWNERSHIP IS VITAL FOR THE CITY OF BOSTON.  PEOPLE NEED A CHANCE IF YOU DON'T GIVE PEOPLE THE CHANCE TO OWN SOMETHING THEY WON'T ASPIRE TO ANYTHING.  I MEAN AS WELL AS WE'VE HEARD FROM OUR OTHER SPEAKERS, THEY HAVE YOUNG PEOPLE THEY CAN'T AFFORD TO LIVE HERE AND THAT'S NOT GREAT IF PEOPLE LOSE HOPE THEN WE LOSE A LOT. SO WE'RE READY TO HAVE TO WORK WITH THE NEW ADMINISTRATION, WITH THE COUNCIL . THIS MAKES A LOT OF SENSE. LET'S ALL GET TOGETHER, BRING SOME DEVELOPERS TO THE TABLE AND FIGURE OUT HOW WE CAN COME UP WITH SOMETHING THAT'LL WORK FOR THE CITY BECAUSE IT'D BE A SHAME TO TURN MORE PEOPLE AWAY MORE THAN WE'VE ALREADY TURNED AWAY BECAUSE THEY JUST DON'T HAVE A PLACE OR ANYTHING THAT THEY CAN OWN. THANK YOU MR CHAIR.  THANK YOU, LOU.  COUNCIL ARE ALL THANK YOU FOR THE INVITATION AND THANKS TO MEMBERS OF THE COUNCIL AND WHAT I'M DRAWING OFF WAS ALSO SENT IN TO YOU I'M BLUE FIN FOR I'M WITH MASSACHUSETTS ACTION FOR JUSTICE. I'VE BEEN A COMMUNITY ORGANIZER IN BASED IN BOSTON SINCE 1970. I WORKED IN NEIGHBORHOOD ORGANIZING IN THE 1970S. IN THE 1980S I DIRECTED MASS TENANTS ORGANIZATION AND THEN MASS AFFORDABLE HOUSING ALLIANCE MODEL WORKING WITH HILLARY. AND THEN SINCE THEN I'VE WORKED TO CREATE WITH OTHERS TO CREATE A NETWORK OF COMMUNITY ORGANIZATIONS IN CITIES ACROSS MASSACHUSETTS. AND WHILST I WAS DIRECTOR OF GREATER BOSTON INTERFAITH ORGANIZATION FOR SIX YEARS I WAS ONLY ABLE TO BUY A HOME IN DORCHESTER IN THE LATE EIGHTIES BECAUSE MY IN-LAWS IT'S A TWO FAMILY BOUGHT IT WITH ME . MY DAUGHTER WAS MOVED TO PROVIDENCE BECAUSE SHE CAN'T AFFORD HERE AND MY SON IS 28 MOVED BACK IN WITH US BECAUSE BECAUSE OF THE SAME ISSUES.  I'M GOING TO TALK BRIEFLY ABOUT THREE INSTANCES IN HISTORY OF REDLINING THAT WE'VE GONE THROUGH IN 1968. IN 1972 IS THE BLACK REDLINING AND BLOCKBUSTING THAT HAPPENED IN DORCHESTER AND MATTAPAN FOLLOWING MARTIN LUTHER KING'S DEATH. THE 5000 MOSTLY AFRICAN-AMERICANS MET AT WHITE STADIUM FRANKLIN PARK AND ISSUED 21 DEMANDS AROUND COMMUNITY CONTROL OF POLITICS AND ECONOMIC DEVELOPMENT. THE POWER STRUCTURE AND THE MAYOR KEVIN WHITE WERE UPSET AND WORRIED ABOUT THAT.  SO THEY WANTED TO COME UP WITH THEIR OWN PROPOSALS AND THEY CAME UP WITH WHAT WAS CALLED THE BOSTON BANKS URBAN RENEWAL GROUP BEEPER WHICH IS A PROPOSAL TO ENABLE AFRICAN-AMERICANS TO BUY HOMES . THE FIRST PROBLEM WAS A FORM OF REDLINING.  THE AREA WAS RESTRICTED. YOU COULD ONLY BUY A HOME ALONG BLUE HILL AVENUE FROM FRANKLIN PARK FRANKLIN FIELD TO THE WESTERN PART OF CODMAN SQUARE AND WELLINGTON HILL IN MATTAPAN . YOU COULDN'T BUY OTHER PARTS OF BOSTON, YOU COULDN'T BUY IN THE SUBURBS ALSO WAS RESTRICTED TO FHA INSURED MORTGAGES AND I'LL GET BACK TO WHY THAT WAS A PROBLEM AND THEY DID NOT GET GRANT ANYWHERE TO CALL IT CONVENTIONAL MORTGAGES THAT ARE JUST BETWEEN THE BANK AND THE HOMEOWNER. 12 REALTORS OPENED OFFICES BECAUSE ALL THIS MORTGAGE MONEY WAS AVAILABLE $22 MILLION. I DON'T KNOW THE MATH BUT WHEN HOUSES THEN SOLD FOR 15 TO $17000.20 2 MILLION WAS A LOT OF MORTGAGES. I THINK IT WAS PROBABLY A COUPLE THOUSAND MORTGAGES THEY THEY BLOCKBUSTER WHICH MEANT THEY THEY THEY BASICALLY TRYING TO PRESSURE WHITE HOMEOWNERS TO SELL AND THEY WERE PREDOMINANTLY JEWISH BUT ABOUT A THIRD WERE IRISH-CATHOLIC TO AFRICAN-AMERICA AND AND THEY USED ALL KINDS OF TECHNIQUES TO MAKE UP STORIES TO SCARE PEOPLE STORIES AND THIS WAS DOCUMENTED IN AN ARTICLE I FOUND ONE OF THE STORIES THEY MADE UP IS OH, DOWN THE STREET THERE'S A BLACK FAMILY BUYING. THEY HAVE SIX KIDS. THE OLD THEIR OLDEST SON IS IN WALPOLE. HE RAPED A WHITE WOMAN. HE'S GETTING OUT IN SIX MONTHS. DO YOU WANT TO LIVE ON THE SAME STREET WITH HIM? THEY MADE UP THOSE KINDS OF STORIES. THEY ALSO TWO TEENAGERS SAY WERE HIRED. THEY WENT TO THE HOME OF A RABBI'S HOUSE IN THE AREA AND THEY HANDED HIM A NOTE SAYING LEAVE THE JEWISH RACISTS OUT OF MATTAPAN AND THE OTHER OTHER TEEN THREW ACID IN HIS FACE AND THEY DIDN'T ROB HIM. THEY JUST TOOK OFF, YOU KNOW THOSE TEENAGERS DON'T WRITE NOTES LIKE THAT SO THAT THAT'S IT. TERRORISM WAS A PART OF THE BLOCKBUSTING.  THERE WAS A FAILURE TO DO THE INSPECTIONS ON THE HOUSE BECAUSE THE HOMES FHA HOMES ARE SUPPOSED TO BE INSPECTED BEFORE THEY'RE SOLD TO FIX THE MAJOR STRUCTURAL AND MECHANICAL PROBLEMS.  THEY DIDN'T DO THE INSPECTIONS ALL OVER THE COUNTRY THEN THEY DID WHAT ARE CALLED FAST FORECLOSURE FHA MORTGAGES. YOU CAN BANKS COULD FORECLOSE AFTER TWO MONTHS, GET ALL THE MORTGAGE MONEY BACK IF IT'S A CONVENTIONAL MONEY MORTGAGE THE BANK DOESN'T WANT TO FORECLOSE BECAUSE THEY DON'T WANT TO OWN AND MANAGED PROPERLY SO THEY'RE MUCH MORE WILLING TO GIVE THE HOMEOWNER MUCH MORE TIME TO ON THEIR FEET. AND THEN HUD WAS NOT EQUIPPED TO MANAGE HOMES. THEY HAD SIX OR 800 HOMES. I LIVE NEXT DOOR TO ONE OF THEM AND THEY MISMANAGED THEM AND THEN BASICALLY PUT YOURSELVES THE WHITE RESIDENTS FELT FORCED OUT BY THESE CIRCUMSTANCES AND THE BLACK BLACK PERSON YOU'RE BUYING YOUR FIRST HOME, YOU'RE MOVING INTO A SOUND WORKING CLASS AREA AND THEN THE WHITES START TO MOVE.  THEN SOME OF YOUR FELLOW BLACK HOMEOWNERS START TO GET FORECLOSED AND YOU START TO HAVE ABANDONED BUILDINGS. SO YOU GO FROM A SOUND BUYING INTO YOUR AMERICAN DREAM IN A SOUND WORKING CLASS AREA TO AN AREA OF THIS DETERIORATING. AND THEN THE BANKS SAY WELL, WE CAN'T GIVE CREDIT HERE BECAUSE THE DETERIORATING AND THEY WERE THE ONES WHO DID IT. SO THAT WAS THE STORY THEN WE DID SO THE OTHER ISSUE WAS THE 1990 THERE WAS A 1989 THERE WAS A REPORT FROM THE FEDERAL RESERVE ON MORTGAGE DISCRIMINATION AND LENDING AGAINST BLACKS AND HISPANICS THAT WAS LEAKED TO THE PRESS THAT SHOWED GREAT DISPARITIES AND I WAS THE DIRECTOR OF MARJO THEN WORKING WITH HILLARY AND WE ORGANIZED A COALITION OF SIX GROUPS TO PUSH THE BANKS FOR A REINVESTMENT PROGRAM. MY HAVE FOCUSED ON THE MORTGAGE ISSUE AND WE WERE ABLE TO NEGOTIATE A PROGRAM WHICH BECAME THE SOFT SECOND. NOW IT BECAME MORTGAGE ONE AND NOW IT'S ONE PLUS AND I DON'T KNOW HOW MANY PEOPLE HAVE BOUGHT HOMES 20 TO 26000 OVER 25,000 SO FAR SINCE SINCE THAT PROGRAM WAS ENACTED. SO THAT WAS A GOOD RESPONSE. WE ALSO USE THE COMMUNITY REINVESTMENT ACT WAS PASSED IN 1977 THAT CAME OUT OF SOME OF THE LEARNING OF THE FIRST PERIOD OF WHICH I DESCRIBED WHAT HAPPENED IN DORCHESTER,  MATTAPAN WHICH ALSO HAPPENED ACROSS THE COUNTRY IN CITIES GROUPS ORGANIZED TO PASS THE COMMUNITY REINVESTMENT ACT WHICH ALLOWED AMONG OTHER THINGS YOU TO FILE CHALLENGES TO BANKS WHEN THEY WERE MERGING OR BRANCHING AND SO FORTH.  WE FILED THE CHALLENGE AGAINST THE BANKS REMEMBER BAY BANKS AND WE WON THAT CHALLENGE THE FIRST ONE EVER EVER WON AND THAT WAS TO SEND A SINGLE TO THE BANKS THAT WE WERE SERIOUS AND THAT THAT THAT LED TO THE AGREEMENT THAT WAS SIGNED BETWEEN MA AND THE COALITION AND THE MAYORS BANKERS ASSOCIATION TO START THAT PROGRAM.  THERE'S MORE TO SAY ABOUT THAT AND THEN THE FORECLOSURE CRISIS OF 2007 212 BROUGHT ON BY PREDATORY LENDING PRACTICES AND AND AND AND SPECULATION AND OLD MORTGAGES ALL THOSE KINDS OF THINGS THAT HAPPENED THE SAME THING WHEN I TALKED ABOUT PEOPLE SITTING IN AN OFFICE AND MAKING UP STORIES STORIES ARE MADE UP TO TRY TO CONVINCE PEOPLE TO TO BUY TO TAKE THESE PREDATORY MORTGAGES ADJUSTABLE RATE MORTGAGES. OH YOU'LL BE ABLE TO YOU'LL BE ABLE TO REFINANCE IN SIX MONTHS. THEY WEREN'T ABLE TO REFINANCE IN SIX MONTHS AND THEN AND THEN ALSO HOUSES WENT UNDERWATER BECAUSE THE MORTGAGE WAS MORE THAN THE VALUE OF THEIR HOME AND THERE WAS GREAT AND THEN THERE WAS LARGE SCALE UNEMPLOYMENT DURING THE FINANCIAL CRISIS. SO PEOPLE WERE UNEMPLOYED AND FOR MORE THAN A YEAR IN MANY, MANY CASES. SO THERE WAS A BIG IMPACT OF THAT ALL OVER THE COUNTRY.  IT AFFECTED PEOPLE OF COLOR BUT IT ALSO AFFECTED LOTS OF WHITES . I REMEMBER HENRY STREET OFF OF BOWDOIN STREET THERE WERE SO MANY BUILDINGS FORECLOSED THAT BECAME ITS OWN STORY JUST WHAT HAPPENED ON HENRY STREET AND THE CITY AND DORCHESTER BAY DID EDC DID RESPOND AND WORK ON THAT BUT THAT WAS THE EXAMPLE OF OF THE PROBLEM SO THEN THE SO THAT WAS THE FORECLOSURE CRISIS THEN AND WE ATTEMPTED TO WORK NATIONALLY. WE ACTUALLY WENT MET WITH THE SECRETARY OF TREASURY THE DAY AFTER THE DEMOCRATS LOST CONGRESS IN 2010 WE MET WITH THE WHITE HOUSE THREE TIMES TRYING TO GET THEM TO PUT IN OF WHAT WAS CALLED THE FORBEARANCE POLICY WHICH WOULD ALLOW HOMEOWNERS TO PUT AMOUNTS OWED ON THE MORTGAGE AT THE END OF THE MORTGAGE SO THAT IF YOU OWED TEN YEARS AND YOU WERE GOING TO BE UNEMPLOYED FOR EIGHT MONTHS OR THAT WORKED OUT, YOU WOULD YOU WOULD OWE TEN YEARS AND EIGHT MONTHS BUT YOU WOULD CONTINUE ONCE YOU COULD RESUME YOUR PAYMENTS, YOU WOULD RESUME, YOU WOULD JUST OWN MORE AT THE END WE WERE UNABLE TO CONVINCE THE CONVINCE SECRETARY OF TREASURY YOU SAID I KNOW WHERE YOU'RE GOING AND THE INDUSTRY DOESN'T SUPPORT THAT AND WE'RE SAYING STOP WHO THAT IS THE INDUSTRY HE'S TALKING ABOUT THE BANKS AND WE DID CONVINCE SOME OTHER PIECES OF FEDERAL GOVERNMENT TO DO FORBEARANCE BUT IT WASN'T THE MAIN PART OF IT. INTERESTINGLY, INTERESTINGLY, POSITIVELY FORBEARANCE WAS WIDELY AVAILABLE DURING DURING THE COVID PERIOD AS IT SHOULD HAVE BEEN BUT IT SHOULD HAVE BEEN AVOIDED BEING AVAILABLE EARLIER. SO THAT'S SOME OF THE HISTORY IN SORT OF THOSE THREE INSTANCES AND CLEARLY THE NEED AS PEOPLE HAVE SAID FOR HOMEOWNERSHIP IS GREAT AND THE MORTGAGE ONE TO THE TO THE ONE PLUS IN THE STASH PROGRAM WERE REALLY THE MODELS THE STASHES OF THE NATIONAL MODELS. IT'S A BOSTON MODEL TO BE PROUD OF BUT YOU READ THINGS. IT'S A NATIONAL MODEL SO THERE IS DEFINITELY THE THINGS TO PUT THE MONEY INTO AND THE IDEA THAT THE COUNCIL HAS PUT FORWARD OF TRYING TO BUILD YOU BUILD UNIT NEW AFFORDABLE UNITS IS REALLY NEEDED AND WHO KNOWS WHERE THE LAND IS. THERE WAS ANOTHER REPORT IN THE PAPER TODAY ABOUT STATE AND MUNICIPAL LAND AND THAT THERE WAS LARGE QUANTITIES OF IT AND IS THAT YOU KNOW IS THAT BEING ENVIED PEOPLE HAVE TALK ABOUT THAT FOR YEARS AND YEARS BUT IS IT BEING INVENTORIED AND WHAT'S BUILDABLE OF THAT LAND THAT THAT SHOULD BE DONE? SO THOSE ARE JUST A FEW THINGS I APPRECIATE THE CHANCE TO TESTIFY AND OF COURSE ARE AVAILABLE ONGOING IF IT'S EVER HELPFUL AND IF YOU WANT TO GO ON THE WALKING TOUR LIKE COUNCIL LOUIJEUNE ABOUT SOME OF THAT HISTORY WE COULD TAKE YOU ON THE WALKING TOUR.  THANK YOU VERY MUCH. THANK YOU TO THE PANEL FOR YOUR PRESENTATION WEALTH OF INFORMATION THAT WALK INTO ALSO GOES TO MY HOME CHURCH WHICH I GREW UP IN. PEOPLE CHURCH OF CHRIST SO PLEASE YEAH IT'S A GREAT, GREAT TOUR FULL OF INFORMATION BUT NOW I TURN IT OVER TO MY COUNCIL COLLEAGUES FOR QUESTIONS STARTING WITH COUNCILOR MURPHY THE FLOOR IS YOURS.  THANK YOU FOR ALL THAT INFORMATION.  IT'S A LOT, RIGHT? AND I APPRECIATE THAT THERE'S ORGANIZATIONS LIKE ALL OF YOU WHO ARE DOING THIS WORK AND JUST A FEW QUESTIONS AROUND YOU KNOW WHEN YOU TALKED ABOUT THE PERCENTAGE OF RENTALS AND ALL LIKE WHERE DO WE GO FROM HERE AND WHAT WHAT DO YOU SEE LIKE AS A POSSIBILITY TO GET US TO A PLACE WHERE YOU KNOW, PEOPLE FEEL THAT HOMEOWNERSHIP ISN'T SO FAR AWAY? IS IT JUST THE YOU KNOW, THE ECONOMY OR OTHER IDEAS THAT YOU HAVE OR THAT YOU'RE WORKING AT IN YOUR YOU KNOW, YOUR INDUSTRY AND YOUR DAY TO DAY LIVES?  I'M SURE I MEAN SOME OF IT I THINK IS LET'S LOOK AT THE BOND BILL THAT ALREADY PASSED AT THE STATE HOUSE AND IS 40% OF THIS OF THE AMOUNT THE BEST THAT WE CAN DO AND THEN WITHIN WHATEVER IS THE BEST THAT WE CAN AFFORD GIVEN THE OTHER NEEDS AND THE THE CONSTRAINTS, HOW ARE THOSE DOLLARS GOING TO BE USED?  I WOULD LIKE TO SEE AS MUCH EQUITY BEING BUILT BY THE PEOPLE WHO ARE GOING TO OCCUPY THOSE HOMES AS POSSIBLE AND I THINK ALSO THAT THE CITY HAS SOME FUNDS AVAILABLE AND LOOKING FOR CREATIVE NEW WAYS TO USE THAT MONEY.  KNOW YOU MENTIONED HOW LIKE ONE PLUS BOSTON YEAH MORE SUCCESSFUL NOW WHAT IS IT THAT THAT PROGRAM IS DOING DIFFERENTLY IS IT THE GRANT DOWN PAYMENTS THAT USED TO BE LOANS IS IT LIKE WHAT IS MAKING THAT NUMBER GO UP NOW IT'S A COMBINATION OF DOWN PAYMENT ASSISTANCE BUT ALSO A PRETTY SIGNIFICANT INTEREST RATE DISCOUNT SO MAKES IT AFFORDABLE . THE THE QUICK COMPARISON IS WITH THE SAME PAYMENT HAVE IF YOU COULD BUY A HOUSE FOR 400,000 YOU COULD BUY A HOUSE FOR 585,000 AND THE MORTGAGE PAYMENT WOULDN'T GO ISN'T HIGHER FOR THE 585 SO AND WITH HOUSE PRICES SO HIGH IT OFFERS YOU MORE OPTIONS. IT MIGHT FIND A HOUSE THAT YOU COULD BUY IN THAT RANGE. A LOT MORE BUYING POWER. YEAH BUT THERE'S A COST WHICH IS THAT THE CITY PROVIDES THE LENDER WITH SOME COMPANY FOR THE REDUCTION IN THE RATE. I THINK THE CITY GETS A GOOD DEAL AND THE LENDERS I THINK IT'S A FAIR DEAL FOR LENDERS BUT IT'S NOT OVERLY PAYING FOR THAT. AND SO AS LONG AS THAT BUYER STAYS MORE THAN FIVE YEARS IT'S MORE THAN PAYING FOR ITSELF FROM THE CITY'S PERSPECTIVE.  AND THAT'S WHAT THIS IS ABOUT, RIGHT? WE'RE NOT INVESTORS THAT ARE ARE BUYING THESE HOMES SO YES,  YOU NEED CASH TO GET IN THE DOWN PAYMENT BUT YOU ALSO NEED A LOWER RATE TO MAKE IT MORE AFFORDABLE FOR A LOT OF OUR BUYERS THOUGH EVEN WITH THOSE TWO THINGS THEY'RE NOT GOING TO BE ABLE TO HIT THE MARKET WHERE IT IS NOW. IT'S JUST SO HIGH IN BOSTON THAT I THINK WHEN WE'RE LOOKING AT THE DOLLARS THAT WE SPEND TO BUILD HOUSING THAT'S AFFORDABLE RIGHT TO TO FILL IN THAT GAP BETWEEN WHAT IT COST TO BUILD IT AND WHAT SOMEONE CAN AFFORD TO PAY FOR IT. YOU KNOW, I THINK THERE'S THE CITY IS DOING GREAT WORK ABOUT HOW CAN WE BRING THE THE COST OF BUILD DOWN AND THAT'S SORT OF THE HOLY GRAIL IS IF YOU CAN GET THAT MUCH CLOSER TOGETHER YOU NEED FEWER SUBSIDY DOLLARS BUT WE DON'T WE WANT TO MAKE SURE IT'S GOOD CONSTRUCTION AND THEN WITH THOSE SUBSIDY DOLLARS IF WHAT PEOPLE WHO ARE MAKING 7100 $150,000 IN A HOUSEHOLD WANT IS OWNERSHIP OPPORTUNITY LEAST LET'S TRY TO MAKE THOSE OPPORTUNITIES HAPPEN.  AND I THINK MR VASSELL YOU KNOW ,MENTIONED THAT A LOT OF THE PUBLIC SUBSIDY DOLLARS WHETHER IT BE SECTION EIGHT THE HOME GRANTS FROM THE FEDERAL GOVERNMENT OTHER THINGS THAT THE FEDERAL GOVERNMENT PROVIDES THE LOW INCOME HOUSING TAX CREDIT IS A HUGE ONE IT'S ALL FOR RENTAL AND SO A DEVELOPER COMES IN AND SAYS OH I DON'T HAVE I DON'T SEE A PATH TO AFFORDABLE HOMEOWNERSHIP BECAUSE I'M NOT GETTING THE GOVERNMENT TO COOPERATE AND SO I'M GOING TO BUILD A 100% RENTAL BECAUSE THAT'S WHAT SAID IT'S LIKE WHAT 3% TO 97? HOW DO WE COMPARE TO OTHER CITIES AROUND THE COUNTRY WITH OUR RENTAL TO HOMEOWNERSHIP? I DON'T KNOW.  LAST YEAR WAS PARTICULARLY LOPSIDED THAT 3 TO 97 BUT 8 TO 10% OWNERSHIP IS ABOUT WHAT IT'S BEEN FOR SINCE WE'VE BEEN DOING THE STATS IN 2016 AND THE CITY NOW WHILE THOSE UNITS COST LESS TO BUILD I MEAN SORRY THEY COST LESS TO SUBSIDIZE HOWEVER THEY COST THE CITY MORE TO SUBSIDIZE BECAUSE THERE ISN'T THE FEDERAL AND STATE PARTNERSHIP THE WAY THERE IS FOR RENTAL. SO IT'S LIKE ALL LEVELS OF GOVERNMENT NEED KIND OF A MINDSET RESET IN MY HUMBLE OPINION BECAUSE THESE ARE THE PEOPLE I'M WORKING WITH, THEY ARE WORKING SO HARD THEY NEED OUT OF THE RENTAL MARKET PARTICULARLY THOSE WHO DON'T HAVE PARENTS LIKE ME AND LIKE LOU AND MAYBE YOU KNOW WHO ARE GOING TO BE SAYING TO THEIR 20 TO 20 5 TO 29 YEAR OLD ALL RIGHT, COME ON HOME AND YOU KNOW, IDEAS ARE A HELP BUT THEY'RE NOT THE ONLY ANSWER WE NEED OPTIONS AND SO MANY OF MY HOUSE BUYERS ARE FIRST GENERATION BUYERS AND THAT'S TRUE IN GATEWAY CITIES ACROSS THE COMMONWEALTH THAT THEY DON'T HAVE THAT SAFETY NET AND A LOT OF TIMES WHAT THEY'RE SAYING TO ME THEY'RE NOT SAYING OH I WANT TO BUILD WEALTH. THEY'RE SAYING I WANT TO KNOW THAT IF MY KID GOES OUT THERE IN THE WORLD AND SOMETHING TERRIBLE HAPPENS THEY WILL HAVE A PLACE TO COME BACK TO FOR STABILITY. YEAH.  THANK YOU. CASTLE MURPHY, COUNCILOR FLYNN, THE FLOOR IS YOURS. THANK YOU, MR CHAIR.  THANK YOU TO THE PANEL FOR YOUR TESTIMONY. MAYBE I'LL START WITH LUCAS. ARE YOU ABLE TO TALK ABOUT OR GIVE US A FIGURE HOW MUCH AS THE CITY SPENT DURING THE PANDEMIC ON HOMEOWNERSHIP SUPPORTING NONPROFITS FOR HOMEOWNERSHIP PROGRAMS IS THAT SOMETHING YOU STUDIED? I HAVE A ROAD HOME REPORT WHICH DOES LOOK AT THE DIFFERENT HOMEOWNERSHIP PROGRAMS IN THE CITY LIKE ONE PLUS AND A FEW OTHER ONES WE MIGHT HAVE A FIGURE IN THERE BUT I WOULD NEED TO REFERENCE THAT I DON'T HAVE THOSE ON TOP OF MY HEAD HOUSEHOLD DO NOT AUTHOR THAT REPORT SO OKAY SORRY . OH THANK YOU HILARY IF WE KEEP CLOSE TRACK OF THIS OKAY SO SO IN THEORY THE MONEY WOULD GO FROM THE CITY OF BOSTON TO TWO MAJOR AND THEN YOU WOULD WORK WITH THE THE RESIDENTS ON ON HOMEOWNERSHIP PROGRAMS, IS THAT RIGHT? SO MOST OF THE MONEY GOES DIRECTLY TO THE WHOEVER IS DEVELOPING THE HOUSING.  THEY WILL COME IN WITH A PRO FORMA THAT SAYS, YOU KNOW, IT'S GOING TO COST ME 550 TO BUILD IT. I WANT TO SELL IT FOR 300 AND THE CITY WOULD PROVIDE THAT TO 50 GAP MONEY TO PUT INTO THE DEAL.  SO THAT'S WHERE THE BULK OF IT GOES FOR THOSE UNITS AND THEN THEY ALSO FUND THAT THOSE 50,000 UP TO 50,000 SLUGS FOR ONE PLUS TO MAKE BOTH MARKET AND LET'S BE HONEST A LOT OF OUR AFFORDABLE CONDOS AREN'T AFFORDABLE TO A LOT OF OUR PEOPLE AND SO THEY USE BOTH ONE PLUS BOSTON AND IF THEY'RE FORTUNATE ENOUGH TO WIN THOSE FEW LOTTERIES SO AND REMEMBER WE'RE TALKING ABOUT 10 TO 1 THE RENTAL PRODUCTION VERSUS HOMEOWNERSHIP PRODUCTION NOW SOMEONE MENTIONED THE FIVE YEAR MANDATORY IT WASN'T THE WORD MANDATORY BUT FIVE YEARS YOU MUST KEEP THE HOME BE NO, YOU CAN SELL IT ON DAY TO DAY TWO OF ONE OF OWNERSHIP IF YOU WANTED TO. I MEAN PEOPLE DON'T BUT THERE'S NO REQUIREMENT THAT YOU STAY IN THE HOME.  SO WOULD YOU WOULD YOU BE ABLE TO GET A HOME WITH THE CITY OF BOSTON ASSISTANCE FINANCIAL ASSISTANCE WHETHER IT'S DOWN PAYMENT ASSISTANCE OR HELP WITH THE MORTGAGE RATE AND THEN IN THEORY YOU'D BE YOU'D GET THE HOME AND THEN YOU'D BE ABLE TO SELL IT AFTER A YEAR.  SO THERE'S AN AGREEMENT BETWEEN THE LENDER WHICH GETS THE INTEREST RATE MONEY THAT IF THE BUYER YOU KNOW, FOR SOME REASON HAD TO MOVE ON, LOST A JOB, HAD TO GO SOMEWHERE ELSE, A PARENT IN ANOTHER STATE HAD A HEALTH ISSUE WHATEVER THEN THAT MONEY WOULD COME BACK TO THE CITY TO PROVIDE TO ANOTHER HOMEBUYER.  SO IT'S ONLY IF THE PERSON IS IN THERE FOR A NUMBER OF YEARS THAT THE LENDER THEN KEEPS THAT THAT MONEY. BUT WHAT WOULD WOULD BE THE NUMBER OF YEARS THAT A PERSON WOULD HAVE TO STAY IN THERE BEFORE THEY COULD SELL IT FOR A PROFIT.  THERE'S AN ANNUAL APPRECIATION MAXIMUM APPRECIATION THAT'S ALLOWED. SO IT'S FIVE CURRENTLY 5% OF PURCHASE PRICE FOR EACH YEAR OF OWNERSHIP SO IF YOU BOUGHT IT FOR 100,000 AFTER A YEAR YOU COULD SELL IT FOR 105 AFTER THAT 110 SO YOU'RE GETTING ABOUT THE SAME APPRECIATION AS OVER THE LONG HAUL HAPPENS IN THE FULLY PRIVATE MARKET BUT THAT HOME IF PRICES WENT NUTS AND 20% APPRECIATION IN THE YEAR THAT AFFORDABLE BUYER IN THE EFFORT TO MAKE SURE THAT FOR THE THOUSANDS OF PEOPLE COMING BEHIND THEM THAT THAT THAT THE CITY'S INVESTMENT IN THAT PROPERTY THEY SELL IT THEY ALLOW IT APPRECIATE BUT IT'S CAPPED AT 5% PER YEAR SO SO YOU WANT TO BE ABLE TO IF YOU BOUGHT AN AFFORDABLE UNIT A CONDO SAY FOR $400,000, A $500,000, YOU WOULDN'T BE ABLE TO SELL THAT AFTER SEVEN OR EIGHT YEARS FOR $900,000 THOUGH. NO, THE CITIES INVESTMENT IS SUPPOSED TO GET THAT OWNER INTO A PLACE WHERE THEY'RE GETTING STEADY APPRECIATION BUT NOT YOU'RE NOT ALLOWED TO LIKE DOUBLE YOUR IF IF THE UNIT NEXT DOOR SELLS FOR A MILLION AND YOU BUY IT FOR 300,000 YOU CANNOT SELL IT FOR $1,000,000. NOW MY MY FINAL QUESTION FOR PEOPLE THAT BOUGHT AFFORDABLE UNITS OWNERSHIP IN SAY THEY RUN A NICE CONDO BUILDING COMPLEX THE PROPERTY TAX GOES UP FOR EVERYONE IN THE BUILDING.  WHAT IS THE WHAT IS THE AFFORDABLE UNIT PERSON PAYING FOR PROPERTY TAXES SAME AS EVERYBODY ELSE THAT WOULD BE PAYING A PROPERTY TAX BASED ON THE VALUE OF THEIR UNIT AND THE VALUE OF THEIR UNIT IS SIGNIFICANTLY LOWER IF THEY IF THEY BOUGHT IT FOR 250 AND THE NEIGHBOR BOUGHT THEIRS FOR 650 THEY DON'T PAY TAXES AS IF THEY PAID 650 BECAUSE IT'S NOT WORTH THAT THEY CAN'T SELL IT FOR 650 AND ALSO THE CONDO FEES ARE PRO-RATED FOR THE AFFORDABLE OKAY SO THE CONDO FEES WILL ALWAYS STAY PRO-RATED. THEY STAY PRO-RATED I WILL SAY IN SOME OF THESE LUXURY BUILDINGS SOMETIMES WE DO HAVE PEOPLE THAT RUN INTO TROUBLE WITH THE CONDO FEES OVER TIME I HAVE I HAVE HAD THAT EXPERIENCE OF A WOMAN IN THE SOUTH AND SHE GOT AN AFFORDABLE UNIT IN THE IN MID TO LATE EIGHTIES AND SHE'S HAVING A DIFFICULT TIME PAYING THAT CONDO THE HOME OWNERSHIP FEE.  RIGHT. SO SOMETIMES EVEN THE PRORATED FEES CAN CAN GET SIGNIFICANT AND WE'RE WORKING WITH MY AGE ON A NUMBER OF CONDO ISSUES NOW THAT'S ONLY ONE OF THEM BUT IT IS A CONCERN ESPECIALLY IF YOU'RE ON A FIXED INCOME. THANK YOU FOR TAKING MY QUESTIONS. THANK MR CHAIR.  THANK YOU, COUNCILOR MEJIA THE FLOOR IS YOURS. THANK YOU.  SO I HAVE A FEW QUESTIONS AND MOST OF MY QUESTIONS IS REALLY REVOLVE AROUND WHO HAS THE OPPORTUNITY TO BUILD AFFORDABLE HOMEOWNERSHIP. AND I'M JUST CURIOUS OFTENTIMES WE HAVE CDC YOU'VE MENTIONED SOME NONPROFITS AND I'M CURIOUS IN YOUR OPINION WHAT WOULD BE SOME OF THE MODELS THAT WE CAN LOOK INTO TO ENSURE THAT WE HAVE A MORE DIVERSE POOL OF FOLKS WHO ARE BUILDING BLACK AND BROWN IN PARTICULAR DEVELOPERS HERE IN THE CITY OF BOSTON WHO MAY NOT HAVE WHO YOU KNOW, ARE NOT PART OF THE NONPROFIT SECTOR. BUT THIS IS REALLY AN OPPORTUNITY FOR WEALTH BUILDING NOT JUST THROUGH HOME OWNERSHIP BUT ALSO THROUGH THOSE WHO ARE BUILDING. SO I'M JUST CURIOUS WHAT IF ANYTHING YOU COULD TALK TO ABOUT WHAT OTHER CITIES AND YOU KNOW, STATES HAVE DONE TO ENSURE THAT WHEN WE HAVE OPPORTUNITIES LIKE THIS ESPECIALLY IN THE HOME OWNERSHIP REALM THAT WE CAN CLOSE THE WEALTH GAP AND CREATING MORE OPPORTUNITIES FOR DEVELOPERS OF COLOR WHO ARE NOT ASSOCIATED WITH A NONPROFIT, WHAT DOES THAT LOOK LIKE?  SO FOR THE FOR THE NEIGHBORHOOD HOMES INITIATIVE AND THE THE $60 MILLION THAT THE CITY PUT IN FOR THOSE INFILL LOTS, I KNOW THERE WAS A LOT OF OUTREACH AND YOU KNOW WHEN THEY ISSUE THE RFP IS THEY CAN GIVE ADDITIONAL POINTS FOR DIVERSITY THROUGH ALL ASPECTS OF THE DEVELOPMENT. I THINK THAT MORTGAGE COULD GIVE YOU A MUCH MORE THOROUGH ANSWER OF EXACTLY HOW THEY DO THAT AND WHO HAS BEEN ENGAGED, WHO HAS WON THOSE ARE PS TO BUILD THOSE UNITS BUT I DO KNOW THAT THEY HAVE FOCUSED A LOT ON NEIGHBORHOOD DEVELOPERS DEVELOPERS OF COLOR BEING ABLE TO BUILD THOSE HOMES AND LIKE WE'VE BEEN INVOLVED WITH THE BOSTON WATER AND SEWER COMMISSION LOTS AND THE AFFORDABLE HOUSING THAT'S GOING UP THERE AND SIMILARLY WHEN YOU SUBMIT A DEVELOPMENT PROPOSAL YOU NEED TO SPEAK TO THAT IN THE RFP AND MAYBE YOU KNOW IN DETAIL WE DON'T HAVE MANY MEMBERS AT ALL THAT BUILD HOMEOWNERSHIP.  THEY MOST OF OUR MEMBERS THAT TO BUILD A DEVELOPMENTAL AND PART OF THE REASON IS BECAUSE THERE'S SUCH A VAST AMOUNT OF MONEY AVAILABLE FOR SUBSIDY PROGRAMS ESPECIALLY ON THE AFFORDABLE SIDE.  SO WE HAVE BASICALLY MARKET RATE AND AFFORDABLE RENTAL DEVELOPERS IN OUR MEMBERSHIP.  THEY'RE MOSTLY LARGER COMPANIES AND I DON'T KNOW MANY LARGER COMPANIES THAT BUILD YOU KNOW, FOR HOMEOWNERSHIP HERE AT LEAST THAT ARE MEMBERS OF OURS.  YEAH, THANK YOU FOR THAT. I'M CURIOUS YOU KNOW, I THINK YOU WERE TALKING ABOUT SOME NUMBERS THE PERCENTAGE OF HOMEOWNERS. CAN YOU BREAK DOWN THE NUMBERS AGAIN? LATINOS HOW MANY WERE HOMEOWNERS IN THE CITY OF BOSTON?  I THINK LUCAS HAS MAYBE THE NUMBER OF HOMES. OH, THE PERCENTAGE?  YEAH, IT'S ABOUT 16%. AND FOR WHITE IN THE CITY? MM HMM.  LET ME OPEN THIS FOR FORESTIER. YOU WERE ON GIVE YOU THE EXACT NUMBERS WHILE WE LOOK FOR THOSE NUMBERS IF YOU DON'T MIND IF I GO AHEAD. SO IN THE CITY OF BOSTON IT'S 1% OF WHITE HOUSEHOLDS ON THEIR HOME.  BLACK IS 31.1%, ASIAN IS 30.4% . MM. AND LATINOS 16.8%.  OKAY.  ALL RIGHT. GOOD TO KNOW.  AND CAN YOU TALK TO US HOW MANY LATINOS HAVE GONE THROUGH THE HOME?  YOU KNOW, THE THE TRAINING THAT YOU PROVIDE I KNOW I'M ONE OF THOSE LATINOS THAT WENT THROUGH THE HOMEOWNERSHIP PROGRAM BUT CAN YOU TELL ME HOW MANY DO YOU HAVE THOSE NUMBERS? BECAUSE I THINK WHAT WHAT I'M TRYING TO JUST HELP YOU UNDERSTAND MY LINE OF QUESTIONING RIGHT IS THAT I BELIEVE THAT INFORMATION IS CURRENCY AND THERE ARE FOLKS WHO HAVE A LOT OF IT AND THERE ARE FOLKS WHO ARE DYING FOR IT. RIGHT. AND SO I THINK THAT AS WE CONTINUE TO HAVE THESE CONVERSATIONS IS LIKE IT'S BOTH MAKING SURE THAT WE SECURE THE DOLLARS BUT WE'RE ALSO BUILDING THE INFRASTRUCTURE SO THAT WE'RE GETTING OUT THE MESSAGE TO OUR MOST VULNERABLE POPULATIONS FOLKS WHO DON'T KNOW ABOUT THESE OPPORTUNITIES LOW INCOME PEOPLE IN PARTICULAR WHETHER THEY'RE BLACK OR HISPANIC I JUST FEEL LIKE THERE IS AN INFORMATION GAP WHEN IT COMES TO THESE OPPORTUNITIES BOTH FOR THOSE WHO ARE DEVELOP BEING AND ALSO FOR THOSE WHO WANT TO PURCHASE. AND I THINK THAT AS WE HAVE THESE CONVERSATIONS THAT I THINK IT'S IMPORTANT FOR US TO BUILD INFRASTRUCTURE TO SET EVERYONE UP FOR SUCCESS AND THAT INCLUDES THE ENGAGEMENT PIECE.  SO I'M CURIOUS OF IF YOU HAVE ANY DATA ABOUT HOW MANY OF YOUR PARTICIPANTS JUST BY YOU KNOW, RACE I DON'T HAVE THE BREAKOUT WITH ME IT'S 80% BIPOC WITHIN STASH IT IT'S 67% BLACK 20% LATINA X 7% MULTIPLE RACE 4% WHITE AND 2% ASIAN. THANK YOU AND I CAN GET YOU THE STAT FOR AND THERE'S OTHER LATINOS WHO DON'T GO THROUGH STASH BUT WHO DEFINITELY OUR CLASSES SO I APPRECIATE THAT AND THEN I GUESS THE LAST CAUSE WE HAVE OTHER FOLKS WHO ARE HERE TO SPEAK BUT I AM CURIOUS AS YOU THINK ABOUT WHAT THIS MOMENT IS CALLING FOR. I KNOW THAT THE MAYOR, THE ADMINISTRATION HAS ALREADY PRESENTED A VISION AND IT WAS FOR 100 MILLION AND IT'S JUST SPECIFICALLY FOR AFFORDABLE HOME OWNERSHIP AND WE ARE TRYING TO ADD SOME DOLLARS TO THAT POOL SO THAT WE CAN HAVE A LITTLE BIT OF AFFORDABLE HOMEOWNERSHIP AND.  WHAT I CONTINUE TO STRUGGLE WITH IS THE TENSION ABOUT HOW WE MEET THE THE HOUSING CRISIS AND I'M CURIOUS BECAUSE A LOT OF THE PUSHBACK THAT WE'VE HEARD IS THAT PEOPLE WHO ARE ALREADY STRUGGLING TO MAKE THEIR ENDS MEET AREN'T GOING TO BE ABLE TO AFFORD A HOME RIGHT TO BUY A HOME. SO WHY PUSH FOR HOME OWNERSHIP WHEN THE REAL NEED IS AFFORDABLE RENTALS? AND I'M CURIOUS IF ANYONE COULD JUST PROVIDE SOME INSIGHT TO KIND OF WHAT THAT DYNAMIC LOOKS LIKE AND WHY A PATHWAY TOWARDS HOME OWNERSHIP IS PART OF HELPING TO STABILIZE OUR HOUSING CRISIS. IF ANYONE COULD ARTICULATE THAT FOR THOSE WHO ARE WATCHING I'D REALLY APPRECIATE IT. WELL, I CAN TELL YOU JUST FROM MY OWN EXPERIENCE THAT IT GETS TO BE A LITTLE FRUSTRATING ON THE RENTAL SIDE ESPECIALLY ON THE AFFORDABLE RENTAL SIDE BECAUSE A LOT OF FOLKS THAT ARE IN THE RENTAL UNITS DON'T HAVE ANYTHING TO ASPIRE TO IN TERMS OF INCOME.  YOU KNOW, IF THEY MAKE MORE INCOME THEY'LL LOSE THEIR HOUSING AND THAT'S NOT A GOOD THING. SO WE NEED TO COME UP WITH A STEP TO HELP THOSE PEOPLE TO COME OUT OF THE RENTAL MARKET AND GIVE THEM SOMETHING TO ASPIRE TO BECAUSE A WE DEFINITELY HAVE PEOPLE THAT WE CAN BACKFILL THOSE UNITS THAT THEY LEAVE WITH AND B THEY THEY START TO GET GENERATIONAL CREATE GENERATIONAL WEALTH FOR THEMSELVES AND GIVE THEM A DIFFERENT SENSE IF THEY OWN IT . SO I MEAN I THINK WE NEED TO LOOK AT OUR HOUSING SITUATION AND HAVE MORE RUNGS IN THE LADDER TO GIVE PEOPLE A CHANCE TO PROGRESS OUT OF WHERE THEY CURRENTLY ARE INSTEAD OF JUST KEEPING THEM STUCK IN THE SAME PLACE ALL THE TIME. THAT'S JUST NOT GOOD.  YEAH, I'LL JUST I'LL JUST ADD THAT SLIGHTLY THAT TIME THAT'S NOT REALLY A ZERO SUM GAME RIGHT? THERE'S ALWAYS A FEW IF YOU DO KIND OF ENCOURAGE AND HELP PEOPLE MOVE ON TO HOMEOWNERSHIP AND THINGS LIKE THAT TO JUST FREE UP THEN THE UNITS THAT ARE LEFT BEHIND AND KIND OF A KEEPS KIND OF THE THE SYSTEM MOVING A CERTAIN WAY AND AS WE WERE TALKING A LITTLE BIT ABOUT THE DECLINE IN INVENTORY, ONE OF THE BIGGEST PROBLEMS WE HAVE RIGHT NOW IS JUST THAT THE SYSTEM JUST KIND OF STUCK AND SO A LOT OF PEOPLE ARE KIND OF STUCK IN HOUSING SITUATIONS THAT THEY'RE NOT HAPPY WITH AND SO KIND OF ANYTHING THAT KIND OF SPURS LIFE AND KIND OF ACTION INTO THE MOVEMENT THEN KIND OF FREES UP MORE THINGS AND KIND OF HELPS PEOPLE IN, YOU KNOW, THE MANY, MANY SITUATIONS THAT PEOPLE ARE CURRENTLY STRUGGLING WITH.  THANK YOU. COUNCIL PRESIDENT LOUIJEUNE THE FLOOR IS YOURS. THANK YOU, MR CHAIR.  AND I WANT TO THANK THE PANEL. I ACTUALLY THINK I'M GOING TO PICK UP ON THAT THREAD.  IT ISN'T A ZERO SUM GAME AND AS POLICYMAKERS I OFTEN THINK THAT FOLKS WANT IT TO LOOK LIKE IN SO MANY DIFFERENT AREAS OF POLICY LIKE IT'S A ZERO SUM GAME YOU'RE HELPING HERE, YOU'RE NOT HELPING HERE BUT I LIKE LUTHER I LIKE WHAT YOU DO. LUCAS MY BAD.  GIVING YOU A NAME CHANGE THE IDEA THAT THE MARKET RIGHT NOW IS SQUEEZED FOR EVERYBODY AND I WANT TO MAKE SURE THAT WHEN WE'RE HAVING THIS CONVERSATION ABOUT NOT ENOUGH HOME OWNERSHIP AND I THINK THAT LEW DID A REALLY GOOD CONTEXTUAL JOB OF EXPLAINING THE HISTORICAL FRAMEWORK THAT WE'RE ALSO REALIZING THAT WE'RE NOT PITTING THE IDEA OF RENTAL AGAINST HOMEOWNERSHIP. IT'S A BOTH AND AND I THINK THAT'S REALLY IMPORTANT FOR A CITY LIKE BOSTON WHERE 65% OF OUR OF OUR RESIDENTS ARE RENTERS AND I THINK WE CAN WALK AND CHEW GUM. OBVIOUSLY THERE'S A FINITE POOL OF MONEY WHEN IT COMES TO INVESTMENTS AND HOW WE ARE MAKING THE DECISIONS BETWEEN INVESTING IN RENTAL UNITS AND INVESTING IN HOMEOWNERSHIP OPPORTUNITIES.  BUT I JUST WANT TO ALSO ACKNOWLEDGE THE REALITY THAT THERE ARE SOME WHERE IN A CITY WHERE A LOT OF PEOPLE NEED TO RENT. ONE OF THE WAYS IN WHICH I THINK AND I THINK MY HEART DOES A REALLY GOOD JOB OF TRYING TO FRAME THIS IS HOW ARE WE DEEPENING THE AIMS TO MAKE HOMEOWNERSHIP A REALITY TO MOVE THEM TO THE AMONG THE 65% OF THE RESIDENTS IN THE CITY OF BOSTON WHO BELIEVE THAT THEY MAYBE HAVE TO BE PERPETUAL RENTERS. HOW ARE WE HELPING THAT 64% MEMBERS OF THAT 65% REALIZE THAT HOMEOWNERSHIP IS A POSSIBILITY AND I REALLY THINK THAT'S WHERE THIS CITY'S DOLLARS IN INVESTMENT SHOULD BE, RIGHT? BECAUSE THERE ARE PEOPLE WHO BELIEVE THAT HOMEOWNERSHIP IS NOT A POSSIBILITY BUT WITH THE BE A HOMEOWNERSHIP PROGRAM WITH OUR INVESTMENTS THE BOSTON HOME CENTER AND DOWNPAYMENT AND HELP WITH CLOSING COSTS, IT MAKES IT MORE REAL FOR PEOPLE.  A QUESTION THAT WE'VE THAT WE'VE ASKED THE ADMINISTRATION BEFORE IN PRIOR PANELS AND WHAT THEY'VE TOLD US IS IS WHAT UNDERSTAND TO BE TRUE IS THAT AS A PRODUCT INVESTORS HAVE A DESIRE TO INVEST MORE IN THE RENTAL MARKET THAN THEY DO IN THE HOMEOWNERSHIP BECAUSE OF THEIR RETURN ON INVESTMENTS ,BECAUSE OF THE ABILITY TO CONTINUALLY EXTRAPOLATE MONEY FROM THE RENTAL MARKET IN A WAY WHERE LIKE HOMEOWNERSHIP IS A ONE TIME SORT OF PROFIT POSSIBILITY FOR DEVELOPERS IN A WAY AND LIKE RENTALS. I'D LOVE FOR YOU GUYS TO TALK A LITTLE BIT ABOUT THAT THAT FROM THE STANDPOINT HOW YOU UNDERSTAND THE RISK SKEWNESS OR LACK THEREOF. RIGHT. DON'T WANT TO PUT A FINGER ON THE SCALE IN TERMS OF INVESTING IN HOMEOWNERSHIP VERSUS INVESTING IN THE RENTAL MARKET ? WELL, I THINK IF YOU TAKE A LOOK AT THE RENTAL MARKET, YOU HAVE SOME COMPANIES THAT ARE MERCHANT BUILDERS THAT WILL BUILD IT AND SELL IT AND LET SOMEBODY ELSE RUN IT, MANAGE IT . BUT YOU ALSO HAVE A LOT OF BIG NATIONAL REITS THAT WILL BUILD IT AND MANAGE IT FOR FIVE, TEN, 15, 20 YEARS AND IN THEIR BUSINESS MODEL THEY'LL TAKE A LOOK AND SAY DO I WANT TO BE IN BOSTON? IS BOSTON A GOOD RISK TO BE IN? AND YOU KNOW, IF THEY OWN THE ASSET THEY CAN THEY CAN TAKE THE UPSIDE THAT THAT COMES WITH THE INCREASE IN RENTS AND THEY ALSO TAKE THE RISK OF THE DOWNSIDE IF RENTS WERE TO GO DOWN TO I MEAN SO I THINK I THINK IT REALLY IS THE COMPANY IN THEIR BUSINESS MODEL AND THEY SORT OF LOOK AT IT AND LIKE YOU SAID I MEAN IF THEY OWN THE ASSET.  I MEAN AND I LIKE TO THINK OF IT THIS WAY ON THE COMMERCIAL SIDE WE LIKE TO THINK OF COMMERCIAL REAL ESTATE AS A BIG BOX WITH CASH FLOW AND I THINK IN ON THE RENTAL SIDE IT'S SORT OF THE SAME THING. IT'S A LOT OF SMALLER BOXES WITH CASH FLOW IN TERMS OF RENTS BEING PAID IN. SO YOU KNOW THEY MAY LOOK AT THAT AS AN OPPORTUNE ROUTE FOR GREATER GROWTH FOR THE COMPANY TO BE IN THE RENTAL CONSTRUCT AND THEN OPERATION MANAGEMENT BUSINESS.  THANK YOU.  I DON'T KNOW IF I FLEW IF WERE GOING TO I HAD SOMETHING BUT LET ME GO AFTER YOU. OKAY.  I, I APPRECIATE THAT. I WONDER IF THERE'S SOME INSIGHT AS TO THE COST OF DEVELOPMENT AND WHETHER THERE SHOULD BE A DIFFERENCE OR WHAT THE NUMBER IS. I KNOW HILLARY WE'VE HAD CONVERSATIONS ABOUT THIS I DON'T KNOW WHAT IF YOU HAVE UPDATED NUMBERS ON WHAT DIFFERENT NUMBERS ALL THE TIME? WHAT IS THE COST RIGHT TO BUILD AN AFFORDABLE HOMEOWNERSHIP? IS IT DIFFERENT FROM WHAT IT WOULD COST TO BUILD AN AFFORDABLE RENTAL UNIT?  I HAVEN'T HEARD THAT THERE'S A DIFFERENCE PARTICULARLY IN THE IT SEEMS TO BE LIKE SITES SPECIFIC YOU KNOW LIKE THE BETTER THE SITE THE LESS EXPENSIVE IT IS TO BUILD AND NOT ALL OF THE CITY SITES ARE THE BEST SITES. YEAH BUT NOBODY'S SAYING TO ME NOBODY HAS SAID TO ME ANYWAY THAT IT COSTS MORE TO BUILD AN OWNERSHIP UNIT AND IF IT IS FOR A HIGHER INCOME GROUP SAY 60 70% AMI INSTEAD OF 30% I AM I THEN IT'S ACTUALLY LESS EXPENSIVE IN TERMS OF SUBSIDY BUT NOT LESS EXPENSIVE FOR THE CITY IF THERE ISN'T A BIG FEDERAL PARTICIPATION AND STATE AND IT LOOKS LIKE RIGHT NOW WE'RE GOING TO HAVE TO BE REALLY FOCUSED ON LOCAL AND STATE OPERATION WITHOUT A CAVALRY COMING FROM THE FEDERAL GOVERNMENT FOR THE NEXT COUPLE OF YEARS.  SO I THINK IT'S TIME FOR US TO LOOK AT HOW OUR DOLLARS ARE BEING SPENT. HILLARY, YOU'VE OFTEN TALKED ABOUT WHAT WHAT YOU BELIEVE AND I'D LOVE TO HEAR WOULD THE COST OF LIKE DEVELOPING A UNIT RIGHT NOW LET'S SAY WHETHER IT'S A TWO BEDROOM, ONE BATHROOM OR A TWO BEDROOM TWO BATHROOM UNIT RIGHT NOW IN THE CITY OF BOSTON. LIKE WHAT PRICE POINT DEVELOPERS SHOULD BE ABLE TO DO THAT? I'D LOVE TO HEAR FROM FOLKS WHAT WHAT THEY UNDERSTAND THOSE NUMBERS TO BE. WAS IT LAST I HEARD IT WAS LITERALLY 25,000 FOR LIKE A TWO BEDROOM, ONE BATH. I HEAR VARIOUS STATISTICS AND AGAIN, I DON'T KNOW IF IT'S BASED ON THE SITE SOME OF THE PROPOSALS ARE COMING IN SUBSTANTIALLY HIGHER THAN THAT IN THE CITIES CONCERNED. BUT I ALSO KNOW THAT THERE'S WORK GOING ON IN THE HOUSING INNOVATION LAB AND ELSEWHERE TO TRY TO FIGURE OUT HOW TO BUILD QUALITY UNITS AT A LOWER COST. RIGHT. OKAY. YEAH. THE NUMBERS THAT WE I'VE HEARD ARE, YOU KNOW, 800 TO $900 A SQUARE FOOT. EVERYTHING EXPLODED SORT OF AT AFTER THE BEGINNING OF THE PANDEMIC AND THAT'S ONE OF THE CONCERNS THAT, YOU KNOW, IN THE INDUSTRY IT JUST IT'S SO EXPENSIVE AND UNLESS YOU GET THE LAND FOR FREE, EVEN IF YOU DO GET THE LAND FOR FREE, IT'S STILL REALLY EXPENSIVE.  OKAY. THANK YOU. AND WE DO HAVE A DEVELOPER PANEL THAT COULD GET DIVE DEEPER INTO THE NUMBERS AND THE FINANCING. BUT I THINK WHAT COUNCIL PRESIDENT LOUIJEUNE WAS TO ME WHAT I WAS HEARING IS LIKE THE THE AMOUNT OF FUNDS AND RESOURCES THAT ARE OUT THERE FOR RENTAL DEVELOPMENT TO HELP DRIVE DOWN THE COST. RIGHT. THAT MAKES THAT NUMBER A LITTLE BIT DIFFERENT FOR FOR SALE PROJECTS. SO I THINK THAT'S BECAUSE I MEAN COST TO BUILD IS THE SAME. I THINK WHAT'S DRIVING IT DOWN FOR THE RENTAL SIDE ARE THE RESOURCES THAT. THAT'S A TRUE POINT WHAT THE POINT I WAS MAKING BUT THAT IS THAT'S A VALID THAT'S VALID POINT I WON'T BE ABLE TO FROM THE DEVELOPER I WON'T BE HERE FOR THAT BUT I DO LOOK FORWARD TO REVIEWING THE TAPE TO UNDERSTAND WHAT YOU UNDERSTAND THOSE NUMBERS TO BE BECAUSE I, I REALLY DO THINK THAT IF AS HILARY STATED THERE'S A WAY TO FIGURE OUT WHAT THE NUMBER IS AND IT'S A NUMBER LIKE THAT, MAYBE IT'S THE HOUSING INNOVATION LAB BUT WE'RE FINDING WAYS TO BRING THAT NUMBER DOWN THAT WOULD A REAL BOON FOR AFFORDABLE HOMEOWNERSHIP PRODUCTION. SO I THINK YOU.  COUNCILOR WEBER, THE FLOOR IS YOURS. THANK YOU, CHAIR. I GUESS HILARY, MAYBE YOU SAID THIS ALREADY BUT WHAT DO YOU THINK WOULD BE AN IDEAL BALANCE BETWEEN?  YOU KNOW, HOMEOWNERSHIP AND RENTAL HOUSING THAT WE'RE PROVIDING?  WELL, I DON'T WANT TO PICK A NUMBER BUT I THINK WE CAN BE LOOKING AT THE DOLLARS THAT ARE GOING INTO RENTAL HOUSING THAT IS ABOVE SAY 60 OR 70% AND I WHICH A LOT OF IT ACTUALLY IS AND THINK ABOUT CAN SOME OF THAT OR YOU KNOW, EVEN A LARGER PORTION OF THAT BE OWNERSHIP WHILE WE'RE ALSO PROVIDING SOME RENTAL YOU KNOW THE PEOPLE WE SEE IN OUR CLASSES ARE AT A RANGE OF INCOMES BUT EVEN IF THEY'RE AT 70% AMI FOR EXAMPLE, IT DOESN'T MEAN THEY'RE READY TO BUY TOMORROW.  THEY'RE SOME OF THEM HAVE A LONG ROAD BEFORE THEY'RE GOING TO BE READY TO BUY AND SO THEY NEED SOMEWHERE TO LIVE IN THE MEANTIME.  BUT I THINK IT COULD BE A BETTER BALANCE THAN WHAT IT IS NOW. YEAH. DOES ANYBODY ELSE KNOW HAVE ANYTHING TO SAY? OKAY. AND I GUESS I I THINK PART OF THE ISSUE ABOUT HOMEOWNERSHIP IS THAT THE THE PRICE CAN GO UP OR DOWN. RIGHT.  AND AS WE SAW IN THE 2007, YOU KNOW, THAT CREATES A LOT OF TURBULENCE FOR FOR EVERYONE I GUESS. SO IF WE HAVE A PROGRAM LIKE THIS, WHAT HAPPENS FOR THE CITY? WHAT HAPPENS TO THE HOMEOWNER IF THE IF THE VALUE IS GOING DOWN ONCE THE HOMEOWNER OWNS IT, THEY OWN IT BUT IT'S UNLIKELY TO GO DOWN. IF IT IF IT'S A UNIT THAT COULD SELL FOR 700,000 IN THE MARKET AND IT'S BEING SOLD FOR 250, IT'S REALLY UNLIKELY THAT THAT VALUE IS GOING TO GO DOWN. IT'S ACTUALLY PROBABLY A MUCH SAFER INVESTMENT THAN BUYING THE MORE EXPENSIVE UNIT BECAUSE YOU DON'T KNOW WHETHER THAT ONE'S GOING TO GO UP OR DOWN.  SO YOU KNOW AND THEN JUST SO TO EXPLAIN LIKE HOW THE CITY THE CITY PUTS MONEY IN AND THEN WHEN THAT'S THE PROPERTY SOLD THE CITY GETS THE MONEY BACK.  CAN YOU JUST EXPLAIN THAT AGAIN HOW THAT WORKS? THE CITY DOESN'T WELL, IN A SUBSIDY PROGRAM THAT THERE'S THIS INVESTMENT FUND WHICH IS MEANT TO BE A REVOLVING FUND WHICH IS A FANTASTIC IDEA WHERE THE CITY HELPS GET PROJECTS MOVING BUT THEN HAS A STAKE IN THAT PROPERTY THAT GOES THAT RUNS FROM THE INVESTMENT. SO APPLES AND ORANGES THERE THERE'S SUBSIDY MONEY WHERE THE CITY PROVIDES IT TO THE DEVELOPER WHO HAS TO PAY THE PLUMBER AND THE CARPENTER AND ALL THE. THOSE ARE THE AND THE PEOPLE WHO SUPPLY THE APPLIANCES.  IT ALL GOES INTO PAYING FOR WHAT NEEDS TO HAPPEN TO MAKE THAT UNIT GO THAT UNIT GO. AND THEN IT'S AN AFFORDABLE UNIT.  OKAY. AND IT'S A IT'S JUST THE MONEY WOULD GO JUST IN ONE DIRECTION VERSUS SUBSIDY MONEY. IT GOES IN ONE DIRECTION. IF THE BUY BUT THEN THERE'S A RESALE RESTRICTION ON THE BUYER. SO IT CONTINUES TO BE A PUBLIC PRIVATE RESOURCE.  THE BUYER GETS EQUITY BUT NOT UNLIMITED EQUITY. AND THEN THE IDEA IS BECAUSE WE HAVE OVER 5000 PEOPLE A YEAR GRADUATING FROM THESE FIRST TIME HOMEBUYER CLASSES HOPEFULLY IF THAT BUYER, YOU KNOW, DOES MUCH BETTER AND WANTS TO BUY A MARKET UNIT OR CIRCUMSTANCES CHANGE, THEY'RE GOING TO SELL IT. IT CAN GO TO ANOTHER MODERATE INCOME BUYER. OKAY. AND THEN YOU KNOW, FOR A PROGRAM LIKE THIS, HOW DO WE HOW DO WE LOOK AT LIKE DISTRIBUTION OF THESE UNITS ACROSS THE CITY?  YOU KNOW, DO WE WANT THEM IN ONE PLACE AND DO WE WANT THEM ALL OVER THE PLACE? HOW DO WE MAKE SURE THAT THEY'RE EQUITABLY DISTRIBUTED?  IS ANY ANY THOUGHTS THERE?  I THINK YOU HAVE TO BUILD THEM. WE HAVE LAND.  OKAY. YEAH. SO THAT THAT WILL BE UP TO THE TWO TO THE DEVELOPERS.  HOW DO WE PLAY A ROLE IN THAT? I WOULD THINK ZONING I WOULD THINK YOU KNOW, IF IT'S PART OF THE PLANNING OFFICE I WOULD THINK IT'D BE PART IN CONNECTED WITH ZONING IN THE CITY AND WHAT'S AVAILABLE IN TERMS OF THE REAL ESTATE TO PUT IT ON. I WOULD THINK I MEAN BECAUSE A DEVELOPER CAN'T JUST DO WHAT THEY WANT WHEREVER THEY WANT THEY HAVE TO FOLLOW. THERE'S LITTLE LOCAL ZONING AND MAYBE FOR SOMETHING LIKE THIS THERE'S SOMETHING THAT YOU DO AS AN OVERLAY IN THE ZONING CODE . OKAY. BECAUSE I MEAN WE WERE TALKING ABOUT REDLINING AND YOU KNOW, HISTORICAL IMPACTS OF THAT LIKE YOU KNOW, HOW DO WE CORRECT FOR THAT AND MAKE SURE THAT, YOU KNOW, PEOPLE CAN BUY THESE KINDS OF UNITS WHEREVER THEY WANT IN THE CITY. I JUST. MAYBE YOU JUST SET A GOAL OF X NUMBER OF UNITS IF WE HAVE THIS MANY NEW ATTACKS GO TO EACH NEIGHBORHOOD.  BUT THEN YOU ALSO RESPOND TO THE POSSIBILITIES THAT SOME THERE'S MORE LAND TO DO SOMETHING IN ONE PLACE ANOTHER BUT YOU TRYING TO AT LEAST GET SOMETHING YOU KNOW YOU KNOW IN ALL THE AREAS. HMM. I MEAN DO YOU AGREE? I DO. WE WANT TO SEE. I JUST I DON'T KNOW HOW TO THINK ABOUT THIS TEN YEARS FROM NOW. WHAT WHAT IT LOOKS LIKE AND ANY THOUGHTS?  I'D LIKE TO SEE THEM EVERYWHERE . ONE LAST QUESTION. I KNOW HILLARY BROUGHT UP THE YOU KNOW, AS WE'RE ENTERING NEXT YEAR AND THE TRUMP ADMINISTRATION, YOU KNOW, IN TERMS OF WHETHER HOME OWNERSHIP OR RENTAL YOU KNOW, HOW SHOULD WE BE THINKING ABOUT THE IMPACTS THAT WILL HAVE ON YOU KNOW, HOW OUR APPROACH TO HOUSING AND I GUESS I WOULD APPROACH IT WITH AN OPEN MIND AND SEE WHOEVER IS PUT IN CHARGE OF HUD WHAT THEIR INTERESTS ARE, WHAT THEY WHAT THEY'D LIKE TO SEE MAKE THE CASE AND AT THE SAME TIME REALLY BE LOOKING AT STATE AND LOCAL WHAT CAN WE DO?  THERE'S ALSO YOU KNOW, YOU ALL HAVE PASSED A HOME RULE PETITION IN THE PREVIOUS LEGISLATURE FOR THE REAL ESTATE TRANSFER FEE WHICH I THINK EACH FEELS IS REALLY IMPORTANT BECAUSE OUR IS OVER AT THE END OF THIS YEAR ESSENTIALLY AND THERE'S NOTHING RIGHT NOW TO REPLACE THAT.  I WANT TO HEAD TWO THINGS IF I CAN. THE CITY HAS AN ENORMOUS OPPORTUNITY WITH THE FAIR TO CALL THE FAIR COST UNITS. THERE'S 2500 UNITS OF PUBLIC HOUSING AFFORDABLE UNITS THAT THE CITY IS GOING TO HAVE ACCESS UNDER THAT FAIR CLOCK PROGRAM. AND YOU MAY WANT TO ASK KENZI BOK WHO'S ON TOP OF THIS BECAUSE THOSE CAN BE BUILT AS IN MIXED INCOME NOT IN JUST SOLELY PUBLIC HOUSING. SO IN THIS CONTEXT OF THIS DISCUSSION WE WANT TO ASK HER COULD HOME OWNERSHIP UNITS BE BUILT THAT THEY CAN BE BUILT IN MIXED INCOME THAT COULD BE HOME OWNERSHIP UNITS THAT ARE FAIR CLOTH FOR PEOPLE EARNING UNDER 30 COULD BE IN A YOU KNOW, A WIDER HOME OWNERSHIP PROGRAM AND THE VHA EVEN HAS A SMALL PROGRAM TO TRY TO GET SOME TENANTS TO HOMEOWNERSHIP EVENTUALLY. SO IT'S JUST TO BE CHECKED OUT. THE OTHER THING I WANT TO AND IT'S NOT TO COMPLICATE THE WORLD BUT THERE NEEDS TO BE A PARALLEL KIND OF WAGE AND INCOME TWO PARALLEL HOW DO WE MAKE THE HOUSING AFFORDABLE?  AND THAT'S A BIG THING. THE THING THAT MOST COME TO MIND THE HOSPITALS HAVE THOUSANDS AND THOUSANDS OF VACANCIES. MASS GENERAL IT'S A COUPLE OF THOUSAND VACANCIES AND THAT IS REAL.  THEY HAVE LARGE VACANCIES AND MAYBE SOME KIND OF A PROGRAM KIND OF ON THIS MATCHING THING. STATE HAS SOME MONEY FOR JOB TRAINING. MAYBE THIS MAYBE GET X MILLION FROM THE STATE. THE CITY MATCHES WITH X MILLION IN THE HOSPITALS MATCHED WITH THE X MILLION TO TRAIN PEOPLE TO GET BETTER PAYING JOBS AND THEN MAYBE THE HOSPITAL IS ASKED TO PUT ANOTHER PIECE OF MONEY INTO THE MORTGAGE PLUS PROGRAM BECAUSE SOME OF THE HOSPITALS HAVE A LOT OF MONEY AND REALLY A LOT OF MONEY ON THEIR BOOKS. SO IT'S COMPLICATED.  I'M THROWING IN A BIG WRINGER BUT IT'S NOT FOR THIS HEARING.  BUT IF THERE CAN BE KIND OF A PARALLEL KIND OF HEARING AN EXAMINATION BY THE WU ADMINISTRATION AND YOURSELVES OF WHAT WOULD BE AN INCOME STRATEGY LIKE I'M JUST THROWING OUT SOMETHING THAT WOULD BE IMPORTANT TOO BECAUSE WE NEED THAT JUST LIKE WE NEED RENTAL HOMEOWNERSHIP.  WE NEED INCOME STRATEGY PARALLEL TO TO THE AFFORDABILITY OF THE HOUSING STRATEGY. THANK YOU EXACERBATED THE FLOOR IS YOURS. THANK YOU MR CHAIR AND GOOD AFTERNOON, EVERYONE. WELL, THERE'S A LOT TO UNPACK HERE.  I'D LOVE TO GET MAYBE IF ANYONE COULD GIVE ME SOME INFORMATION OR ANY INSIGHT INTO THE IMPACT OF PRIVATE EQUITY INVESTORS IN THE CITY OF BOSTON. LIKE I KNOW THE NUMBERS FOR THE STATE LAST YEAR THEY SAID 20% OF THE HOMES THAT WERE SOLD LAST YEAR WERE BOUGHT BY PRIVATE EQUITY INVESTORS WHO MAKE AND THEY'RE BUYING UP SINGLE FAMILY HOMES AS WELL AS TO FAMILIES, ETC. AND THEY TEND TO FOCUS ON LOW INCOME NEIGHBORHOODS AND ON GATEWAY CITIES.  20% OF THE HOMES CASH BUYERS COMING IN.  WHAT EFFECT IS THAT HAVING ON THE HOME BUYING MARKET FOR JUST THE REGULAR MIDDLE INCOME FAMILY WHO WANT TO BUY THEIR HOME?  ANY INSIGHTS INTO THAT BECAUSE 20 20% SEEMS LIKE A LOT AND IT'S IT HAS TO BE AN INFLATION RATE PRESSURE ON OUR ALREADY VULNERABLE HOUSING STOCK.  I DON'T KNOW PRECISELY THAT BUT I DO KNOW A NUMBER OF OUR BUYERS HAVE GOTTEN REALLY FRUSTRATED COMPETING WITH ALL CASH OFFERS FROM A VARIETY OF DIFFERENT PLAYERS WHO HAVE THAT OPTION. MM HMM. OKAY.  THE THE DISTRIBUTION OF UNITS ACROSS THE CITY. LOOK, I KNOW THAT ALISON AND MISSION HILL ARE TWO OF THE LOWEST NEIGHBORHOODS FOR HOMEOWNERSHIP. I THINK THEY'RE HOVERING AROUND TEN OR 11% AND OUR MISSION HILL AND ALLSTON AND I SEE THAT AS A DIRECT RESULT OF INSTITUTIONAL EXPANSION FOR ITS MEDS AND AND AGAIN INVESTORS COMING IN AND BUYING UP FAMILY HOMES TO RENT OUT TO TO STUDENTS AND YOUNG PROFESSIONALS WORKING IN HOSPITALS ETC.. IS THERE ANY PLAN AND I KNOW IT'S REALLY DIFFICULT BECAUSE ALLSTON IT'S SORT OF AN OVERHEATED MARKET LIKE IT'S IT'S MORE EXPENSIVE TO RENT AN APARTMENT AND ALLSTON AND FENWAY WHICH DOESN'T MAKE ANY SENSE TO ME AT ALL BUT IS THERE ANY WAY WE CAN SORT OF REGRESS THAT REDRESS THAT SORT OF IMBALANCE AND TRYING TO I KNOW WHAT WE DO LOCALLY IS REALLY LIMITED WHAT WE CAN DO BUT HOW DO WE HOW DO WE ADDRESS THOSE CLOSE INEQUITIES IN THAT POSITION?  MAYBE THIS GETS BACK TO OUR PILOT CONVERSATION. YES, INDEED. YES. IT'S ALL CONNECTED SOMEHOW. YEAH. YEAH.  BUT YEAH, THERE'S A LOT OF LAND IN ALLSTON.  YEAH. SO THERE WOULD BE CITIES AND INSTITUTIONS NEED TO BUILD MORE HOUSING FOR THEIR FATHERS OF OFF CAMPUS HOUSING. THIS PUT SO MUCH PRESSURE ON OFF CAMPUS HOUSING WE NEED TO BUILD MORE HOUSING ON CAMPUS DORMS ON HEIGHT FROM STUDENTS BECAUSE I KNOW THAT WAS A 170 ALMOST 170,000 STUDENTS IN BOSTON AT THIS 160 SOMEWHERE. IT JUMPS EVERY YEAR. I DON'T KNOW WHAT THE LATEST NUMBER IS BUT IT'S IN THE ORDER OF OVER 160,000 STUDENTS IN BOSTON, A HUGE NUMBER OF THEM LIVING OFF CAMPUS IN A WAY I'M SORRY I'M NOT I'M NOT STICKING TO THE SCRIPT HERE.  THE THE TRANSFER TAX I'M A BIG PROPONENT. I'M VERY DISAPPOINTED THAT WE CAN'T MANAGE TO GET THIS THING DONE BECAUSE IN ALLSTON BRIGHTON AGAIN JUST BACK TO MY LOCAL NOT LOCAL AREA WE HAVE INVESTORS WHO COME IN AND DEVELOP A PLAN FOR A TO BUILD TO BUILD A BUILDING AND THEY DON'T EVER BUILD IT BUT THEY FLIP IT AND ONE RECENTLY I ASKED THEM I SAID HOW MUCH DID YOU PAY FOR YOUR FOR YOUR BUILDING YOU KNOW THE PROPOSAL, THE SITE, THE PLANS OR THE PERMISSION THE PERMANENT APPROVED PLAN FOR MULTIFAMILY LEASED TO MULTIFAMILY THEY SAID THE 1020 MILLION FOR IT AND AND THEY THINK IT WAS ROBBED BUT 20 MILLION A SMALL PERCENTAGE OF THAT 20 MILLION WOULD GOING INTO A TRANSFER FEE WOULD BE A LOT WOULD BE SIGNIFICANT AMOUNT OF MONEY OVER TIME THAT WE COULD PUT INTO BUILDING MORE AFFORDABLE HOMES BOTH HOMEOWNERSHIP AND AND RENTALS.  AND THIS HAPPENS ALL THE TIME MILLIONS AND MILLIONS AND IT'S REALLY APPARENT IN ALLSTON BRIGHTON BECAUSE IT HAPPENS REGULARLY THAT THE SELLER IS MAKING TENS OF MILLIONS OF DOLLARS ON THE TRANSACTION THAT WE DON'T GET A PENNY OF AND IT'S NOT GOOD BECAUSE WE HAVE ALL THESE BUILDINGS SITTING AROUND THEY'RE JUST WAITING FOR A GOOD OFFER TO COME ALONG TO TO SELL IT FLIP THE BUILDING AND GET MAKE MONEY AND THEN THEY'RE OFF. THAT MONEY DOESN'T STAY IN THE CITY.  THAT MONEY IS SIPHONED OFF SOMEWHERE ELSE. IT DOESN'T STAY THE MONEY IS SPENT IN OUR NEIGHBORHOOD. IT DOESN'T CREATE JOBS AND THE MONEY DOESN'T STAY IN THE CITY. SO I'M EDITORIALIZING HERE SO I REALLY THANK YOU FOR ALL YOUR WORK AND YEAH, HOPEFULLY WE'LL GET FIND WAYS TO ADDRESS THIS PROBLEM LOCALLY BECAUSE I THINK WE CAN PUT THE FEDERAL GOVERNMENT ON THE BACK BURNER FOR ANOTHER FOUR YEARS AND SEE HOW THEY HAVE TO DO LOCALLY. THANK YOU.  THANK YOU. CONSECRATING CATHOLIC CULTURE IS A PART OF CLOSURES. THANK YOU SO MUCH SHARON AND THANK YOU ALL SO MUCH FOR BEING HERE OF DEEP RESPECT AND ADMIRATION FOR ALL OF YOU AND THE WORK THAT YOU DO. WE'RE GOING TO SPECIFICALLY CALL OUT LOU AND HILARY, THANK YOU SO MUCH FOR THE WORK YOU DO. IT'S NICE TO MEET YOU YOU GUYS AS WELL. THE OTHER TWO, LUCAS AND GREG NOW THAT I HAVE THE YOU KNOW, THE INDUSTRY EXPERTS ON THIS TOPIC, DO YOU WANT TO TALK ABOUT OR JUST ASK IF THERE'S BEEN ANY DATA THAT'S EMERGED ABOUT LIMITING THE ABILITY TO GENERATE GENERATIONAL WEALTH FROM DEED RESTRICTIONS? RIGHT. SO WE TALK ABOUT FAMILIES WHO ARE BENEFICIARIES OF THIS PROGRAM AND THEY ARE LIMITED IN THEIR ABILITY TO MAXIMIZE THEIR RESALE. CAN'T FULLY BENEFIT FROM THE APPRECIATION THAT THE MARKET IS SHOWING WHICH ULTIMATELY IN THEORY WOULD LIMIT WEALTH ACCUMULATION.  HAS THERE BEEN ANY DATA THAT'S COME FORTH ON THIS GIVEN THAT THERE'S BEEN 30 YEAR COVENANTS PLUS THE 20 YEAR COVENANTS, ALL OF THAT? IF YOU CAN JUST ELABORATE A LITTLE BIT ON THAT AND IF THERE'S ANY DATA THAT SHOWS THAT TO BE AN ISSUE.  A MORTGAGE HAS DONE A LOT OF THAT KIND OF DATA ANALYSIS AND THE NEW 5% PER YEAR YOU KNOW, MAXIMUM INCREASE IS ABOUT WHAT THE PRIVATE MARKET DOES. IF YOU LOOK AT IT OVER TIME SO FAMILIES WOULD GENERATE THAT ADDITIONAL WEALTH WHAT THEY CAN'T DO IS BUY A HOUSE OR A CONDO FOR 250 AND SELL IT FOR 800,000. BUT THEY CAN GAIN WEALTH OVER TIME. AND I THINK COUNSELOR MORROW HAS ALSO DONE SOME WORK AROUND THAT AND IT WOULD END UP AT ABOUT 1.4 MILLION AFTER PAYING OFF THAT MORTGAGE. SO IT IS TRUE THAT IT'S NOT UNLIMITED BUT IT IS NOT INSIGNIFICANT. I THINK IT'S IT'S A LOT BETTER THAN THE $11,000 ON AVERAGE FOR A BLACK FAMILY AND MOST OF THE FAMILIES ARE RENTING RIGHT NOW. SO I THINK IT'S A REALLY GOOD BALANCE BETWEEN LETTING PEOPLE IN THAT GENERATION KNOW WEALTH. BUT AT THE SAME TIME WE DO HAVE OVER 5000 NEW HOMEBUYERS COMING OUT OF OUR CLASSES EVERY YEAR WHO ARE DESPERATELY IN NEED AND THERE'S ONLY 3000 OF THESE UNITS IN THE CITY. SO I THINK THEY'VE DONE A NICE JOB OF MAKING SURE THAT THERE'S A TRANSFER BUT ALSO THAT THERE IS SOME HOPE FOR PEOPLE COMING AFTER. RIGHT. AND I THINK FOR THAT I SHOULD HAVE LED WITH THAT. THIS IS A NO BRAINER. WE NEED MORE OPPORTUNITIES FOR AFFORDABLE HOMEOWNERSHIP. I WAS JUST CURIOUS TO KNOW BECAUSE THAT'S BEEN SOMETHING THAT HAS BEEN PUT FORTH I THINK THE NEW YORK TIMES HAD AN ARTICLE ABOUT IT IN JUNE. SO JUST WONDERING IF THERE HAS BEEN LOCAL RESEARCH ABOUT IT. MH HAS DONE A LOT. I CAN GET THAT TO YOU. THANK YOU PERSONALLY YOU KNOW I'M IN THE HOMEOWNERSHIP PLANNING STAGES AND STILL RENTING. THE ONLY REASON WE'LL BE ABLE TO STAY IN BOSTON IS BECAUSE MY PARENTS BOUGHT THEIR HOME IN 1989 AND YOU KNOW, I'M VERY LUCKY AND SO WAS MY HUSBAND. BUT FOR FOLKS THAT I GREW UP WITH, IT'S INCREASINGLY OUT OF REACH. AND SO WHILE WE UNDERSTAND THE NEED FOR IMMEDIATE STABILIZATION RIGHT. HARM REDUCTION, MAKING SURE THAT PEOPLE RENTERS CAN STAY HERE IN BOSTON IS WHAT I WOULD ARGUE GROUND ZERO FOR DISPLACEMENT. AND SO ENSURING THAT THEY HAVE THE OPPORTUNITY TO STAY IN THE CITY WHILE ALSO WORKING ON THIS THAT IS THAT YES AND CONVERSATION THAT WE ALL AGREE WITH. I CERTAINLY AGREE WITH IT. THINKING ABOUT RESOURCES IS IN THE FINITE RESOURCES THAT WE HAVE. HOW DO WE INTENTIONALLY IN VAST IN THAT IS IS THE QUESTION HERE AND I DEFINITELY RECOGNIZE THAT I AM A PROPONENT OF INCREASING THE ONEPLUS PROGRAM AND INCREASING AFFORDABLE HOMEOWNERSHIP. I THINK I'M TRYING TO FIGURE OUT, YOU KNOW, GIVEN THE MODEL THAT COUNCILOR WORRELL HAS PROPOSED MAKING THE CITY AN ACTIVE PARTNER AND INVESTOR RATHER THAN JUST HAVING IT BE A SUBSIDY HAVE YOU SEEN THAT HAPPEN IN OTHER MUNICIPALITIES OR ANYWHERE ELSE IN THE UNITED STATES?  DO WE KNOW OF ANY FOR HOMEOWNERSHIP IN PARTICULAR?  I KNOW THAT RENTAL IS DIFFERENT BUT FOR HOMEOWNERSHIP I KNOW OF THE PROGRAM IN CHICAGO WHERE 125 VACANT LOTS PER YEAR OVER FOUR YEARS WAS COMMITTED BY THE CITY TO HOMEOWNERSHIP AND THAT WOULD BE BUILDING I THINK INDIVIDUAL UNITS OR MAYBE IT WOULD HAVE SOME SITES WILL ROLL TWO UNITS OR SOMETHING AND THAT WAS YOU KNOW, I THINK THAT'S JUST SOMETHING I'M SURE THERE ARE HOMEOWNERSHIP INITIATIVES IN YOU KNOW, IN OTHER CITIES AND PROBABLY THERE WOULD BE A WAY TO CAPTURE THAT WITH SOME OF THE, YOU KNOW, NATIONAL ROOFS OR AND OR JUST INVENTORYING, YOU KNOW, PRACTICES AND YOU KNOW, PICK FIVE MAJOR CITIES AND TALK TO THEIR HOUSING DEPARTMENTS KIND OF THING SHOULD BE A WAY TO DO THAT. THANK YOU.  THANK YOU FOR THAT. AND THEN MY LAST QUESTION IS HOW CAN WE INCENTIVIZE DEVELOPERS AS PART OF THEIR AFFORDABILITY MODELS TO PRODUCE BUILDINGS WITH AN INCREASED AMOUNT OF DEED RESTRICTED AFFORDABLE HOMEOWNERSHIP UNITS OR KEEPING THEM CONDOS RATHER THAN RENTAL? AND I LOOK FORWARD TO SPEAKING TO THE NEXT PANEL ABOUT THIS. BUT DO YOU HAVE ANY INSIGHT ON IT? I WOULD LOVE TO HEAR OR IF NOT THAT'S FINE TOO. AND THAT'S MY LAST QUESTION. I WOULD SAY JUST ECONOMICALLY IF THE NUMBERS WORK THEY'LL DO IT. I MEAN THAT PART OF THEIR BUSINESS MODEL IS TO PRODUCE HOUSING AND IF THEY FIND A NEW AND DIFFERENT PROGRAM THAT IT MAKES SENSE FOR THEM TO TAKE ADVANTAGE OF . THEY'LL DO IT.  OKAY. THANK YOU. THANK YOU, CHAIR.  THANK YOU.  AND THANK YOU TO MY COLLEAGUES FACTS AND SOME GREAT QUESTIONS . I GUESS MY FIRST QUESTION IS FOR LOU IS DO WE SEE A CORRELATION BETWEEN HOUSING STABILITY AND HOMEOWNERSHIP?  YOU KNOW THE SAME PERCENTAGE OF PEOPLE LEAVING BROCKTON WHO LEAVE BOSTON EACH YEAR? WELL, THE FIGURE I HAD MAYBE SOMEONE CORRECT ME WAS THAT FOUR TIMES AS MANY PEOPLE OVER THE LAST FOUR YEARS OR SOMETHING AFRICAN-AMERICANS HAD BOUGHT HOMES IN BROCKTON VERSUS BOSTON EVEN THOUGH BROCKTON IS ONE SEVENTH THE SIZE OF THE CITY. SO IT'S KIND OF EXAMPLE OF WHAT PEOPLE ARE TALKING ABOUT THE EXODUS AND HOW FAR PEOPLE HAVE TO GO AND WHERE THE POCKETS OF COMPARATIVE AFFORDABILITY WHICH ARE SHRINKING BUT THAT THAT WAS SOMETHING AND THE STABILITY.  YEAH, I MEAN IT'S YEAH THERE'S A SENSE AND OBVIOUSLY PEOPLE GET MORE INVOLVED IN NEIGHBORHOOD YOU KNOW NEIGHBORHOOD ORGANIZATIONS TO YOU KNOW TEND TO ATTRACT MORE HOMEOWNERS AND THAT PART OF THAT IS A SENSE OF STABILITY AND THEIR INVESTMENT IN THEIR HOME STABILITY THINKING THEY'LL BE THERE AND IT'S NOT THAT SOME TENANTS DON'T GET INVOLVED BUT BUT THEY'RE NOT SURE HOW LONG THEY'RE GOING TO BE THERE. SO. SO THAT THAT THERE'S THAT KIND OF THING THAT RELATES TO THE STABILITY QUESTION. THANK YOU. AND THIS IS FOR LUCAS.  THE STAGGERING STATISTICS FROM SMART ASSET SALARY I NEEDED TO LIVE COMFORTABLY 2020 FOR A STUDY REVEALED THAT THE AVERAGE ANNUAL SALARY NEEDED FOR A SINGLE ADULT TO LIVE COMFORTABLY IN BOSTON IS AROUND $125,000 WHICH IS AROUND $60 PER HOUR WHILE THE MEDIAN HOUSEHOLD INCOMES FOR BLACK AND LATINX RESIDENTS IN DISTRICT FOUR IS LESS THAN $50,000 AND $28,000 RESPECTIVELY. I THINK SOMETHING ELSE THAT WAS OUTLINED IN YOUR REPORT WAS BOSTON HAS THE THIRD LARGEST INCOMING QUALITY IN THE COUNTRY. I MEAN WAGES HAVE RISEN AS FAST AS THE COST OF HOUSING HAS RISEN. THREE YEARS AGO THE MEDIAN INCOME TO AFFORD TO PAY A MORTGAGE.  YOU KNOW CAN YOU TELL ME WHAT WHAT WAS THAT? AND THEN OVER THE PAST THREE YEARS HOW MUCH HOW MUCH DID MONTHLY COST CHANGE FOR RENTERS ? AND THEN OVER THE PAST FIVE YEARS HOW MUCH MONTHLY COST CHANGE IF YOU HAD A 30 YEAR FIXED RATE MORTGAGE?  AND THEN MY LAST PART OF THE QUESTION I'M HAPPY TO REPEAT ANY PART OF THIS IF YOU NEED ME TO IF HOW MANY PEOPLE ARE GETTING PRICED OUT EVERY FIVE YEARS? OKAY. SO I DON'T KNOW WHAT THE SEQUENCE IS THAT I SHOULD WALK THROUGH BUT THE AMERICANS ARE MAYBE WITH KIND OF THE CHANGE IN HOW MUCH INCOME YOU NEEDED TO FOR THE HOUSE AND THIS IS KIND OF MOST LARGE BECAUSE LIKE I SAID, WE WORK MOSTLY IN THE GREATER BOSTON REGION SO IT'S NOT ALWAYS BOSTON SPECIFIC BUT BOSTON'S ALSO KIND OF A VERY EXPENSIVE HOUSING MARKET AND SO A LOT OF THESE NUMBERS YOU CAN ACTUALLY PROBABLY EXTRAPOLATE EVEN HIGHER.  BUT FOR EXAMPLE AS I MENTIONED IN THE IN THE REPORT THAT THE COMBINATION OF RISING HOME PRICES AND RISING MORTGAGE RATES HAVE MADE THE AMOUNT OF INCOME NEEDED JUST TO GET ONTO THE HOMEOWNERSHIP LADDER INCREASED BY LAW. AND SO FOR EXAMPLE, FOR A LOW END HOME FOR THE BOTTOM THIRD TO THE BOTTOM THIRD PERCENTILE OR 33% IN 2021 IN THE REGION COST $401,000. THAT'S NOT WHAT IT COSTS IN BOSTON TO BUY A HOUSE BY 2024. IT COSTS 493,000. AND SO IT'S ONLY SUCH A $92,000 INCREASE. BUT WHEN YOU COMBINE THAT WITH THE INTEREST RATE GOING FROM 3% TO OVER 6%, WHAT YOU ESSENTIALLY ARE DEALING WITH IS A TOTAL MONTHLY COST OF OVER A DIFFERENCE OF $1,575 A MONTH. AND SO ESSENTIALLY IF YOU'RE GOING TO SPEND LESS THAN A THIRD OF YOUR INCOME ON HOUSING WHERE THREE YEARS AGO YOU COULD GET AWAY WITH BUYING A THE MOST AFFORDABLE HOUSES IN THE REGION WITH ABOUT A $99,000 ANNUAL INCOME IN 2024 YOU NEED $160,000 AS YOUR ANNUAL INCOME AND THAT'S FOR 3.5% DOWN PAYMENT. AND SO ESSENTIALLY WHAT YOU'RE TALKING ABOUT THERE IS THE IDEA OF BUYING A HOUSE WITH A LITTLE DOWN PAYMENT AND KIND OF MAKING IT AS YOU GO AND KIND OF PAYING YOUR MORTGAGE AND GETTING A 30 YEAR FIXED MORTGAGE RATE HAS ESSENTIALLY KIND OF VANISHED IN THE CURRENT HOUSING MARKET AND THAT KIND OF REALLY SPEAKS TO A LOT TO THE IMPORTANCE OF A HIGHER DOWN PAYMENT AND KIND OF THE DANGER OF PLACES, YOU KNOW, WHERE PEOPLE ARE BUYING WITH WITH CASH AND KIND OF COMPETING WITH THESE DIFFERENT GROUPS.  AND SO A LOT OF THOSE DYNAMICS HAVE REALLY CREATED A HOUSING MARKET TODAY WHERE IT'S JUST BASICALLY IMPOSSIBLE TO, YOU KNOW, GET ONTO THE HOMEOWNERSHIP LADDER WITHOUT A LARGE AMOUNT OF CAPITAL UPFRONT AND THAT KIND OF REALLY EXACERBATES THE PREVIOUS REPORTS OF PREVIOUS DATA AS BLACK AND LATINO HOUSEHOLDS THAT ARE LESS LIKELY TO HAVE A NEST EGG OF MONEY MAYBE COMING FROM A FAMILY OR COMING FROM A DIFFERENT CONTEXT.  AND SO THOSE ISSUES HAVE ALL BEEN EXACERBATED IN THE CURRENT CLIMATE. WHO KNOWS WHERE MORTGAGE RATES INTEREST RATES WILL GO IN THE NEXT FEW YEARS? IT'S YOU KNOW, NO ONE NO ONE CAN REALLY PREDICT THOSE BUT THAT'S THE CURRENT CONTEXT.  I FORGET WHAT THE OTHER QUESTIONS WERE. YEAH, I GUESS THE LAST PART OF THE QUESTION WAS HOW MANY NEW PEOPLE HAVE BEEN PRICED OUT OVER THE LAST FIVE YEARS LIKE HOW MANY YOU KNOW PEOPLE ARE NOT MAKING THAT INCOME IN ORDER TO BUY A HOME? OH, IT'S A GOOD QUESTION. SO I DON'T HAVE THE NUMBERS IN FRONT OF ME YOU'D HAVE TO DEFINITELY LOOK AT IT'S ALSO VERY HARD TO KNOW HOW MANY PEOPLE EXACTLY ARE WITHIN AN INCOME GROUP. ONE THING THAT'S IN THE REPORT IS THAT WE DO DO IT BY FOR THE REGION IN TERMS OF THE THE MOST COMMON OCCUPATIONS IN THE REGION AND THE AVERAGE SALARIES OF THOSE OCCUPATIONS.  SO KIND OF WHICH ONES ARE ABLE TO AS IF YOU'RE IF A HOUSEHOLD EARNER IS A YOU KNOW, A COMPUTER TECHNICIAN VERSUS A BARTENDER VERSUS ANOTHER OCCUPATION KIND OF WORK THE DISPARITIES BETWEEN THOSE AND THE PRICE OF HOUSING. AND SO THAT'S MORE IN THE REPORT IN TERMS OF THE SHEER NUMBER OF PEOPLE THAT HAVE BEEN PRICED OUT OF THAT. I WOULDN'T BE ABLE TO EXACTLY SAY WITHOUT DOING A LITTLE MORE WORK.  BUT BUT THE OTHER PART OF IT IS AND THAT WE ALSO TALK ABOUT IN THE IN SOME OF OUR OTHER WORK IS THE NUMBER OF PEOPLE WHO ARE JUST LEAVING THE REGION OVERALL AND KIND OF THE NET LOSS OF THE REGION IF IT WASN'T FOR INTERNATIONAL MIGRATION, THE REGION IN GENERAL WOULD BE LOSING POPULATION. AND THE NUMBER ONE REASON PEOPLE TEND TO SAVE FOR WHAT THEY'RE LEAVING IS THE COST OF HOUSING.  SO I'LL LEAVE IT AT THAT. AWESOME AND METAL CHAIR PRIVILEGE HERE.  I MEAN THAT YOU KNOW AX GREG, A QUESTION AROUND YOU KNOW YOU HAVE 30,000 UNITS 90% ARE RENTALS. I THINK LUCAS SPOKE TO THE THE THE SHORTAGE IN THE SUPPLY.  YOU KNOW WHAT WHAT DOES A GOOD HEALTHY HE DESCRIBED TO ME LIKE WHAT'S A GOOD HEALTHY REAL ESTATE HOMEOWNER MARKET AND THEN WHAT KIND OF BENEFITS TO THAT BRING TO BOTH HOMEBUYERS HOME BUYERS AND A HEALTHY REAL ESTATE MARKET IF YOU HAVE A HEALTHY MARKET YOU GIVE THOSE POTENTIAL BUYERS CHOICE. SO YOU KNOW YOU DON'T HAVE 1010 BUYERS COMPETING FOR ONE OR TWO HOMES. SO AND THAT'S AND THAT'S WHAT'S IMPORTANT AND YOU NEED HOMES AT ALL DIFFERENT PRICE POINTS AND I THINK WHAT WE'VE SEEN IS IT'S A MARKET THAT'S JUST THERE'S NOT ENOUGH VACANCY IN ANY HEALTHY MARKET EVEN ON THE RENTAL SIDE YOU WANT TO HAVE ENOUGH VACANCY BECAUSE IT GIVES PEOPLE CHOICE. IT HELPS THE PRESSURE ON PRICES IS IN IS GREAT. RIGHT. AND CAN I GUESS HILARY YOU GET LIKE YOU TALK TO ME LIKE WHEN THERE'S A LACK OF INVENTORY WHAT IS THAT WHAT DOES A BUYER COMPETE WITH ON THE OTHER SIDE? RIGHT. LIKE ARE THEY WAIVING HOME INSPECTION MORTGAGE CONTINGENCIES RIGHT. HAVING TO PUT DOWN MORE DOWN PAYMENT GO OVER YOU KNOW THE HOUSING PRICE. CAN YOU TALK TO ME ABOUT WHAT'S HAPPENING ON THE GROUND BECAUSE OF THE LACK OF INVENTORY?  IN SHORT, ALL OF THE ABOVE. YOU KNOW, PEOPLE GETTING OUTBID BY CASH INVESTORS AS WE HEAR THAT A LOT WE HEAR THE THING WHERE I WENT TO AN OPEN HOUSE AND THERE WERE SO MANY PEOPLE AND YOU KNOW IT'S COMPETITIVE BIDDING HOMES VERY ROUTINELY GOING FOR WAY OVER THE ASKING PRICE.  A LOT OF OUR GRADUATES WANT TO FAMILY HOMES IN PARTICULAR AND THOSE ARE VERY HARD TO COME BY BECAUSE INVESTORS ARE EITHER BUYING THEM UP AND RENTING THEM OUT OR BUYING THEM UP AND FIXING THEM UP AND FLIPPING THEM AT A PRICE THAT YOU KNOW, OUR PEOPLE CAN'T TOUCH.  SO IT'S REALLY A STRUGGLE.  YOU'LL HEAR FROM A COUPLE OF OUR BUYERS ABOUT THEIR EXPERIENCES BUT IT'S REALLY HARD.  AWESOME. AND THEN I DO WANT TO SEE IF MY COLLEAGUES HAVE ANY SECOND ROUNDS FOR THIS PANEL BUT I JUST WANTED TO FOLLOW UP ON SOME NUMBERS THAT WE RECEIVED FROM EMMA H ON AN ANALYSIS AND IT JUST COMPARED OVER 30 YEARS OF MARKET ANALYSIS VERSUS RANKED AND IT DID RESTRICT IT HOME AND THEY SAID OVER 30 YEARS THE MARKET IS CLOSER TO 2.5% SO THEY RAN THAT AT A 5% APPRECIATION OVER 30 YEARS WHEN YOU BOUGHT AT MARKET ABOUT $750,000 YOU ENDED UP WITH THE EQUITY OF $2.9 MILLION HAVE 5% APPRECIATION OVER 30 YEARS WHEN YOU BOUGHT IN AFFORDABLE TO BAD FOR 320,000 YOU ENDED UP WITH THE EQUITY OF $1.4 MILLION AT 2.5% APPRECIATION OVER 30 YEARS YOU BOUGHT AT MARKET AGAIN THAT'S THE HISTORIC MARKET ENDED UP WITH $1.4 MILLION IN EQUITY AND THE ACTUAL OUT OF POCKET COST OVER 30 YEARS FOR RENTING EVEN WITH RENT CONTROL IS $2.2 MILLION. SO OWNERSHIP IS A LITTLE OVER $2 MILLION WITH TAXES AND A FIXED IN A FIXED 30 YEAR RATE AND AFFORDABLE HOMEOWNERSHIP ON A FIXED 30 YEAR COST AND THIS IS AT MARKET WITHOUT ONE PLUS BUYING IS $1.1 MILLION. SO WE'RE YOU KNOW WHETHER IT'S ONE POINT WHETHER IT'S ONE MORTGAGE OR DOWN PAYMENT ASSISTANT OR EVEN THE LIKE IS WHETHER SECTION EIGHT OR ANY OF THESE HOME OWNERSHIP VOUCHERS LIKE THAT COSTS WILL BE EVEN LESS RIGHT FOR SO WE DID RUN THE ANALYSIS WITH THEM AND WE COULD SEND THAT TO ALL OUR COUNCIL COLLEAGUES.  YEAH, KATHAKALI DOES IT PART OF THE FLOOR IS YOURS. SORRY . THANK YOU FOR THAT. OVER HOW MANY YEARS WAS THE 1.4 30. SO IT'S OVER 30 YEARS SO YOU'D HAVE TO KEEP THE HOME RIGHT FOR 30 YEARS. YEAH BUT WE DID. WE DO HAVE A BRICK BROKEN DOWN I THINK IN PER YEAR NOT PER YEAR BUT IT MIGHT BE 15 YEARS AND THEN 30 YEARS. OKAY COOL. THANK YOU. THANK YOU FOR YOUR OFFICE FOR DOING THAT.  THAT'S A LOT OF WORK. YEAH. KUDOS COUNCILOR . LET ME HEAR THE FULL ADVICE. THANK YOU. AND YOU MIGHT NOT KNOW THE ANSWER TO THIS BUT I FIGURED I'D THROW IT OUT TO THE UNIVERSE AND SEE OTHERWISE I'M SURE THAT THE ADMINISTRATION IS LISTENING IN AND THEY'LL SEND THE WRITTEN ANSWER BUT SO I'LL JUST GIVE MY OWN EXAMPLE.  I PURCHASED A HOME IN 2017 AND IT WAS ONE OF THOSE RESTRICTIVE D D TO INCOME RESTRICTED SITUATIONS WITH THAT SITUATION WE HAD A HEARING ABOUT HOW PEOPLE PARTICULARLY PEOPLE OF COLOR ARE UNABLE TO BUILD WEALTH BECAUSE OF THESE RESTRICTIONS RIGHT.  BUT I ALSO KNOW THAT THEY ALSO HELPED STABILIZE THE HOUSING CRISIS THAT WE'RE DEALING WITH. SO I UNDERSTAND THE DYNAMIC AROUND ALL OF THAT. BUT AS WE'RE THINKING ABOUT THIS DEVELOPMENT FUND BECAUSE THE WHOLE IDEA IS IS FOR US TO DEVELOP A FUND THAT WILL INCENTIVIZE DEVELOPERS TO BUILD AFFORDABLE HOME OWNERSHIP WHICH IS USUALLY THE LEAST DESIRABLE FROM A RETURN ON INVESTMENT.  RIGHT. SO I UNDERSTAND ALL OF THOSE THINGS BUT WHAT BENEFIT ASIDE FROM JUST HELPING TO SUPPORT FOLKS WHO ARE INTERESTED IN PURCHASING A HOME CAN THE CITY GAIN FROM SUPPORTING A PROGRAM LIKE THIS ASIDE FROM A FEEL GOOD STORY, ARE THERE ANY DOLLARS OR ANY ANYTHING THAT YOU CAN POINT TO TO SAY YOU DID A GOOD JOB AND YOU SHOULD FEEL REALLY GOOD ABOUT YOURSELF AND HERE IS YOU KNOW WHAT IS THE RETURN ON THE INVESTMENT FROM THOSE FOLKS WHO ARE JUST THINKING ABOUT MONEY WHICH COULD DO IS IF YOU LOOK AT THE UPSIDE AND HILLARY WAS TALKING ABOUT THAT 5% AND MAYBE YOU PLAY JUST A PORTION OF THAT OR A SMALL PIECE OF THAT THAT GOES BACK TO THE CITY TOO IN THE FUND THAT GETS RECYCLED IN IN REAL RENT OUT AGAIN. SO AT LEAST THERE'LL BE SOME MONEY COMING BACK INTO THE SYSTEM, RIGHT? YEAH, I GUESS BECAUSE WHAT I THINK WE'RE ALL STRUGGLING WITH IS THE TENSION THAT EXISTS BETWEEN MEETING THE MOMENT RIGHT NOW AND ALSO MAKING SURE THAT WE'RE DOING THINGS THAT WILL NOT HAVE UNINTENDED CONSEQUENCES.  RIGHT. AND I THINK THAT THAT IS THE TENSION THAT WE ARE EXPERIENCING HERE AS IT RELATES TO THIS CONVERSATION BECAUSE WE WANT TO DO GOOD BUT WE WANT TO MAKE SURE THAT WHATEVER GOOD WE DO THERE IS A WAY FOR US TO BE ABLE TO BACK IT UP BECAUSE WE'RE GOING TO GET ASKED WHY THAT INSTEAD OF THIS. AND SO THE MORE THAT I CAN HEAR FROM THOSE FOLKS WHO ARE DOING THIS WORK AND HAVE SOME INSIGHT ,THOSE WHO ARE TUNING IN CAN ALSO HEAR DIRECTLY FROM THOSE FOLKS OR WHO ARE REALLY TRYING TO HELP SUPPORT AND TO STABILIZE COMMUNITIES, PARTICULARLY COMMUNITIES OF COLOR.  SO I APPRECIATE YOU ALL BEING HERE. I KNOW WE'VE LOST A LOT OF BOSTON RESIDENTS TO BROCKTON AND NOW THOSE FOLKS ARE ORGANIZING AND HELPING TO IMPROVE THE THE BROCKTON PUBLIC SCHOOLS THERE. RIGHT. SO ALL OF THIS HAS A RIPPLE EFFECT. THIS IS LIKE WE TALK ABOUT THE WHITE FLIGHT NOW I FEEL LIKE THIS HAS BEEN THE PEOPLE OF COLOR FLIGHT WHICH WE HAVE BEEN PRICED OUT OF EVER OWNING A HOME HERE IN THE CITY OF BOSTON AND I BELIEVE THAT THIS IS IF THE ADMINISTRATION IS LISTENING THIS COULD BE ONE WAY FOR US TO REPAIR THAT HARM BY CREATING A PATHWAY FOR FOLKS, PARTICULARLY PEOPLE OF COLOR TO BE ABLE TO OWN A PIECE OF PROPERTY HERE.  THANK YOU. THANK YOU. COUNCILOR BREADON.  THANK YOU, MR CHAIR. I THINK THIS IS FROM MAYBE FOR HENRY IN TERMS OF JUST THINKING ABOUT THE WHOLE PACKAGE IN TERMS OF THE SAVINGS, FIRST OF ALL, THE HOUSE SHOULD BUY IT AT A LOWER PRICE.  YOU GET THE THE ONE PLUS BOSTON MORTGAGE WE HAVE YOU DON'T DON'T RUN THE NUMBERS ON JUST OVER THE COURSE OF A MORTGAGE YOU KNOW THE DEDUCTION FOR LIKE MORTGAGE INTEREST THAT YOU CAN TAKE OFF YOUR REAL ESTATE YOUR INCOME TAX AND THEN THE THE THE LOWER THE LESS THE LOWER REAL ESTATE TAXES YOU'RE PAYING AND THEN AND THEN JUST THE STABILITY OF YOUR PREDICTABILITY AND STABILITY OF YOUR HOUSING OUTGOINGS OVER THE OVER YEAR IN PERPETUITY IF YOU HOLD ON TO THOSE FOREVER HAVE YOU DONE ANY YOU KNOW DONE ANY CALCULATIONS ON THAT VALUE AS WELL? BECAUSE SOMETIMES WE JUST THINK ABOUT THE APPRECIATION OF THE BUILDING IT'S ON THE UNIT ITSELF RATHER THAN THE OTHER ACCUMULATED PEOPLE BEING ABLE TO HAVE MORE MONEY IN THEIR POCKET FOR OTHER THINGS AS WELL AS JUST THE OUTGOINGS ON THEIR HOUSE, ON THEIR MORTGAGE. DID SOME QUICK BACK OF THE ENVELOPE CALCULATION IF YOU'RE BUYING THAT $585,000 HOUSE BUT YOU'RE PAYING WHAT YOU WOULD PAY IN A CONVENTIONAL MORTGAGE FOR A $400,000 HOUSE, YOU SAVE ABOUT $15,000 A YEAR IN FIRST BECAUSE YOU DON'T HAVE PRIVATE MORTGAGE INSURANCE AND ALSO IN THAT 2.3 PERCENTAGE POINT INTEREST RATE DISCOUNT THAT COMBINES TO ABOUT 800 BUCKS A MONTH. SO I'M SORRY IT'S MORE THAN 800 IT'S 15,000 A YEAR. 1200 DOLLARS A MONTH. YEAH.  AND WE HAVEN'T DONE THE MORTGAGE INTEREST A FEDERAL MORTGAGE INTEREST DEDUCTION BUT WE DO THAT AS PEOPLE DO BETTER IN THEIR JOB AND AND HOPEFULLY THEIR WAGES OR SALARIES INCREASE OVER TIME AND THEIR MORTGAGE PAYMENT DOESN'T THAT THEN THAT OFFERS THEM OTHER INVESTMENT OPPORTUNITIES WHETHER IT'S A 401 K OR OTHER ASSETS THAT THEY CAN INVEST IN BECAUSE THEY ARE NOT CONTINUING TO PAY THE MARKET RATE RENT FOR 30 YEARS THE STABILIZED IT REALLY EFFECTIVE FORM OF RENT CONTROL I THINK THE OTHER THOUGHT I HAD WAS JUST THINKING ABOUT YOU KNOW THE HUGE BACKLOG OF ON THE WAITLIST FOR VHA HOUSING AND OTHER AFFORDABLE HOUSING.  WE HAVE LOTTERIES PEOPLE ON WAITLIST FOREVER AND THE BACKLOG THAT YOU MENTIONED EARLIER LOOK, I THINK THAT THE THE THERE'S A BACKLOG BECAUSE THERE'S NOWHERE FOR PEOPLE TO GO. SO THIS OPTION THIS OPPORTUNITY OF OPENING UP SOME MORE HOMEOWNERSHIP OPPORTUNITIES IS ABLE TO MOVE SOME PEOPLE WHO ARE READY AND ABLE TO MOVE OUT OF PUBLIC HOUSING INTO OWNING THEIR OWN HOME.  I THINK IT OPENS UP SOME OF THOSE SPACES ON THE WITNESS STAND FOR OTHERS.  SO SO KEEPING IT AND KEEPING IT MOVING SO TO SPEAK.  YEAH. DID YOU SEE US HAVE DONE SOME OF THAT AS WELL HELPING THEIR YES RESIDENTS MOVE TO HOMEOWNERSHIP AND THEN THEY HAVE ANOTHER RENTAL UNIT FOR A MUCH LOWER COST THAN IT WOULD COST TO BUILD ONE. YEAH I ALSO WANT TO GIVE A SHOUT OUT TO ALTON BRIGHTON CDC THEY DO THEIR HOMEBUYING PROCESS AND DO IT IN SPANISH AND ENGLISH NOW SO I THINK YOU KNOW SADLY MANY OF THE FOLKS WHO LIVE IN ALLSTON BRIGHTON TO TAKE THE HOMEBUYING CLASSES WERE NEVER ABLE TO BUY A HOME IN DALLAS AND BRIGHTON SO HOPEFULLY WE CAN CHANGE THAT GOING FORWARD. THANK YOU.  THANK YOU, MR CHAIR.  THANK YOU.  NOW I WILL CALL UP THE SECOND PANEL BUT AS THE SECOND PANEL THANK YOU GUYS AGAIN FOR YOUR TESTIMONY AND ALSO THANK YOU FOR ALL YOUR HARD WORK ON THE GROUND AND THROUGHOUT THE YEARS ON THIS IMPORTANT ISSUE SECOND PANEL. BUT AS THE SECOND PANEL IS TRANSITIONING, WE'LL TAKE A PUBLIC TESTIMONY FROM JOHN SMITH.  DON'T GO THAT WAY. YEAH.  YEAH.  TWO AND IF YOU COULD PLEASE STATE YOUR NAME ANY AFFILIATION AND THE FLOOR IS YOURS.  GOOD AFTERNOON, COUNSELOR AND EVERYONE WHO'S HERE AS WE TRANSITION I LIKE TO AND ARIELLA, A ROOMFUL OF HOUSING ADVOCATES. I LOVE IT.  THAT'S ALL RIGHT AS WE MAKE THE TRANSITION. SO GOOD AFTERNOON, EVERYONE. MY NAME IS JOHN SMITH AND I'M THE EXECUTIVE DIRECTOR OF W STREET NEIGHBORHOOD.  I'M HERE REPRESENTING OUR ORGANIZATION TO EXPRESS SUPPORT FOR COUNCILOR AWARDS EFFORT TO INCREASE THE NEW 100 MILLION HOUSING FRONT INITIATED BY MAYOR WILL FIND ADDITIONAL 15 MILLION FORMER BOSTON CITY COUNCILOR AND NOW MAYOR MICHELLE WU CAPTURED THE SIGNIFICANCE AND POTENTIAL IMPACTS OF COOPERATING HOUSING INCLUDING CITIES WHEN SHE SAID THIS WAS A PLANNING FOR BOSTON GREEN ECONOMY IN AUGUST 2020 COOPERATIVELY OWNED HOUSING BRINGS THE MANAGEMENT AND CAPITAL INVESTMENTS OF HOUSING ON THE COLLECTIVE CONTROL WITH THE POTENTIAL FOR GREATER POTENTIAL FOR GREATER STABILITY AFFORDABILITY AND RESILIENCY. NONPROFIT AND RESIDENT OWNED COOPERATIVES HAVE A LONG HISTORY OF CREATING GREATER SOCIAL SUPPORT AND CIVIC ENGAGEMENT, REDUCING CARBON FOOTPRINT AND STRENGTHENING HOUSING STABILITY AND SAFETY. WE BELIEVE AT THE ASSEMBLY THAT PART OF THE ISSUE HERE IS THAT WE HAVE TO PROMOTE IN TERMS OF AFFORDABILITY AND LONG TERM AFFORDABILITY KELTY'S WHICH TYPICALLY PURCHASES LAND HOLDS IT IN TRUST FOR THE COMMUNITY. THIS LAND IS USUALLY ACQUIRED THROUGH PUBLIC GRANTS, DONATIONS OR COLLABORATIONS WITH GOVERNMENTS AND OTHER ENTITIES AND IN THAT STRUCTURE YOU KNOW PEOPLE ARE TO HOLD ONTO THEIR HOUSING, PROVIDE STABILITY AND IT PROVIDES FOR COMMUNITY CONTROL OF GOVERNMENT . WE BELIEVE THAT THE BENEFIT OF COMMUNITY LAND TRUST TO AGAIN ITS LONG TERM AFFORDABILITY IN THAT THEY HELP ENSURE AFFORDABLE HOUSING IN PERPETUITY BY REMOVING LAND FROM THE SPECULATIVE MARKET AND SETTING RESALE RESTRICTIONS.  THEY STABILIZE COMMUNITIES BY PROTECTING RESIDENTS FROM DISPLACEMENT, GENTRIFICATION AND PROMOTING STABLE, SUSTAINABLE NEIGHBORHOODS.  SO WE THINK THAT WITH THIS ADDITIONAL $50 MILLION WE WILL BE ABLE TO DO SOME INTERESTING FUNDING AND REALLY ABLE TO PROMOTE, YOU KNOW, THIS IDEA OF REALLY SUSTAINABLE AFFORDABLE HOUSING THAT HELPS FOLKS STAVE OFF DISPLACEMENT AND HAVING TO MOVE ALL THE TIME BUT WE HAVE TO WORK ON IT IN TERMS OF THAT IS HOMEOWNERSHIP AND GETTING PEOPLE HELP WITH DOWNPAYMENT ASSISTANCE AND ACCESS TO AFFORDABLE MORTGAGES. THIS IS CRUCIAL ESPECIALLY IF COMMUNITIES OF COLOR GIVEN THAT EXCLUSIONARY HOMEOWNERSHIP POLICIES HAVE BENEFITED WHITE HOUSEHOLDS AT THE EXPENSE OF ALL SORTS OF COLOR.  SO WE LOOK AND WE CAN STILL SEE THAT RACIAL DISPARITIES IN HOMEOWNERSHIP PERSIST TODAY BECAUSE OF THE STUBBORN LEGACY OF RACIST HOUSING POLICIES SUCH AS REDLINING AND RACIAL COVENANTS. TO REITERATE THIS AND I SUPPORTS COUNCILOR WARREN COUNCIL WORRELL IN URGING THE COUNCIL TO ALLOCATE AN ADDITIONAL 50 MILLION CLOSING GAPS IN HOMEOWNERSHIP RATES WILL IT WILL REQUIRE EXPANDING MORTGAGE CREDIT ACCESS, INCREASING THE SUPPLY OF AFFORDABLE HOMES, EQUALIZING THE COST AND BENEFITS OF HOMEOWNERSHIP AND HELPING PEOPLE REMAIN IN THEIR HOMES. SO THANK YOU VERY MUCH, EVERYBODY. THANK YOU FOR NOW.  WE'LL MOVE ON THE SECOND PANEL. I KNOW JOHN HAS TO GO. HE WAS GOING TO BE ORIGINALLY PART OF THIS PANEL BUT I KNOW YOU HAVE A TIME CONSTRAINT BUT THANK YOU, JOHN, FOR YOUR WORK AND THANK YOU FOR YOUR TESTIMONY. THANK YOU.  NOW INTRODUCE THE SECOND PANEL FOR TODAY WE HAVE JAMES GROSSMAN, FOUNDER AND CEO ARISE GARY ELLA THE WOMACK MAGGIE MOM IT IS MAGGIE PRESIDENT AND FOUNDER DVM HOUSING PARTNERS CARLOS CASTILLO A DEVELOPER MICHAEL CAINE EXECUTIVE DIRECTOR OF SAVE OUR HOMES AND AMANI WHITE, EXECUTIVE DIRECTOR FOR RECLAIM ROXBURY. AND WE WILL START LEFT TO RIGHT WITH ANY OPENING REMARKS FOR YOURS AND MINE.  STAYING ON IT? YES. YEAH. GOOD TO BE HERE. I READ SOME TESTIMONY THAT I PREPARED SO THEN THANK YOU FOR HAVING ME COUNCILOR THE WORLD AND FOR HAVING THIS DISCUSSION. SO MY NAME ARMANI WHITE AND I'M HERE ON BEHALF OF RECLAIM ROXBURY TO EXPRESS OUR SUPPORT FOR COUNSELOR WORLD ADVOCACY TO INCREASE THE NEW $100 MILLION FUND INITIATED BY MARY BY AN ADDITIONAL 50 MILLION SINCE OUR FOUNDING WE TO HAS BEEN COMMITTED TO THE PRINCIPLES OF PUBLIC LAND FOR PUBLIC GOOD AND DEVELOPMENT WITHOUT DISPLACEMENT.  IN 2018 WE ACHIEVED A SIGNIFICANT MILESTONE BY SECURING A COMMITMENT FROM THE EPA TO INCLUDE STANDARDS FOR DIVERSITY EQUITY AND INCLUSION ,ENVIRONMENTAL JUSTICE, HIRING JOBS AND FAIR HOUSING SUCH AFFORDABLE HOUSING IN THE RFP FOR PUBLIC LAND AND NUBIAN SQUARE AND THANKS TO THESE EFFORTS IS OVER 1500 AFFORDABLE HOUSING UNITS BOTH RENTAL AND HOMEOWNERSHIP AND I DON'T HAVE THE BREAKDOWN EXACTLY IN FRONT OF ME IN THE PIPELINE IN NUBIAN SQUARE WITH DIVERSE DEVELOPMENT TEAMS LEADING THESE PROJECTS AND YOU KNOW THESE THIS ACCOMPLISHMENT EXEMPLIFIES WHAT IS POSSIBLE WHEN PUBLIC INVESTMENTS PRIORITIZE DEEP SUSTAINABLE AND INCLUSIVE COMMUNITY IMPACT AND THINKING THROUGH ALL LAYERS OF IMPACT SO THAT THESE PUBLIC FUNDS THAT ARE BEING RECOMMENDED BY COUNCILOR WORRELL ARE DIRECTED TOWARDS AFFORDABLE HOUSING ON PUBLIC LAND RECLAIMED ROXBURY IS RECOMMENDING THAT THAT WE MUST PRIORITIZE PROJECTS THAT ADHERE TO THE SAME STANDARDS THAT WE USE IN THE PLAN NUBIAN SQUARE PARCELS AND WE ACTUALLY REPLICATED THAT IN THE BOSTON WATERSHED. WE LOST THAT HILARY FROM MY HOUSEHOLD DESCRIBING AND THEY WERE PART OF THAT DISCUSSION AND WE'LL SPECIFICALLY WHAT WE MEAN BY THAT IS MAKING SURE THAT PROJECTS, YOU KNOW, ARE REQUIRED TO HAVE AT LEAST A GOOD THIRD DEEPLY AFFORDABLE A THIRD REGULARLY AFFORDABLE IN A THIRD MARKET OR OR BETTER IN TERMS OF THE BREAKDOWN MORE WITH MORE AFFORDABILITY.  WE WANT THERE TO BE LIKE ENVIRONMENTAL SUSTAINABILITY GOALS FOR DEVELOPMENTS AND ENGAGE DIVERSE DEVELOPMENT TEAMS TO ENSURE THAT THE PUBLIC MONEY YOU KNOW THAT WE'RE INVESTING IS ACTUALLY CREATING ENDURING PUBLIC GOOD AND INCLUSIVITY KIND OF TO SOME OF THE POINTS AROUND WHO GETS TO DEVELOP IN THE CITY AND THE HISTORY OF THAT AND HOW THAT PLAYS INTO THE RACIAL DIVIDE.  SO AND THEN SIMILARLY YEAH, WHEN WE'RE USING THESE FUNDS TO SUPPORT AFFORDABLE HOUSING ON PRIVATE LAND, WE THINK IT'S CRUCIAL THAT THEY BE DIRECTED TOWARDS PROJECTS THAT SIMILARLY PRIORITIZE DEEP PERMANENT AFFORDABILITY.  AND YEAH, WE JUST FEEL LIKE THIS IS SUPER IMPORTANT IN THIS MOMENT AND AS AS A CITY IS BRACING ITSELF FOR WHATEVER HAPPENS THE NEXT FOUR YEARS THINKING ABOUT HOW TO LAYER CITY RESOURCES WITH STATE AND FEDERAL TO DO THE MOST WE CAN TO CONTINUE MOVING THE NEEDLE FOR OUR COMMUNITY DESPITE THERE NOT BEING AS MUCH FROM THE TOP DOWN WOULD BE THE BEST THING. AND SO THIS IS AN OPPORTUNITY TO DIG INTO THESE EXTRA FUNDS AND DO THAT. THAT'S SOMETHING WE WANT TO SEE HAPPEN.  SO WE ARE AWARE THAT THERE MAY BE SOME CHALLENGES FROM LENDERS CONCERNING THE FEASIBILITY OF PROJECTS WITH HIGH AFFORDABILITY TARGETS, WITH CONCERNS ABOUT CHANGES IN DEVELOPMENT PLANS OR FINANCING PRODUCTS AND SEEMS TO BE THAT THERE'S SOME RESEARCH TO LIKE TO TO MAKE THAT POSSIBLE. WE SUPPORT EFFORTS FOR A PILOT PROGRAM TO ADDRESS THESE AT THE PILOT PROGRAM TO FIGURE ALL THAT OUT AND HOPING IT WILL DEMONSTRATE SUCCESS FOR THIS MODEL. SO WE SUPPORT IT AND I JUST WANT TO INCLUDE YEAH, WE SUPPORT THIS 100% AND WE'D LOVE TO HEAR MORE ABOUT HOW THIS CAN BE DONE IN TERMS OF THE PILOT AND REPLICATED AND WE ARE IN TOUCH WITH A NUMBER OF DEVELOPERS OF PROJECTS THAT ARE DEEPLY AFFORDABLE IN NEWARK AND SQUARE AND THEY'RE EXCITED ABOUT THIS KIND OF FUND AND I'M SURE YOU KNOW SOME FOLKS ON THE TABLE HERE ARE DEVELOPERS AND COULD SPEAK TO THAT TOO. BUT OUR OUR BIG THING IS WE WANT DEVELOPMENT WITHOUT DISPLACEMENT. WE'RE NOT JUST ABOUT SAYING NO TO EVERYTHING. WE'RE NOT NIMBYS.  WE WANT TO USE PUBLIC LAND FOR PUBLIC GOOD SO WE MAKE SURE THAT'S CLEAR AND I HOPE WE CAN KEEP THOSE SAME GOALS FOR THIS PUBLIC FUND THAT'S COMING UP. THANK YOU. CARRY ON.  OKAY. SO I'M I'M GOING TO GO OFF SCRIPT A LITTLE BIT BUT I WILL COME BACK TO MY REMARKS. I'M DEREK OLIVER ON MAGA, A LIFELONG RESIDENT OF BOSTON. I WAS BORN AND RAISED HERE DEEP ROOTS IN DORCHESTER, ROXBURY, MATTAPAN ALSO THE FOUNDER OF DBM HOUSING PARTNERS A ROXBURY BASED BLACK OWNED FIRM COMMITTED TO CREATING AND PRESERVING INCOME RESTRICTED HOUSING.  I WANT TO SHARE A LITTLE BIT ABOUT MY JOURNEY BECAUSE I THINK IT'S IMPORTANT TO THIS CONVERSATION. MY PARENTS ARE IMMIGRANTS CUBA AND DOMINICAN REPUBLIC THEY ARRIVED HERE, WORKED REALLY HARD, STRUGGLED TO LEARN THE LANGUAGE AND FELL VICTIM TO PREDATORY LENDING IN THE NINETIES WHEN I WAS FOUR THEIR HOUSE ON PIECE FELL RHODE IN DORCHESTER NEAR CODMAN SQUARE WAS FORECLOSED ON AND WE BECAME HOMELESS. PART OF THAT TURMOIL ALSO CAUSED MY PARENTS TO SPLIT AND MY MOM AND I LIVED IN SHELTERS AND MOVED INTO AFFORDABLE HOUSING DUE TO MY MOM'S LIMITED ENGLISH. I ALWAYS PLAYED A ROLE IN ALL OF OUR HOUSING MATTERS AS A TRANSLATOR THAT STARTED KIND OF MY LOVE FOR AFFORDABLE HOUSING BECAUSE THAT CREATED THE STABILITY THAT WE NEEDED FOR ME TO GO TO SCHOOL FOR ME TO ALSO BE ABLE TO HELP MY MOM FEEL STABLE AND IMPROVE HER MENTAL HEALTH AS WELL.  KNOWING SO MUCH ABOUT AFFORDABLE HOUSING, I APPLIED FOR IT AS SOON AS I TURNED 18 AND WHEN I TURNED 19 I WAS ABLE TO GET MY FIRST APARTMENT AND UPTON'S CORNER ON MONADNOCK STREET. I WORKED IN HOUSING AS SOON AS I TURN 19 AND I'VE CLIMBED UP THE LADDER, WORKED IN ALL DIFFERENT TYPES OF FIELDS IN AFFORDABLE HOUSING, PROPERTY MANAGEMENT, CASE MANAGEMENT AND RECENTLY YOU ALL KNOW I'M AN I'M A DEVELOPER BUT I THINK THAT PART OF MY JOURNEY WOULD NOT BE POSSIBLE IF IT WERE NOT FOR AFFORDABLE HOUSING.  I LIVED IN EAST BOSTON FOR ALMOST SEVEN YEARS AS AN ADULT AND WHEN I WAS READY TO TRANSITION FROM AFFORDABLE HOUSING IN 2015 IT WAS REALLY HARD THEN FOR ME TO FIND A HOME TO BUY. WE SPENT A YEAR LOOKING FOR A HOME TO BUY.  I STILL HAVE ALL OF THE SHEETS FROM ALL THE OPEN HOUSES THAT WE WENT TO OVER 90 IN THE COURSE OF A YEAR BECAUSE I WAS COMMITTED TO STAYING IN BOSTON SO WE WENT TO OVER 90 OPEN HOUSES IN A COURSE OF A YEAR AND I WAS READY TO GIVE UP AND GO TO BROCKTON BUT WE GOT AN OFFER ACCEPTED IN MATTAPAN AND I SAY ALL THAT TO SAY THAT I HAVE NOW DEDICATED MY LIFE TO MAKING HOMEOWNERSHIP A POSSIBILITY FOR OTHER RESIDENTS IN BOSTON AND BOSTON ALMOST LOST ME SO I'LL GO BACK TO MY COMMENTS JUST A FEW WEEKS AGO I SAT BEFORE YOU TO ADVOCATE FOR PRIORITIZING THE USE OF MUNICIPAL SCHOOLS AND BUILDINGS FOR AFFORDABLE HOUSING. I EMPHASIZED THEN THAT WE MUST USE EVERY TOOL IN OUR TOOLBOX TO ADDRESS OUR HOUSING CRISIS.  THIS APPROACH IS MORE CRUCIAL THAN EVER GIVEN THE RECENT PRESIDENTIAL ELECTION OUTCOME. OUR CITY MUST RELY ON SOMETHING OTHER THAN THE FEDERAL GOVERNMENT ESPECIALLY WHEN IT COMES TO AFFORDABLE HOMEOWNERSHIP. HUD HAS LONG NEGLECTED AFFORDABLE HOMEOWNERSHIP LEAVING THE BURDEN ON STATE AND LOCAL GOVERNMENTS. WE NEED TO THINK CREATIVELY AND STRATEGICALLY TO COME BACK TO THE DISPLACEMENT THAT WE'RE FACING. THE CITY'S BOSTON HOUSING STRATEGY 2025 IDENTIFIES EXPANDING ECONOMIC OPPORTUNITIES FOR BIPOC BUSINESSES THROUGH REAL ESTATE DEVELOPMENT PROCESS AS A CRITICAL OBJECTIVE.  THIS FUND COULD BE A CRUCIAL RESOURCE FOR LOCAL BIPOC DEVELOPERS LIKE MYSELF WHO FACE CHALLENGES IN BUILDING A PIPELINE DUE TO LIMITED ACCESS TO TRADITIONAL CONSTRUCTION.  FURTHERMORE, AFFORDABLE HOMEOWNERSHIP DEVELOPERS IN BOSTON'S TO SECURE CONSTRUCTION FINANCING DUE TO PERCEIVED RISKS ONLY A FEW LENDERS ARE WILLING TO PROVIDE LOANS AND MOST ONLY FINANCE UP TO 80% OF LOAN TO VALUE FORCING DEVELOPERS TO COVER THE REMAINING GAP. ACCESS TO LOW COST CONSTRUCTION FINANCING THROUGH THIS FUND WILL EMPOWER NEW EMERGING BIPOC DEVELOPERS TO BUILD MORE UNITS MORE EFFICIENTLY.  UPCOMING EFFORTS TO REDEVELOP PUBLIC HOUSING SITES PRESENTS A UNIQUE OPPORTUNITY TO REBUILD EXISTING RENTAL HOUSING AND INCLUDE AFFORDABLE HOUSING OPTIONS. IT IS CRITICAL FOR AFFORDABLE RENTERS TO LIVE IN DIVERSE NEIGHBORHOODS WHERE THEY CAN MOVE UP THE ECONOMIC LADDER AND REMAIN IN PLACE INCLUDING BOTH AFFORDABLE HOMEOWNERSHIP AND MARKET RATE. RENTAL IS AS VITAL TO ACHIEVING THIS GOAL. HOWEVER MANY LARGE SCALE AFFORDABLE HOUSING DEVELOPERS ARE RELUCTANT TO INCLUDE HOMEOWNERSHIP IN THEIR PROGRAMS DESPITE BEING ALLOWED TO INCLUDE MARKET RATE HOUSING AND IN SOME CASES COMMERCIAL AND RETAIL SPACES. LEVERAGING THIS FUND TO INCENTIVIZE LARGE SCALE DEVELOPERS TO INCORPORATE HOMEOWNERSHIP WHEN REDEVELOPING PUBLICLY OWNED LAND IS ESSENTIAL. WE HAVE ALREADY MISSED OPPORTUNITIES AT LIKE WHITTIER MARY ELLEN MCCORMICK IN CHARLESTOWN.  AS WE EMBARK ON NEW REDEVELOPMENT EFFORTS. WE SHOULD AIM TO ENSURE THAT THESE COMMUNITIES REFLECT THE DIVERSE MAKEUP OF THEIR NEIGHBORHOODS. LET'S NOT MISS ANOTHER CHANCE TO ADDRESS OUR HOUSING CRISIS MORE HOLISTICALLY. CONTRARY TO POPULAR BELIEF, MANY HARD WORKING FAMILIES LIVE IN PUBLIC AND PRIVATE OWNED AFFORDABLE RENTAL COMMUNITIES. JUST THIS WEEK OUR AFFORDABLE OUR AFFIRMATIVE MARKETING WORK THROUGH DVM HOUSING PARTNERS QUALIFIED A FAMILY OF FIVE FOR DEED RESTRICTED HOMEOWNERSHIP OPPORTUNITY IN JAMAICA PLAIN.  THIS FAMILY A MARRIED COUPLE WITH TWO CHILDREN AND A GRANDPARENT CURRENTLY LIVES IN AN AFFORDABLE RENTAL HOUSING IN ROXBURY OWNED BY URBAN EDGE. DESPITE THE FATHER WORKING TWO JOBS AND THE MOTHER WORKING A FULL TIME JOB, THEY CANNOT AFFORD TO BUY A HOME IN BOSTON WHILE CARING FOR THEIR CHILDREN AND DISABLED MOTHER. ALTHOUGH OUR TEAM ASSURES THEM THAT HOMEOWNERSHIP IS WITHIN THEIR REACH, THEY STRUGGLE TO BELIEVE IT.  THEIR STORY UNDERSCORES THE IMPORTANCE OF CREATING DIVERSE A DIVERSE HOUSING SUPPLY THAT ALLOWS WORKING CLASS FAMILIES TO TRANSITION FROM AFFORDABLE RENTAL HOUSING TO HOMEOWNERSHIP ,EMPOWERING AFFORDABLE RENTERS TO MOVE TOWARDS HOMEOWNERSHIP FREES UP EXISTING HOUSING STOCK FOR OTHER FAMILIES IN GREATER NEED MAKING THIS A WIN WIN ON ALL ENDS.  IN MY EXPERIENCE, AFFORDABLE HOMEOWNERSHIP IS ONE OF THE FEW TOOLS THAT ENABLES FAMILIES LIKE THIS LIKE THIS ONE TO ACHIEVE STABILITY AND AVOID DISPLACEMENT INCREASING AFFORDABLE HOUSING FUNDING OVERALL IS NOT JUST AN INVESTMENT IN BUILDINGS OR OUR COMMUNITIES FUTURE. IT ALSO PROVIDES THE TO CREATE SUSTAINABLE INCLUSIVE NEIGHBORHOODS WHERE HARD WORKING FAMILIES CAN THRIVE IN PLACE. THANK YOU FOR YOUR TIME AND CONSIDERATION TODAY. THANK YOU, CARLOS.  THANK YOU COUNCILOR WORRELL FOR INVITING ME TODAY. LIKE DANIELA I AM A PRODUCT OF AFFORDABLE HOUSING A LIFELONG BOSTON RESIDENT BORN IN ROXBURY, GREW UP IN DORCHESTER AND OUT OF MISSION HILL PROJECTS. I SUPPORT ANYTHING AND EVERYTHING THAT PROMOTES HOMEOWNERSHIP. I SUPPORT THIS FUND. I SHARE A LOT OF SENTIMENTS THAT YOU HEARD BEFORE ME ABOUT USING PUBLIC LAND TO CREATE MORE AFFORDABLE HOUSING. I'VE WORKED WITH THE CITY ON A NUMBER OF PROJECTS WHERE WE'VE BEEN ABLE TO USE THE ONE MORTGAGE PROGRAM BEFORE IT BECAME THE ONE PLUS IT TURNS OUT ACTUALLY TO DO THE ONE PLUS. WE HAVE A GOAL FOR OUR STAFF INTERNALLY TO HELP EVERYBODY STAY IN BOSTON. USE THE ONE PLUS MORTGAGE TO BE ABLE TO AFFORD TO LIVE IN BOSTON. SO I REALLY SUPPORT THAT. I AM CONSCIOUS OF THE AMOUNT OF RENTALS WHILE I'M A BIG PROPONENT OF AFFORDABLE HOUSING AND THE PUBLIC SECTOR, THE PRIVATE SECTOR WORKING TOGETHER AND PUBLICLY AGAINST ANYTHING AND EVERYTHING THAT HAS TO DO WITH RENT CONTROL OR ANYTHING THAT ALLUDES THAT I THINK THAT WE ON THE PUBLIC SIDE NEED DO EVERYTHING WE CAN TO PROMOTE ALSO ON THE PRIVATE SIDE MORE OPPORTUNITIES FOR BUILDING SO THAT WE HAVE MORE SUPPLY BECAUSE THE DEMAND IS THERE. AND ALSO HOMEOWNERSHIP I THINK IS THE KEY TO STABILIZE NEIGHBORHOODS.  I THINK IT'S THE KEY TO WEALTH GENERATION EVEN WITH THE 5%. I'VE SEEN IT HOW IT WORKS IN THE LAST THE FIRST PROJECT THAT WE DID WHERE THEY HAVE A DEED RESTRICTION. I'VE SEEN THE NUMBERS. I SEE WHERE THEY ARE SEVEN OR EIGHT YEARS LATER AND WHERE THEY LIVE IN BOSTON AND I REALLY THINK THAT THAT HOME OR ANY HOME LIKE THAT THAT'S GOING TO STAY AFFORDABLE IN THE CITY OF BOSTON EVEN IF A RESTRICTION IS IMPORTANT.  I HEAR THE ARGUMENTS ABOUT GENERATIONAL WEALTH BUT AT THE SAME TIME THAT'S WHAT THE PRIVATE MARKET IS FOR AND I THINK IF YOU CAN GET FOLKS IN TO AFFORDABLE HOME OWNERSHIP OF HOMES AND THEY CAN BUILD SOME EQUITY AND YOU HEARD FROM MAHER THAT 5% IS SIMILAR TO WHAT THE PRIVATE MARKET ALSO INCREASES. SO IT'S NOT LIKE WE'RE THAT FAR OFF AND I THINK WE NEED TO DO MORE TO BRIDGE PUBLIC AND PRIVATE TO REALLY MAKE BOSTON THE GREAT CITY THAT IT IS AND AS I HEAR ALL THE CHALLENGES THAT WE'RE HAVING HERE AND I LOOK AT ALL OF THE FOLKS THAT WE HAVE ON COUNCIL IN GOVERNMENT HERE, IT BOTHERS ME WHEN IN SEPTEMBER ONLY 82 PERMITS ARE PULLED FOR CONSTRUCTION. IT BOTHERS ME WHEN THERE'S A DISCONNECT WITH THE AMOUNT OF BRAINPOWER THAT WE HAVE HERE WITH THE AMOUNT OF HEARTS THAT WE HAVE HERE TO REALLY KIND OF MOVE IN THE SAME DIRECTION AND WE CAN'T FIGURE IT OUT. AND I THINK FIGURING OUT THAT DISCONNECT ON THE PUBLIC SIDE WHICH I THINK SHOULD BE AIDING AND PROMOTING AND DOING MORE HEARINGS LIKE THIS AND CREATING MORE FUNDS LIKE THIS TO PROMOTE HOME OWNERSHIP IS OUR RESPONSIBILITY SO THAT ON THE PRIVATE SIDE WE CAN DO WHAT WE DO TO PROMOTE THAT I CAN ASSURE YOU IF YOU GUYS HAD A LIST OF ONE MORTGAGE PLUS APPLICANTS THAT COULD AFFORD I THINK WAS AT EARLIER $585,000 EVEN A NUMBER LIKE THAT YOU YOU YOU BETTER BELIEVE THAT A BUNCH OF PRIVATE DEVELOPERS WILL START TURNING TRIPLE DECKERS INTO CONDOS TWO OR THREE BEDROOMS, YOU KNOW, 1200 SQUARE FEET OR SO TO BE ABLE TO MEET THAT DEMAND IF YOU HAD A POOL OF BUYERS.  I THINK YOU MENTIONED A COUPLE OF TIMES BECAUSE OF THE AMOUNT OF DEMAND IN THE SHORT SUPPLY IT'S FOR PEOPLE'S OFFERS TO GET ACCEPTED BUT CREATING A BRAND WITH THE ONE MORTGAGE PLUS THAT THEY'RE ALREADY PRE-APPROVED IT'S SO SOLID WHEN YOU SEE THAT PRE-APPROVAL IT'S ALMOST AS GOOD AS YOU KNOW, A COMMITMENT LETTER THAT THAT KIND OF MOVES FOLKS THAT ARE IN THAT PROGRAM FURTHER AHEAD IF YOU'RE A BROKER REALTOR AND YOU SEE THAT YOU'RE GOING TO SAY WELL, I KNOW THIS ONE'S, YOU KNOW, ALREADY APPROVED LIKE YOU KNOW, I WOULD RECOMMEND TO MYSELF TO TAKE THIS ONE BECAUSE THE ONE PLUS MORTGAGE HAS BUILT THIS BRAND WITH THE BACKING OF THE CITY TO REALLY BE ABLE TO MOVE FORWARD. SO I THINK IF WE WE HAVE ALL THE BRAINPOWER WE HAVE ACCESS TO A LOT OF TOOLS. BUT I DO FEEL THAT THERE IS A DISCONNECT. YOU KNOW, I DON'T KNOW WHERE WE CAN HOLD SOMEONE ACCOUNTABLE TO MAKE SURE THAT THERE ISN'T A DISCONNECT BUT I THINK SOMEBODY NEEDS TO KIND OF RISE WITHIN COUNCIL WITHIN THE CITY TO REALLY SAY HEY, YOU KNOW, WE HAVE PUBLIC AND PRIVATE WANTING TO INCREASE THE AMOUNT OF SUPPLY TO MEET THIS DEMAND. WHERE'S THE DISCONNECT? WHAT'S YOU KNOW, WHAT'S BEING HELD UP AT BP? WHAT'S BEING HELD UP I TO MYSELF WHAT'S THE PAPER THE BUREAUCRACY THAT'S NOT ALLOWING FOR FOR THERE TO BE 8000 PERMITS FILED AS SEPTEMBER VERSUS 82. AND SO ONCE WE FIGURE THAT OUT AND WE REALLY HAVE A DIALOG BETWEEN THE PUBLIC AND PRIVATE, WE CAN MEET THE DEMANDS OF OUR COMMUNITY. THANK YOU, JIM. THANK YOU. THANK YOU FOR THE TIME HERE.  AGAIN, JIM GROSSMAN HERE ON BEHALF OF RICE TOGETHER TODAY.  RICE TOGETHER IS A BLACK OWNED DEVELOPMENT FIRM BASED IN DORCHESTER, FOUR YEARS YOUNG OWNED BY HERBIE DUVENAGE AND MYSELF FOCUSED PRIMARILY ON MID-SIZE RESIDENTIAL DEVELOPMENT OVER THE LAST FOUR YEARS. FIRST OFF, LET ME THANK COUNCILOR AROUND THE COUNCILORS ,THE MAYOR, HER TEAM AND THE PLANNING DEPARTMENT FOR FOCUSING ON THIS. YOU KNOW, WE'RE NOT GOING TO GENERATE THE CHANGE WE NEED IN THE MARKETPLACE WITHOUT LEADERSHIP AND SO I AM GRATEFUL FOR YOUR LEADERSHIP. I THINK YOU'LL SEE THIS REOCCURRING THEME ON THE PANEL TODAY. BUT I'M A LIFELONG BOSTON RESIDENT. SPENT FIRST PART OF MY LIFE IN BOSTON SO THE COUNCIL GABRIELLA GRABBED ME OFF IN THE HALLWAY MAKING CONNECTION.  I NOW LIVE IN DORCHESTER BUT HAVE BEEN AND ALSO GREW UP IN A DEVELOPMENT AT ORANGE HEIGHTS AND SO I KNOW THE IMPACTS OF HOUSING AND AFFORDABLE HOUSING AND WHAT IT CAN HAVE ON A PERSON AND IT REALLY SPURRED ME INTO THIS CAREER HERE. FOR MY PART AS PART OF THIS EXERCISE COUNCIL , ERROL AND HIS TEAM REACHED OUT TO ME TO KIND OF MODEL THE MATH BEHIND THESE DIFFERENT SCENARIOS. COULD WE MAKE AFFORDABLE HOUSING WORK WITH SOME INVESTMENT FROM THE CITY AND HOW DID THAT AFFECT THE ECONOMICS? SO COULD WE CREATE A VIABLE ECONOMIC MODEL THAT IN IN THE PRIVATE MARKETS COULD THEN GET BUILT AND WHAT WERE THE SUBSIDIES REQUIRED BY THAT? AND SO I'M HERE TODAY TO SPEAK ON BEHALF OF THAT HUMAN STORY. BUT THE MATH BEHIND THAT CREATES THAT HUMAN STORY. AND SO THAT'S MY PART HERE TODAY.  THANK YOU, MICHAEL. RIGHT. THANK YOU, COUNCILOR . THANKS FOR HAVING ME . TODAY IS AN A PANEL.  I'M MICHAEL CAINE FROM THE MASTER ALLIANCE OF HUD TENANTS LIVE IN JAMAICA PLAIN. I'VE BEEN AN ACTIVISTS IN THE HOUSING SPHERES SINCE THE EARLY SEVENTIES IN BOSTON IN THE SEVENTIES I WAS INVOLVED IN BUILDING TENT CITY THE THROUGH THE CAMPAIGN THAT GOT IT BUILT AS AFFORDABLE MIXED INCOME HOUSING AT A PRIME LAND SITE WHEN LOTS OF GLOBAL RECOGNITION AND IT WAS 75% AFFORDABLE 20 43% FOR EXTREMELY LOW INCOME,  30% FOR MODERATE INCOME AND THE REST WAS MARKET THE MARKET UNITS SUBSIDIZE THE MODERATE AND WOULD COME BACK TO THAT MODEL LATER WE FORGED THE SINDHI AGREEMENT THE SALE OF SIX REMAINING BOROUGH LAND PARCELS AGAIN PUBLIC LAND THAT WAS SOLD AT ONE THIRD FOR A VERY LOW INCOME, ONE THIRD MODERATE AND ONE THIRD MARKET. IT'S THE SAME IT WAS LATER THAT'S THE FORMULA THAT WAS ADOPTED BY THE CURRENT ADMINISTRATION FOR THIS ROXBOROUGH FOOD PARCELS IT'S THE SAME MODEL SO IT'S A MINIMUM FOR LOW AND EXTREMELY LOW INCOME A MINIMUM OF MODERATE MAXIMUM OF ONE THIRD MARKET. BUT THERE'S SOME PRINCIPLES FROM THAT THAT COULD BE USEFUL . THIS IMPORTANT INITIATIVE WE STRONGLY SUPPORT PROPOSAL TO BUILD ON THE MAYOR'S PROPOSAL FOR PUBLIC FUNDS TO BUILD DEVELOP AFFORDABLE HOUSING BY INCREASING IT BY 50 MILLION FOR AFFORDABLE HOMEOWNERSHIP IT CAN BE BOTH AND IT CAN BE BOTH AND AND IT'S THAT WE HAVE A GOLDEN OPPORTUNITY WITH ALL THE PUBLIC LAND PARCELS THAT HAVE BEEN RECOGNIZED BY THE CITY IN THE BOSTON FOUNDATION IN THE CITY TO REALLY BUILD THOUSANDS OF AFFORDABLE MIXED INCOME HOUSING UNDER SOCIAL OWNERSHIP . LOU FINN FOR MENTIONED THE FAIR CLOTH FUND THAT'S ENOUGH TO BUILD 3000 UNITS OF PUBLIC HOUSING SUBSIDIZED BY THE FEDS UNDER THE FCC CONTRACT BETWEEN THE VHA AND AND HUD EVEN WITH THE CURRENT ADMINISTRATION SO THAT IF YOU DO USE THAT AS A SOURCE FOR THE LOW INCOME COMPONENT ALONG WITH SUBSIDY SET ASIDES YOU CAN GET TO LIKE 10,000 UNITS OF OF PREDOMINANTLY AFFORDABLE MIXED INCOME HOUSING INCLUDING AFFORDABLE HOMEOWNERSHIP.  THERE'S NO REASON WHY WE CAN'T DO THAT IN THE NEXT SEVERAL YEARS.  SO WE HAVE AN OPPORTUNITY TO BUILD 100 TENT CITIES IF YOU WILL, OR 30 OR 40 IN THE IN THE ACROSS THE CITY.  THE PRINCIPLES FROM THAT WHICH WE WOULD ENCOURAGE THE COUNCIL TO CONSIDER TO ATTACH TO THIS PUBLIC FUND AND THIS IS IMPORTANT IT'S NOT ENOUGH TO JUST HAVE THE SET ASIDE. WE NEED TO HAVE PRINCIPLES ATTACHED TO IT.  ONE IS TO PROMOTE DIVERSITY IN FAIR HOUSING.  IT'S VERY IMPORTANT THAT THE HOUSING IN THIS BUILD IS ACCESSIBLE TO A WIDE RANGE OF INCOMES ABILITIES AND AND TENURE TYPES.  SECONDLY, PUBLIC LAND RESTRICTING IT TYING IT IN WITH PUBLIC LAND BECAUSE THAT LOWERS THE COST OF PRODUCTION, PUBLIC FINANCING WHEREVER POSSIBLE.  THIS FUND IS A FORM OF PUBLIC FINANCING BUT IT CAN BE MATCHED WITH THE STATE FUND, THE MOMENTUM FUND AND THE $50 MILLION PILOT PROGRAM ACCOUNTS THAT REPRESENTATIVE COLLEAGUE ADDED TO THE GOVERNOR RESPONSIBILITY.  SO $50 MILLION SOCIAL HOUSING FUND ON TOP OF THE MOMENTUM FUND THAT COULD BE TIED IN WITH YOUR PROPOSAL HERE PUBLIC FINANCING WHICH WOULD INCLUDE THIS FUND AND OTHER RESOURCES SUCH AS MASS HOUSING FUNDS OF STATE AND CITY GRANTS AND LOANS.  THE FREE CASH FUND IS CRITICAL BUT THERE ARE OTHER SOURCES THAT ARE OUT THERE FOR BELOW MARKET FINANCING THE NOW THE IMPORTANT THING THOUGH IS IS MEETING THE ACTUAL NEEDS IN THE CITY AND IF YOU LOOK AT WE DID AN ANALYSIS OF THE HOUSING THAT WAS BUILT BETWEEN 2014 AND 2021 IN BOSTON THERE WERE 13,000 NEW LUXURY HIGH RISE UNITS BUT ONLY 770 WERE ACTUALLY AFFORDABLE TO EXTREMELY LOW INCOME PEOPLE.  THE 21,000 PEOPLE THAT ARE IDENTIFIED IN THE MAYOR'S HOUSING REPORT THAT WILL NEED HOUSING BY 2030. SO THERE'S A REAL DISCONNECT. THIS IS WHAT THEY WERE ACTUALLY BUILDING AND THIS IS FOR THE MARKET, THE LUXURY MARKET OF MANY OF WHICH ARE VACANT. YOU KNOW, GO AND LOOK AT THE SOUTH, THE SEAPORT, LOOK UP AND LOOK AT ALL THE VACANT YOU KNOW, THE BLACKED OUT WINDOWS. A LOT OF THESE UNITS WERE NOT EVEN MARKETABLE BECAUSE THEY'RE BUILT FOR A COMPLETELY DIFFERENT SEGMENT.  AND IT'S YOU KNOW, THE OTHER THING IS THAT THIS TYPE OF HOUSING DRIVES UP COSTS. IT DRIVES UP THE RENTAL COSTS AND THE HOMEOWNERSHIP COSTS ACROSS THE CITY.  IT'S NOT WHAT WE NEED. SO A PRINCIPLE FROM THIS SHOULD BE TO TARGET THESE RESOURCES. THE FUND THAT YOU'RE CREATING THE PUBLIC LAND TO WHAT WE REALLY NEED AND NOT IN THAT DEVELOP THINGS THAT WE DON'T EVEN THE MAYORS CURRENT YOU KNOW PRODUCTION NUMBERS THE OF THE 29,000 UNITS THAT ARE IN THE PIPELINE, ONLY 6000 OF THEM ARE AFFORDABLE TO PEOPLE BELOW 80% OF THE MEDIAN THAT'S ONE IN SIX. WHY ARE WE DOING THAT? WE'RE BUILT WE'RE STILL BUILDING EVEN WITH ALL OF THE NEW STUFF THERE'S ONLY 20% IS ACTUALLY GOING TO BE AFFORDABLE TO LOW AND MODERATE INCOME PEOPLE. THE REST IS NOT WHY ARE WE DOING THAT? WHY ARE WE USING SCARCE RESOURCES FOR THAT MARKET? SO WE WOULD SUGGEST THAT WE JUST RESTRICT ALL OF THESE RESOURCES AND TARGET THEM TO WHAT THE CITY REALLY NEEDS AND THAT DOES INCLUDE EXTREMELY LOW INCOME RENTAL HOUSING. IT CAN BE DONE WITH THE FARE CLOTH MONEY AND SO THE SIZE OF FEDERAL CITY AND STATE SUBSIDIES IT CAN BE DONE AND THAT SUGGESTS WE SHOULD EITHER STOP THE LUXURY STUFF OR SLOW WALK IT TO ALLOW FOR WHAT WE REALLY NEED.  ONE OF THE BYPRODUCTS OF THAT WILL BE IT SHOULD BE TO LOWER CONSTRUCTION COSTS ONE OF THE REASONS THAT CONSTRUCTION COSTS ARE SO HIGH IS THAT WE'RE BUILDING FOR A LUXURY MARKET AND A COMMERCIAL COMMERCIAL DEVELOPMENT WHICH IS OVERBUILT NOW LIKE THE LAB SPACE OF MARKET AND THAT WAS EATING UP THE CONSTRUCTION INDUSTRY RIGHT THAT DROVE UP WAGES. THAT'S ONE OF THE REASONS WHY CONSTRUCTION IS SO EXPENSIVE BY TARGETING THE RESOURCES TO WHAT WE REALLY NEED THAT SHOULD REDUCE SOME OF THE CONSTRUCTION COSTS PER UNIT CONSTRUCTION COST. SO THAT'S A FACTOR ON THE HOME OWNERSHIP PROPOSAL.  A FEW POINTS ONE IS THAT YOU CAN IN PRINCIPLE MIX NOT ONLY INCOME BUT TENURE. YOU CAN HAVE MULTI-UNIT BUILDINGS THAT INCLUDE RENTAL AND HOME OWNERSHIP IN THE SAME BUILDING. VIENNA HAS BEEN DOING THAT NOW FOR SEVERAL YEARS.  THEY OF COURSE HAVE A VERY PROGRESSIVE SOCIAL HOUSING MARKET IS TWO THIRDS OF THE CITY IS SOCIAL HOUSING PUBLIC OR NOT WHAT WE WOULD CALL NON PROFIT THEY CALL IT COOPERATIVE IN THEIR RECENT STUFF THEY HAVE ALSO WORKED IN OWNERSHIP UNITS IN MIXED INCOME MULTI UNIT BUILDINGS. THAT IS SOMETHING THAT COULD BE DONE HERE AS WELL.  THERE WAS A THERE WAS AN ARTICLE JUST THE OTHER DAY OF A BUILDING THAT COMBINED PUBLIC HOUSING WITH HOME OWNERSHIP UNITS.  SO SO THAT IS SOMETHING THAT COULD BE CONSIDERED THE TARGETING OF SECTION EIGHT VOUCHERS TO THE RANGE OF INCOME INCOME PEOPLE WHICH IS PROBABLY 70 TO 80%. IT'S NOT GOING TO WORK BECAUSE OF THE COSTS INVOLVED AND THE INTEREST RATES IT'S NOT GOING TO WORK FOR EXTREMELY LOW INCOME PEOPLE TO BUY IS AS YOU KNOW BUT IT CAN WORK FOR PEOPLE IN SAY THE UPPER RANGE OF SECTION EIGHT BY GIVING PEOPLE SECTION EIGHT SUBSIDIES THEY CAN USE THAT FEDERAL MONEY TO BUILD THEIR EQUITY RIGHT AND USE IT USE IT TO BUILD UP THEIR EQUITY EVEN IF THEY'RE SELLING AT AN INCOME RESTRICTED LEVEL.  THAT IS SOMETHING THAT WE CAN TAP INTO FOR THAT SLICE OF WORKING CLASS PEOPLE THAT CAN AFFORD AND DESERVE OWNERSHIP.  I THINK OH THE OTHER THING TO SUGGEST IS THAT THERE IS A MORE MORTGAGE PROGRAM THAT THE NEIGHBORHOOD ASSISTANCE CORPORATION OF AMERICA NAC DOES WHICH IS A ZERO DOWN PAYMENT ZERO DOWN PAYMENT FOR WORKING CLASS HOMEBUYERS HAS BEEN VERY SUCCESSFUL AROUND THE COUNTRY. WE KNOW THE COUNCIL MAY WANT TO TALK TO NAC AND WORK THAT PROGRAM INTO THIS HOMEOWNERSHIP TARGETING PROGRAM. SO ANOTHER WAY TO LOWER THE COSTS SO THOSE ARE THE SUGGESTIONS I WANTED TO THROW OUT BUT WE STRONGLY SUPPORT THE IDEA OF DOING BOTH AND AFFORDABLE RENTAL AND HOME AFFORDABLE HOMEOWNERSHIP. THANK YOU THINK THE PANEL FOR THEIR WEALTH OF KNOWLEDGE IN THEIR TESTIMONY NOW GO TO MY COUNCIL COLLEAGUES FOR QUESTIONS STARTING WITH MY CO-SPONSOR COUNCILOR HERE. THAT'S RIGHT. YOU BETTER LET EVERYBODY KNOW I'M YOUR CO-SPONSOR. IN FACT, THE REASON MANY OF YOU ARE HERE IS BECAUSE I SAID THE ONLY WAY I'M GOING TO THROW MY NAME BEHIND ANYTHING IS IF I HEAR FROM FOLKS WHO I KNOW I'VE WORKED WITH OUT IN THE STREETS RELIABLE VOICES THAT UNDERSTAND WHAT THIS MOMENT IS ALL ABOUT AND THE TENSION THAT EXISTS IN REGARDS TO DEVELOPMENT HERE IN THE CITY OF BOSTON. SO I DID TALK TO MET AND MANY OF YOU RECEIVED AN INVITE BECAUSE I SAID I'M ONLY SHOWING UP IF THOSE INVITES GO OUT. SO I WANT TO THANK YOU ALL FOR BEING HERE AND ANSWERING THE CALL AND LETTING YOU ALL KNOW THAT YOU ARE THE VOICE THAT REALLY THIS MOMENT IS CALLING FOR BECAUSE THE ADMINISTRATION NEEDS TO UNDERSTAND WHAT THIS LOOKS LIKE FROM A PLACE OF PRACTICE AND FROM A PLACE OF ORGANIZING.  AND I THINK THAT THE POLITICAL WORLD NEEDS TO BE THERE. AND SO I REALLY DO APPRECIATE EACH OF THE PERSPECTIVES THAT YOU BROUGHT TO THE TABLE. ONE OF THE THINGS THAT I DISCUSSED WITH THE ADMINISTRATION PANEL WAS HERE A FEW WEEKS AGO AND I'M GOING TO ASK YOU ALL SINCE YOU'RE HERE IS A LOT OF THESE IDEAS SOUND REALLY GOOD IN PRACTICE AND YOU KNOW, WE HAVE ALL OF THESE GRANDIOSE SORT OF , YOU KNOW, THINGS THAT WE PUT ON PAPER BUT FOR DEVELOPERS OF COLOR IN PARTICULAR I LOVE TO HEAR YOU ALL TALK ABOUT WHAT GUARDRAILS WE WOULD NEED TO PUT INTO PLACE TO ENSURE THAT IF WE'RE GOING TO BUILD I MEAN TO CREATE OPPORTUNITIES FOR DEVELOPMENT TO HAPPEN THAT WE ARE THINKING WITH A EQUITY LENS AND THAT WE ARE THINKING ABOUT DEVELOPERS OF COLOR IN PARTICULAR AND HOW DO YOU ALL GET A SLICE OF THAT PIE BECAUSE I KNOW THAT USUALLY THINGS GO TO THE LOWEST BIDDER. I KNOW HOW THAT GAMES WORKS AND I KNOW THAT WE'VE BEEN WORKING THROUGH OUR PROCUREMENT TO FIX THAT. BUT I'M JUST CURIOUS WHAT ELSE CAN WE THINK OF AS WE MOVE THIS THROUGH THE PROCESS? WHAT ARE SOME OF THE THINGS THAT WE NEED TO FIGHT FOR THAT WILL CREATE MORE PATHWAYS AND OPPORTUNITIES FOR DEVELOPERS OF COLOR TO HAVE A CHANCE AT AT THIS?  SO I DON'T HAVE THOSE.  THE SHORT ANSWER I THINK THAT THE CITY AND THE STATE IN THE LAST FOUR MODEL I THINK THERE'S A LOT OF PUSH FOR INCLUSION BUT I WOULD SAY THAT IT HAS TO BE MORE THAN JUST BEING AT THE TABLE AND MORE THAN JUST PUSHING FOR INCLUSION. YOU ACTUALLY HAVE TO HAVE A REAL EQUITABLE STAKE IN ANY OF THESE PROJECTS. YOU HAVE TO REALLY HAVE A SAY.  YOU HAVE TO REALLY BE SEEN AND RESPECTED AS PART OF , YOU KNOW, AN EQUAL. YOU KNOW, I THINK A LOT OF PEOPLE END UP BEING FACES TO CHECK THE BOX, YOU KNOW, FOR LACK OF BETTER WORDS AND IF YOU'RE IF YOU'RE DOING THAT, YOU KNOW YOU'RE DOING A DISSERVICE TO THE WHOLE POINT OF THIS. RIGHT. AND SO SO I YOU KNOW, I CAUTION YOU KNOW, DEVELOPERS OF COLOR THAT IF YOU ARE GETTING ACCESS TO A CERTAIN OPPORTUNITY OR A BIG PROJECT OR SOMETHING THAT YOU ALSO ARE TRANSPARENT ABOUT WHAT EXPERIENCE YOU HAVE, WHAT YOU NEED TO LEARN AND WHEN YOU GET TO THAT TABLE THAT YOU ARE AT THAT TABLE YOU'RE NOT JUST HEARING OR BEING OR RECEIVING INFORMATION YOU GET YOU'RE A PART OF IT, YOU'RE PART OF PROBLEM SOLVING, YOU'RE LEARNING AND THE GOAL ALREADY I THINK OF ANY OF THOSE BIGGER DEVELOPERS OR THOSE BIGGER PROJECTS THAT INCLUDE SMALLER DEVELOPERS IS TO MAKE SURE THAT THOSE SMALLER DEVELOPERS BECOME THE BIGGER DEVELOPERS RIGHT?  AND SO I THINK THAT NEEDS TO BE CLEAR. I DON'T THINK IT'S ABOUT YOU KNOW WE HAVE A MINORITY PARTNER, WE CHECK THAT BOX.  IT'S ABOUT OKAY HOW DOES HOW ARE YOU SETTING UP THAT MINORITY OF THE DEVELOPER TO NOT NEED TO PARTNER WITH YOU BUT TO BE RIGHT? AND SO I THINK THAT NEEDS TO BE REALLY DEFINED IN TERMS OF GUIDELINES THAT YOU MENTIONED WHEN YOU WERE SPEAKING WHAT KIND OF GUIDELINES BECAUSE A LOT OF GREAT IDEAS HAVE BEEN THROWN OUT HERE AND REPRESENTED. YOU KNOW, BOEHNER ACTUALLY REPRESENTED ROXBURY. I WOULD SAY THAT ROXBURY HAS ABOUT 80% SOME FORM OF SUBSIDIZED HOUSING. SO WHILE WE HAVE A LOT OF PUBLIC LAND LIKE THESE WATER SEWER LOTS AND OTHER THINGS AND THERE'S A PUSH FOR MORE AFFORDABLE AFFORDABLE HOUSING, THINK ABOUT THE FACT THAT WE HAVE ALREADY SOME SORT OF AFFORDABLE HOUSING AT A LEVEL OF 80% THAT MEANS, YOU KNOW, YOU HAVE AFFORDABLE HOUSING MONEY WHICH IS A CHECK ONCE A MONTH AND THEN A SECOND KICKER AND THAT YOU KNOW, IS OF NO BENEFIT TO THE MERCHANT COMMUNITY. IT'S A SMALL BUSINESS DEVELOPER. WE LOOK AT NUBIAN SQUARE, LOOK AT THE SEAPORT DISTRICT AND SO WHILE WE WANT TO PUSH TO USE PUBLIC LAND TO CREATE MORE AFFORDABLE HOUSING GUIDELINES NEED TO BE OKAY, WHERE IS IT ALL? WHY IS IT ALL IN ROXBURY RIGHT ? YOU KNOW AND SO YOU KNOW AND DIFFERENT MODELS ARE THROWN OUT, YOU KNOW, LIKE WE HEARD FROM DIFFERENT FOLKS HERE WHICH ARE ALL GREAT IDEAS AND SOME COULD BE SUCCESSFUL IN OTHER PARTS OF THE COUNTRY AND WE CAN DIFFER ON WHAT WORKS. YOU KNOW, LIKE DOES YOU KNOW DOES AFFORDABLE RENT ON AFFORDABLE HOUSING RENTAL OUT MAYBE THERE'S A LENDER THAT'LL DO IT AND IT MIGHT WORK TYPICALLY WE DON'T SEE THAT WE SEE ONE OR THE OTHER BECAUSE IT'S JUST CLEANER THE FINANCE BECAUSE IT'S HARD ENOUGH TO GET THOSE PROJECTS FINANCED ANYWAYS SO YOU KNOW ARE THERE MODELS THAT ARE ONE OFFS AND THAT DO EXIST?  YEAH BUT WE'RE LOOKING FOR HOW DO WE CREATE SOMETHING THAT IS SUSTAINABLE THAT YOU KNOW THAT CAN BE THAT CAN REALLY BE IMPACTFUL IF WE'RE GOING TO GROW THE CITY TO 700,000.  RIGHT RIGHT, RIGHT AND I DO I REALLY IS THAT MY TIME?  YEAH. WOW. WELL WELL, I'M GOING TO ASK ONE MORE QUESTION. THANK YOU FOR THAT.  I AM CURIOUS THOUGH BECAUSE WE HEAR A LOT ABOUT ROXBURY AND WE ALSO KNOW THAT SINCE COVID WE'VE HAD A SIGNIFICANT DECREASE IN BLACK RESIDENTS,  RIGHT? SO WE HAVE LOST A SIGNIFICANT AMOUNT OF BLACK FOLKS THAT ARE LIVING HERE IN THE CITY OF BOSTON. AND SO THIS IS ONE OF THE OTHER REASONS WHY, YOU KNOW, I'VE SIGNED ON AS A SPONSOR FOR THIS PARTICULAR FUND BECAUSE I DO SEE IT AS A WAY TO STABILIZE COMMUNITIES. SO WE ALMOST LOST YOU.  CAN YOU TALK TO US A LITTLE BIT ABOUT HOW THIS COULD BE A PATHWAY TO KEEP BOSTON RESIDENTS IN BOSTON? YEAH, WELL I THINK THAT A LOT OF THE SO WHEN I WANT TO GO TO YOUR FIRST QUESTION AND I'LL COME BACK TO THIS ONE I THINK THAT WE A LOT OF THE SMALLER PARCELS THAT THE CITY HAS PUT OUT ALONG BLUE HILL AVE AND THROUGH THE WELCOME HOME INITIATIVE HAVE BEEN TARGETED TO 100% AFFORDABLE DEVELOPMENT ENDS AND THAT HAS CREATED A WAVE OF BIPOC DEVELOPERS THAT ARE WILLING TO STEP UP AND BUILD BECAUSE A LOT OF OUR OTHER DEVELOPERS THAT ARE WELL-KNOWN IN THE CITY ARE NOT WILLING TO DO THOSE PROJECTS BECAUSE THERE JUST ISN'T THAT LEVEL OF LONG TERM LIKE THERE ISN'T THE LEVEL OF LONG TERM INVESTMENT IN REAL ESTATE THAT THE RENTAL MARKET CREATES. SO I THINK JUST BY FOCUSING ON AFFORDABLE HOMEOWNERSHIP ALONE, RIGHT, I'M A GREAT YOU KNOW,  I'M AN ADVOCATE FOR AFFORDABLE HOMEOWNERSHIP ALL THE WAY AROUND AND I WOULD LIKE FOR THE 50 MILLION TO BE DIRECTED TOWARDS HOMEOWNERSHIP SPECIFICALLY BECAUSE I DO THINK THAT THERE ARE THERE WILL BE CERTAIN TYPES OF DEVELOPERS THAT WILL NOT WANT TO PARTICIPATE. RIGHT. I THINK A LOT OF DEVELOPERS SEE RENTAL AS THE ULTIMATE GOAL. SO I THINK THAT TO BIPOC DEVELOPERS THAT ARE HOMEGROWN DEVELOPERS UNDERSTAND THE IMPORTANCE OF AFFORDABLE HOMEOWNERSHIP AND ARE MORE LIKELY TO STEP UP TO THE TABLE TO DO THIS. SO I THINK JUST BY THE PROCESS WE WILL RISE UP BECAUSE WE'RE WILLING TO JUST TAKE THE FEE BASED ON WE WERE WILLING TO BE FEET FEE BASED DEVELOPERS FOR THE IMPACT THAT IT'S GOING TO CREATE.  I THINK MY ON YOUR SECOND POINT I THINK THAT WE ARE WE'RE CURRENTLY USING ALL THE TOOLS THAT WE HAVE IN THE TOOLBOX FOR AFFORDABLE HOMEOWNERSHIP. SO WE'RE PARTNERING WITH THE CITY OF BOSTON FOR DOWN PAYMENT ASSISTANCE. FOLKS ARE USING THE ONE PLUS BOSTON WE'RE GOING TO MA FOR STASH.  SO WE ARE WE ARE SEEING FOLKS WITH AS LOW INCOME AS $44,000 A YEAR BUYING AFFORDABLE HOMEOWNERSHIP CONDOS FROM US. THAT'S THOSE FOLKS WOULD NEVER STAND A CHANCE IN THE OPEN MARKET. RIGHT. SO THOSE ARE THE PEOPLE THAT I'M INTERESTED IN REACHING FOLKS THAT AREN'T EVEN GOING TO OPEN HOUSES BECAUSE THEY FEEL THAT THEY'RE TOTALLY BOXED OUT . SO THOSE FOLKS ARE THE FOLKS THAT ARE MOST AT RISK OF DISPLACEMENT BECAUSE THEY'RE AT THE MERCY OF THE RENTAL MARKET IF THEY'RE NOT IN AFFORDABLE RENTAL UNITS.  SO FOR US IT'S REALLY ABOUT CREATE AFFORDABLE HOMEOWNERSHIP. WHAT WE'RE SEEING AT LEAST IN THE PROJECTS THAT WE'RE INVOLVED IN IS A LOT OF OUR FOLKS ARE NOT THIS WASN'T EVEN IN THEIR PURVIEW. THEY KIND OF FILLED OUT THE APPLICATION JUST TO SEE WHAT HAPPENS, RIGHT? THEY NEVER THOUGHT IT WAS REAL LIKE WE'RE ACTUALLY HAVING TO SIT PEOPLE DOWN AND CONVINCE THEM THAT LIKE YOU'RE AT THE TOP OF THE LIST LIKE WE'RE IN WE NEED TO INCOME QUALIFIED THE FAMILY I SPOKE ABOUT THEY'RE LIKE ARE YOU SURE? LIKE ARE YOU FOR REAL? LIKE YOU KNOW LIKE SO SO THAT'S THOSE ARE THE PEOPLE THAT WE CAN TARGET IF WE BUILD AFFORDABLE HOMEOWNERSHIP. WE'RE NOT WE'RE NOT TALKING ABOUT FOLKS THAT MAKE 100 FOR YOU KNOW, 200 K 180.  WE'RE TARGETING PEOPLE AS LOW AS 50 K A YEAR BUYING ONE BEDROOMS IN ROXBURY FOR THAT TYPE OF COUNSELOR. THE FLOOR IS YOURS.  THANK YOU, CHAIR.  SO I GUESS I WONDER IF THE OTHER PANELISTS HAVE ANY THOUGHTS ON YOU KNOW WE'RE TALKING ABOUT BUILDING THESE UNITS WHERE YOU KNOW, SHOULD WE BE THINKING ABOUT WHERE THEY'RE GOING AND HOW SHOULD WE HOW WE SHOULD BE THINKING ABOUT THAT?  OKAY. WELL THAT'S WHERE FAIR HOUSING COMES IN CONSIDERATION.  THE LOCATION SHOULD BE BASED ON AN ANALYSIS OF THE NEIGHBORHOOD AND WHAT'S THERE NOW AND WHAT THE MARKET TRENDS ARE AND TO TRY TO OFFSET THAT BY LOCATING NEW MIXED INCOME AND RACIALLY DIVERSE HOUSING TO OFFSET THAT THAT CAN BE DONE. THE CURRENT FAIR HOUSING PROCESS IS A TOOL TO DO THAT.  I WOULD LIKE TO ADD SOMETHING THOUGH TO THE PRIOR COUNSELOR'S QUESTION IF I COULD ABOUT SURE . OWNERSHIP IT'S VERY IMPORTANT THAT THE DEVELOPMENT ENTITY BE SOCIAL A SOCIAL ENTITY WHEREVER POSSIBLE SUCH AS A NEIGHBORHOOD BASED DEVELOPMENT NONPROFIT LIKE THE DUDLEY STREET NEIGHBORHOOD INITIATIVE, CODMAN SQUARE, MADISON PARK, ETC. IT COULD ALSO BE A LAND TRUST. IT COULD ALSO BE A CO-OP DEVELOPING AS THE ENTITY PEOPLE MAY WANT TO PARTNER WITH A FOR PROFIT PARTNER TO ACHIEVE CERTAIN ENDS.  BUT IT WOULD BE A MISTAKE TO INCLUDE FOR PROFIT EQUITY PARTNERS WITH THE NONPROFIT BECAUSE THEY WILL ALWAYS HAVE THEY OR THEIR DESCENDANTS WILL HAVE AN INTEREST IN MAXIMIZING PROFIT AT SOME POINT. SO THE PRINCIPLE OF SOCIAL OWNERSHIP OF THE DEVELOPMENT FUNCTION AND THE OWNERSHIP FUNCTION LONG TERM SHOULD BE WORKED INTO THIS INITIATIVE.  OKAY.  THANK YOU. AND I GUESS I'M SORRY FOR DARIA. I COULD JUST EXPLAIN LIKE HOW THIS WOULD WORK, YOU KNOW, FROM FROM THE DEVELOPERS STANDPOINT, YOU KNOW WHERE THE YEAH. HOW MUCH MONEY WOULD BE NEEDED YOU KNOW AND AND WHERE WHERE THE DEVELOPER MAKES MONEY I'M ASSUMING THE DEVELOPER MAKES SOME MONEY AND HOW THAT HOW THAT ACTUALLY PLAYS OUT. YEAH. SO TO YOUR FIRST QUESTION, COUNCILOR WEBER I THINK WE SHOULD BE DOING IT WHEREVER THERE'S PUBLIC LAND AVAILABLE THAT IS BEING DEPOSED IN THE CITY WE HAVE A HOUSING CRISIS IN FRONT OF US AND IT'S NOT JUST IN CERTAIN PARTS OF THE CITY. I THINK IT'S AFFECTING ALL PARTS OF THE CITY SO WE SHOULD BE TRYING TO DO THIS WHEREVER PUBLIC LAND IS BEING DISPOSED OF AND SO THAT WAS YOUR FIRST JUST IDEA ON THAT QUESTION. I MEAN MY I WASN'T TRYING TO SUGGEST ANYTHING IS SHOULD WE EVEN CARE WHERE IT GOES OR DO WE JUST TAKE EVERY OPPORTUNITY WE CAN WHEREVER THE WE CAN GET IT? SO YEAH, I THINK EVERY OPPORTUNITY THAT WE CAN WE SHOULD BE TAKING IT JUST BASED ON THE NUMBERS THAT WERE SHARED IN TERMS OF THE NUMBER OF MARKET RATE UNITS THAT ARE PERMITTED VERSUS AFFORDABLE AND OF THOSE AFFORDABLE, I'M CURIOUS TO SEE HOW MANY ARE AFFORDABLE HOMEOWNERSHIP BECAUSE I'M SURE IT'S A LOT LESS RIGHT. SO WHEN IT COMES TO AFFORDABLE HOMEOWNERSHIP I FEEL LIKE WE SHOULD BE DOING IT AND WE SHOULD BE TAKING ADVANTAGE OF PUBLICLY OWNED LAND AND INCLUDING AFFORDABLE HOMEOWNERSHIP AS A REQUIREMENT. RIGHT. I THINK WE WE NEED DIVERSE HOUSING TYPES SO FOLKS CAN MOVE UP THE LADDER AND STAY IN PLACE. SO I'M ADVOCATING FOR THAT TO HAPPEN IN ANY PUBLIC DEPOSE LAND, ANY PUBLIC HOUSING DISPOSITION BECAUSE THAT'S THE WAY THAT WE'RE GOING TO COMBAT THIS HOUSING CRISIS THAT'S IN FRONT OF US IN TERMS OF HOW WE'RE IN TERMS OF THE ECONOMICS. RIGHT. I THINK WE HAVE BEEN DBM HOUSING PARTNERS HAS BEEN WORKING WITH THE CITY CLOSELY ON ALL OUR PROJECTS SO ALL OUR PROJECTS ON OUR ON CITY OWNED LAND WHICH ALLOWS US TO MAKE THE NUMBERS WORK IN TERMS OF CONSTRUCTION COST AND SALES VALUE. SO I'LL TRY TO MAKE IT SIMPLE MATH AND FEEL FREE TO TELL ME WE YOU KNOW IT TAKES US ABOUT $600,000 TO BUILD A UNIT, RIGHT? AND THAT'S IF THERE ARE NO EXTORTION, NO EXTRAORDINARY CIRCUMSTANCES LIKE ENVIRONMENTAL ISSUES, DEMO, ETC. AND THAT ALSO DOESN'T INCLUDE ANY ACQUISITION COSTS. RIGHT? SO THIS IS JUST WHAT IT'S GOING TO TAKE US TO BUILD IT. SALES PRICES FOR AFFORDABLE AVERAGE TO ABOUT 250 K WE TYPICALLY ASKED THE CITY FOR 150 K PER UNIT IN SUBSIDY AND THEN WE GO TO THE STATE FOR THE COMMONWEALTH BUILDER PROGRAM FOR ABOUT 200 K IN SUBSIDY AS WELL. SO THAT'S SORT OF HOW WE MAKE OUT THE COST OF BUILDING THESE UNITS.  THE CITY OF BOSTON HAS A FORMULA RIGHT THAT EQUATES TO ABOUT 10% OF TOTAL DEVELOPMENT COST IS WHAT THE FEE TO THE DEVELOPER IS. SO WE'RE FEE BASED AND IT'S A STRICT FORMULA AND YOU KNOW IF THINGS GO ARRAY IN ANY PROJECT OUR FEE IS AT JEOPARDY RIGHT?  SO THAT IS PART OF WHAT SOMETIMES DISSENT ARISES THE DEVELOPMENT OF AFFORDABLE HOMEOWNERSHIP BECAUSE WE THERE'S JUST A DOLLAR AMOUNT AND IF THINGS GO WRONG IN A PROJECT, IF CONSTRUCTION IS DELAYED, IF SALES DON'T GO AS PLANNED, OUR FEE IS AT RISK AND YOU KNOW, THESE PROJECTS ALREADY TAKE US ABOUT FIVE YEARS TO HAPPEN IN THE BASE IN THE BEST CASE SCENARIO AND WE ARE NOT MAKING OUR FULL FEE UNTIL WE SELL THE LAST UNIT. SO IN A FIVE YEAR SPECTRUM WE'RE NOT SEEING A FEE UNTIL THE END OF A PROJECT. SO YEAH, IF I CAN EXPAND ON THAT A LITTLE BIT TO THE TASK THAT WE RECEIVED FROM COUNCILOR WORRELL WAS TO TAKE A THEORETICAL 94 UNIT DEVELOPMENT SOMEWHERE 100 AND WE ROUNDED UP TO 100 AND SAID LET'S MAKE 20 OF THOSE HOME OWNERSHIP WITHIN THE BUILDING AND 80 OF THEM. SO AN 8020 SPLIT MARKET RATE RENTAL AND LET'S RELY ON THE MOMENTUM FUND AND A VERY SIMILAR FUND FROM THE CITY FOR EQUITY AND WHAT HAPPENS TO THAT MODEL AND WITHIN THAT MODEL THE RENTALS PERFORMED WELL ENOUGH TO MAKE UP THE THE LOSSES WITH THE MINIMAL $50,000 PER UNIT SUBSIDY FOR THOSE 20 UNITS. NOW IT'S IMPORTANT TO UNDERSTAND IN THOSE 20 UNITS WE DID ALL TWO BEDROOMS, TWO BATHS BECAUSE THOSE ARE 344,000.  SO YOU KNOW YOU START TO MIX A LITTLE ONES IN STUDIOS INTO THAT YOU START TO PULL REVENUE OUT OF THAT WHICH PUTS A LITTLE MORE PRESSURE ON THE SUBSIDY TO MAKE UP THE DELTA IT IS IN WHILE HUMAN STORY THAT WAS THE MATHEMATICS BEHIND IT AND SO WHAT WE FOUND THAT WORKED IN THE WORLD OF OF LEVERS TO PULL FOR POLICYMAKERS WHAT I WOULD SHARE WITH THE GROUP IS CONSTRUCTION COSTS ARE ABOUT 65% OF A TOTAL DEVELOPMENT.  LAND COST IS SOMEWHERE AROUND 20 ISH YOU KNOW, SOMETIMES 15, SOMETIMES 22 BUT SOMEWHERE THERE ABOUT COST OF CARRY YOUR INTEREST IS ABOUT SEVEN AND A HALF EIGHT SOMEWHERE IN THAT RANGE AND YOUR SOFT COSTS ARE RIGHT IN THAT RANGE TOO. SO WHILE THE FUND HELPS YOU MITIGATE WHAT IS AN IMPACT TO THAT SEVEN AND A HALF PERCENT COST OF CARRY THAT IS ESSENTIALLY DOUBLED IN THE LAST FOUR YEARS BECAUSE INTEREST RATES ARE ESSENTIALLY DOUBLED FOR CONSTRUCTION LENDING. IT DOESN'T DEAL WITH THE CONSTRUCTION COSTS AND THE CONSTRUCTION COSTS HAVE DOUBLED SINCE 2018 AND THAT IS THE INDUSTRY PROBLEM THAT MAKES THIS HOME OWNERSHIP MODEL AND THAT'S WHY IN A IN WHEN YOU THINK ABOUT THE LEVERS AND YOU TALKED ABOUT IT LEND YOU CAN FIND 20% OF A PROJECT IF YOU CAN GET THE LAND FOR FREE AND THAT'S A GREAT LEVER TO PULL TO HELP LEVERAGE MAYBE NOT ALL AFFORDABLE FOR SALE TYPE OF THING BUT WHAT WE DID BASED ON THE COUNCILOR AND HIS TEAM'S INPUT WAS TO PRESSURE TEST THE ECONOMIC MODEL THAT COULD A MIX OF APARTMENTS AND IN HOMEOWNERSHIP WORK. NOW THE ONE CAVEAT TO THAT IS I DO THINK THERE ARE VERY REAL LOGISTICAL CHALLENGES TO GETTING THAT FINANCING IN THE PRIVATE MARKETPLACE COSTS FOR REAL HAS SOME GREAT EXAMPLES OF WHAT DID WORK AND I THINK THAT'LL NEED SOME ADVOCACY IN THE PRIVATE MARKET IF THAT'S A MODEL THAT THE CITY GETS BEHIND AND BECOMES AN EQUITY PARTNER IN. BUT BUT I JUST WANTED TO SHARE IN THAT THAT THAT'S HOW WE MADE THE MODEL WORK.  YEAH, JUST A QUICK QUICK CAUSE I GET HALF MY INFORMATION FROM PODCASTS THAT I THINK I LISTEN TO A PODCAST WHICH SAID THAT CONSTRUCTION COSTS WERE HIGH IN PART BECAUSE SO MANY CONSTRUCTION COMPANIES WENT OUT OF BUSINESS AND WHEN THE HOUSING CRISIS IN 2007 AND THAT THEY HAD NEVER REALLY COME BACK TO YOU I MEAN IS THERE A CHANCE WE'RE GOING TO GET MORE CONSTRUCTION COMPANIES AND THAT CONSTRUCTION COSTS MIGHT COME DOWN?  SO MY BACKGROUND BEFORE STARTING RISE AND RISE TOGETHER WITH HERBY WAS 21 YEARS AT BOSTON'S LARGEST GENERAL CONTRACTOR. YOU CAN IMAGINE WHO THAT IS.  AND SO MY MY MY ENTIRE CAREER HAS BEEN SPENT GETTING YELLED AT ABOUT CONSTRUCTION COSTS. SO SO I THINK WHAT I WOULD SAY TO THAT IS IT'S REAL ESTATE IS ALWAYS A COMPLEX PROBLEM AND THE THE MIX OF COMPLEX PROBLEMS HAPPENING FROM A CONSTRUCTION COST PERSPECTIVE ARE THIS DURING COVID COSTS ABSOLUTELY WENT THROUGH THE ROOF. LET LET'S SAY FOR THE MOST PART A MULTI-UNIT RESIDENTIAL DEVELOPMENT 50% OF YOUR COST OF MATERIAL, 50% OF LABOR THAT 50% OF MATERIAL COSTS IN 2022 FROM 2020 TO 2022 BECAME CALL IT 75 IT REALLY WENT UP HIGH.  IT HAS SINCE COME BACK DOWN WOOD AND THINGS LIKE THAT HAVE HAVE STABILIZED AND THEN LABOR BECAME REALLY RESTRICTIVE FROM A PRODUCTIVITY PERSPECTIVE AND THEN THAT HAS MULTIPLE VARIANTS . I DON'T THINK IT'S A QUANTITATIVE PROBLEM THAT WE DON'T HAVE ENOUGH WORKERS BUT I THINK IT'S IT'S AN EXPERIENCE LEVEL AND WE'RE PAYING FOR AN EXPERIENCE LEVEL. IT'S A QUALITATIVE A LOT OF THE PEOPLE WHO WERE EXPERIENCED ARE AGING OUT OF THE INDUSTRY AND THERE'S NOT A LOT OF NEW ENTRANTS INTO IT AND SO THAT THAT REALLY DRIVES COST ON THE LABOR SIDE SO THAT OTHER 50% HAS REALLY INCREASED. IT'S NOT WAGES PER SE IN OTHER REGIONS WENT UP NORMALLY IT'S REALLY A PRODUCTIVITY CHALLENGE. WHAT WE SEE IN A BOOK OF BUSINESS WHAT I HAVE SEEN IN MY CAREER AND THAT THAT HISTORICALLY TO GIVE YOU A SENSE 2008 WHICH WAS ESSENTIALLY THE WORST ECONOMIC TIMES FOR THE CONSTRUCTION INDUSTRY HERE IN BOSTON OUR 26 WAS THE HIGHEST ESCALATION WE HAD EVER SEEN AT THE FIRM I WAS AT 2008. YOU HAVE THIS ECONOMIC TUMULT THE COSTS ONLY WENT DOWN 10% AND THEN BY 2011 WE WERE BACK AT 26 COSTS AND I THINK YOU'RE GOING TO SEE A VERY SIMILAR WHEN WE STUDY IN 2024 WE THINK COSTS ARE DOWN 4%, NOT THE 15 THEY NEED TO BE 20. THEY NEED TO BE TO MAKE IT WORK AND I DON'T THINK THAT'S GOING TO COST CORRECT BEYOND THAT.  THANK YOU. THANK YOU. CHAIR CALIBRATING THE FLOOR IS YOURS.  OH, AND I JUST WANTED TO ADD THIS INFORMATION WE HAVE IN TERMS OF AFFORDABLE HOMEOWNERSHIP INVENTORY 3000 EXISTING FOR THE WHOLE CITY OF BOSTON AND IN THE PIPELINE THAT'S PERMITTED AND IMPROVED OUT OF THAT 30,900 AFFORDABLE HOMEOWNERSHIP PERMITTED EXACERBATING THE CLOSURES. THAT'S A MISERABLE RATIO. WHAT IS IT 33,000 EXIST IN AND 900 IN TERMS OF THE 29,000 30,000 HAS BEEN APPROVED AND PERMITTED NINE 929% OF WHAT'S PERMITTED IN THE AFFORDABLE REALM IS HOMEOWNERSHIP THAT NO, I THINK IT'S 93,000 TOTAL. THE 3000 TOTAL RIGHT? IT'S 9000 PERMANENT NO 900 PERMIT BUT OVERALL AFFORDABLE.  HOW MANY ARE WE RIGHT NOW EXISTING INVENTORY IS 3000. 3000. THAT'S 30% RIGHT NOW 3000 OUT OF THE WHOLE INVENTORY. NOT NOT THE 30,000 THAT'S BEEN APPROVED OUT OF THE APPROVED AS PERMITTED IS ONLY 900 THAT AFFORDABLE HOMEOWNERSHIP IS IS 33,000 OR 30,900 RIGHT OUT OF THE 30,000 OKAY THERE'S A THREE TIMES YEAH 3000 IS THE INVENTORY THAT EXISTS IN TODAY. YEAH 3000 EXISTS IN THE CITY TODAY HE JUST STEP IT UP WHICH IS WHY WE'RE HERE.  I'M CURIOUS. YOU KNOW I LOVE THE WAY WE'RE TALKING ABOUT THIS WAY WE MIGHT MAKE THIS WORK AND THE PROVEN EXPERIENCE.  DARIO, THANK YOU FOR YOUR TESTIMONY AND YOU ALSO LIKE WE WE'VE HAD WE'VE HAD DEVELOPMENTS COME ALONG AND BRIGHTON AND THE AG WOULD GET INTO THE MIX AND SAY NO WE WANT IT ALL HOME OWNERSHIP AND MOSTLY MINIMUM MARKET HOMEOWNERSHIP BUT THE THE BUT THEN WE'D WANT WE WANT 15% OR 20% AFFORDABLE OR INCOME RESTRICTED AND THE THE WHOLE THING SOMETIMES THE WHEELS COMPLETELY OFF THE BUS AND THE DEVELOPER GOES AWAY BECAUSE THE SO THEN THEY WOULD SAY NO WE'RE NOT DOING THAT WE DON'T WE JUST DON'T DO HOMEOWNERSHIP WHICH IS WHY THIS RATIO IS SO CRAZY.  WE JUST DON'T DO HOMEOWNERSHIP AND THEN WE SAY WELL LET'S YOU KNOW THEN LET'S TALK ABOUT DOING THE HALF AND HALF OR DOING SOME RATIO LIKE I'D LOVE TO FIGURE OUT HOW YOU CAN GET THAT TO WORK BECAUSE A LOT OF THE TIMES DEVELOPERS SAY NO, WE CAN'T MIX THE TWO. YOU HAVE TO HAVE ONE. WE WON'T DO HOMEOWNERSHIP AT ALL AND WE WE WON'T MIX HOMEOWNERSHIP WITH RENTAL IN A BUILDING SO WHAT'S YOUR EXPERIENCE WITH THAT? SO ONE OR OTHER BOTH. YEAH. YEAH. NO SORRY ABOUT THAT. NO.  SO FROM MY PERSPECTIVE I FELT LIKE THAT WAS THE LARGEST LOGISTICAL CHALLENGE. SO WHILE WE TOOK 80 OF RENTAL AND 20 OF OF FOR SALE THE WORLD OF BOTH LENDING AND INVESTMENT RIGHT OUR SOURCES OF FUNDS COME FROM GENERALLY AT A MARKET RATE A BANK, A LENDER MAYBE 70 65% OF THAT IS IN THE FORM OF A LOAN AND THEN YOU FIND INVESTORS FOR THAT 30 TO 35% THAT REMAINS IN THAT WORLD. THAT GROUP OF PEOPLE ARE VERY CAUTIOUS AROUND VOLATILITY WHAT FEELS LIKE VOLATILITY SO NOW WE'RE TELLING A GROUP OF INVESTORS THAT WE OWN 80% OF THIS BUILDING AND THEN 20 OTHER FAMILIES ON THE REMAINING 20% THAT FEELS LIKE VOLATILITY A LITTLE BIT. AND SO I ALWAYS FELT LIKE IT WOULD BE HARD NOT NOT THE MATHEMATICS OR THE ECONOMICS BEHIND IT TO MAKE IT WORK BUT LOGISTICALLY TO FIND PEOPLE WHO WOULD GET INVOLVED IN THAT. I THINK THE COUNSELOR IN OUR DISCUSSIONS RIGHTFULLY SO, BROUGHT UP SEVERAL PROJECTS WHERE THIS HAS WORKED IN THE PAST AND I THINK THAT'S A MODEL WHERE YOU FIND THOSE LENDERS AND THOSE INVESTORS WHO ARE WILLING TO DO IT AND IF ANYONE ELSE HAS IT THAT MAKE THAT WORK BUT IN IN THE PRIVATE MARKET I ALWAYS THOUGHT THAT WAS THE BIGGEST CHALLENGE AND SO I WANT TO BUT I WANT TO BE VERY CLEAR ECONOMICALLY IT DID WORK.  I JUST FELT LIKE FROM A FROM A KIND OF HOW THEY DO BUSINESS PERSPECTIVE IT WAS A PRETTY BIG CHALLENGE. YEAH AND AND I AGREE I THINK I THINK IT IS A CHALLENGE IN FOR THE TRADITIONAL BANKING WORLD IN GENERAL TO THINK OUTSIDE THE BOX AS AN EMERGING DEVELOPER WE YOU KNOW WE FACE THAT A LOT I THINK ONE ONE OF THE THINGS THAT IT'S GOING TO TAKE FROM THIS GROUP IS ADVOCATE C FROM WITH QUASI PUBLIC AGENCIES AND TRYING TO FIGURE OUT HOW WE FILL THAT GAP. WE DO HAVE EXAMPLES OF PROJECTS WHERE IT'S WORKED IN THE PAST FROM MY OWN EXPERIENCE YOU KNOW WE CAME INTO THE DEVELOPMENT WORLD WITH NO EQUITY, RIGHT? SO WE HAD TO DO THAT ADVOCACY FOR OURSELVES FOR OUR FIRST PROJECTS BECAUSE WE WERE A VERY RISKY LOAN TO MAKE BY A LOT OF TRADITIONAL BANK LENDERS BUT WE HAD QUASI PUBLIC LENDERS AND WE HAD OTHER FOLKS THAT WERE SIGNED UP FOR THIS INITIATIVE THAT THE CITY HAD CREATED TO HELP EMERGING DEVELOPERS AND THEY WERE WILLING TO TAKE THAT RISK ON. BVM SO I THINK IT'S ABOUT THE GROUND WORK THAT'S DONE WITH SOME OF THE LENDERS THAT YOU KNOW THAT WE'RE WORKING WITH NOW IN AFFORDABLE HOUSING TO MAYBE PROVIDE SOME SECURITY WHETHER THAT IS FINANCIAL FINANCIAL SECURITY THROUGH THE FUND. BUT I DO THINK THAT IN ORDER FOR US TO HAVE KIND OF THIS MIXED DIVERSE HOUSING PROGRAM AND WE DO NEED THAT ADVOCACY FROM THE COUNCIL WITH TRADITIONAL BANKING INSTITUTIONS, WE'RE ALSO CURIOUS, YOU KNOW, IN TERMS OF YOU KNOW, HOW MANY AFRICAN IT'S THERE LIVE THIS WAY MORE THERE'S A HUGE AMOUNT OF PENT UP DEMAND HERE LIKE PEOPLE SAY CONDOS LIKE THIS SOUND LIKE KICKS 24 DAYS ON THE MARKET THEY'RE GONE OR IF YOU KNOW IT'S EVEN IN THIS VERY OVERHEATED MARKET SO WHAT SORT OF A DEMAND DO YOU SEE FOR?  YOU JUST GET SOME METRICS BECAUSE IF THE SITE IS NOT ON THE KNOW THERE'S NO MARKET FOR THIS. I GOT TO GO WE GOT TO BE PAYING ATTENTION.  SO I'M HAPPY TO SHARE MORE NUMBERS. I THINK LAST TIME I TESTIFIED SHARED A LITTLE BIT JUST AROUND WHAT WE SAW IN OUR MOST RECENT AFFORDABLE HOMEOWNERSHIP LOTTERY IN JAMAICA PLAIN WE HAVE 45 UNITS AND WE HAD 1041 APPLICATIONS SUBMIT ID THROUGH THE LOTTERY PROCESS. I THINK ONE OF THE THINGS THAT AFFORDABLE HOMEOWNERSHIP THAT'S FUNDED THROUGH THE CITY ONE OF THE SAFEGUARDS THAT WE HAVE IS OUR ABILITY TO GIVE PREFERENCES.  RIGHT? SO JUST THROUGH THE AFFORDABLE HOMEOWNERSHIP FUNDING AND THAT COMING THROUGH THE CITY IT MANDATES FOR THERE TO BE A LOTTERY PROCESS AND THAT'S ONE OF THE THINGS THAT WE DO FOR OUR OWN PROJECTS AND FOR OTHER DEVELOPERS AS WELL EVEN HOUSING PARTNERS. AND I THINK JUST THROUGH THE LOTTERY PROCESS WE'RE ABLE TO TRY TO WE'RE ABLE TO GIVE PREFERENCES TO BOSTON RESIDENTS. WE'RE ABLE TO, YOU KNOW, FOR THE JEE FOR THE PROJECT IN JAMAICA PLAIN WE HAD FIRST GEN PREFERENCE IS FOR FOLKS THAT HAVE NEVER OWNED HOME LIKE WHOSE FAMILY HAS NEVER OWNED HOMES BEFORE. WE ALSO HAD PREFERENCES FOR FOLKS THAT WERE IN THE SECTION EIGHT VOUCHER PROGRAM. SO THERE'S WAYS THAT WE CAN SET UP THE LOTTERIES THAT WILL THEY WILL TARGET THE FOLKS THAT WE'RE LIKE THE NEED THAT WE'RE TRYING TO MEET THROUGH THROUGH THE FUND. THANK YOU.  THAT'S ALL I HAD. YEAH. AND THANK YOU FOR BRINGING THAT UP. GARY BECAUSE I FEEL LIKE THE LOTTERY IS LIKE ONE OF OUR BEST KEPT SECRETS AND TOOLS THAT YOU KNOW, WHEN WE'RE BUILDING AFFORDABLE HOMEOWNERSHIP WE CAN BE INTENTIONAL MIND WE WERE TARGETING CATHOLIC COLLETTE TO PART OF THE FLORIDA LAWS.  THANK YOU CHAIR AND THANK YOU FOR YOUR YOUR COMMENTS.  THANK YOU JIM FOR SOLVING THAT ISSUE FOR ME BUT HE'S A MONSTER SO HAPPY YOU'RE HERE.  THIS IS ALL JUST FASCINATING. I MEAN ON ANY GIVEN DAY WE HAVE DOZENS OF DIFFERENT TOPICS THAT WE HAVE TO DIVE IN TO BECOME EXPERTS ON SOMEHOW A MILE WIDE AND DEEP. I THINK AFFORDABLE HOUSING FINANCES CERTAINLY ONE OF THEM. AND SO ANY OPPORTUNITY TO JUST BECOME MORE EDUCATED IS IS AMAZING. SO THANK YOU SO MUCH FOR BEING SO OPEN AND HONEST ABOUT WHAT IT MIGHT LOOK LIKE ON THE BACK END AND YOUR BOOKS AND COUNCILOR WEBER ASKED MY QUESTION ABOUT LIKE OPERATIONALLY AND IN TERMS OF YOUR BUDGET WHAT IT MIGHT LOOK LIKE ON YOUR END IF WE CAN DIG DEEPER INTO THAT THAT WOULD BE USEFUL FOR ME IN THIS CONVERSATION BECAUSE WE KNOW WHAT THE THE OTHER FUND THAT WAS ANNOUNCED MIGHT BE ABLE TO DO THROUGH VHA BUT CURIOUS TO UNDERSTAND HOW THIS MIGHT ACTUALLY WORK FOR YOU AND FOR THE CITY.  AND SO WE HAD TALKED ABOUT 600 K FOR A UNIT. THERE WAS AN I'M SORRY I'M GOING FROM MY NOTES I'M JUST LOOKING FOR FLAHERTY AND JUST MAYBE REPEATING WHAT YOU SAID SO THAT I HAVE IT AND I CAN SYNTHESIZE IT CORRECTLY BEFORE I ASK MY NEXT QUESTION. SO $600,000 FOR A UNIT WITHOUT THE DEMO AND ENVIRONMENT THE SALE OF IT OF AN AFFORDABLE UNIT IS 200 TO 250 AND YOU ASKED FOR $150,000 FROM A CITY FOR SUBSIDY.  RIGHT? AND THEN YOU GO TO THE STATE FOR COMMONWEALTH BUILDER FOR $250,000 AND THEN SUBSIDIES AND THOSE COSTS DO NOT INCLUDE ANY ACQUISITION COSTS. RIGHT. SO WE'RE STRICTLY WORKING WITH US MLH LAND DISPOSITION PROJECTS SO WE'RE ABLE TO OBTAIN THE LAND FOR A NOMINAL FEE AND SO THE GOAL WITH THIS FUND IS TO IS TO NOT JUST PROVIDE A SUBSIDY BUT ALSO HAVE SOME SORT OF INVESTMENT STAKE INTO IT. I GUESS WHAT WOULD IF THE CITY WERE TO DO THAT ON ON YOUR END WHAT WOULD THAT WHAT WOULD THAT LOOK LIKE IN TERMS OF PAYING THAT BACK TO US IF WE DECIDE TO MOVE FORWARD WITH THIS FUND? YEAH, I THINK COUNCILOR RAUL AND I TALKED ABOUT THIS AND I THINK ONE OF THE CHALLENGES WITH AFFORDABLE FULLY AFFORDABLE HOMEOWNERSHIP PROJECTS WHICH IS TYPICALLY WHAT WE WORK ON RIGHT. ALL OUR PROJECTS ARE 100% AFFORDABLE HOMEOWNERSHIP PROJECTS AND THAT REQUIRES FOR A SUBSIDY THAT COMES IN TO EITHER BE GRANTS OR NO INTEREST BEARING LOANS BECAUSE WE CAN'T PASS DOWN THAT BURDEN TO FUTURE HOME OWNERS. I THINK ONE OF THE WAYS IN WHICH I SEE THIS FUND HELPING US AS DEVELOPERS IS SORT OF THAT PROVIDING SORT OF LOW INTEREST BRIDGE LOANS THAT WHEN WE DO AFFORDABLE HOMEOWNERSHIP AS I MENTIONED DURING MY REMARKS, IT'S REALLY HARD TO GET LENDERS TO THE TABLE AND IF THEY DO COME THE TABLE THEY'RE REALLY WILLING TO PARTICIPATE AT A LOW LOAN TO VALUE WHICH THEN MEANS THAT WE HAVE TO CARRY LIKE 20% OF OUR TOTAL CONSTRUCTION COST EITHER THROUGH OUTSIDE FINANCING OR THROUGH OUR OWN.  IF THE FUND WAS ABLE TO STEP IN AND PROVIDE THAT BRIDGE FINANCE AT BELOW MARKET RATES, I THINK THAT WOULD BE TREMENDOUSLY HELPFUL FOR US ESPECIALLY BIPOC DEVELOPERS THAT ARE TRYING TO BUILD THE PIPELINE, TYING UP OUR TYING UP OUR FUNDS AND BRIDGING CURRENT PROJECTS STOPS US FROM BEING ABLE TO PURSUE OTHERS AND IF I CAN SO IN OUR MODEL WHERE WE WERE 80% RENTAL AND 20% HOMEOWNERSHIP IN THAT MODEL IN THAT MODEL WE HAD 70% OF DEBT OPERATING AS IT DOES FROM A CONSTRUCTION PERSPECTIVE THAT'S ABOUT A 10% LOAN THESE DAYS THAT HAS DOUBLED. LIKE I MENTIONED OVER THE LAST FOUR YEARS AND THEN 30% OF PRIVATE CAPITAL BY HAVING AND AGAIN WITHIN OUR MODEL WE HAD MOMENTUM FUND AND A PORTION OF THIS WHAT THAT A ALLOWED WAS 25 ESSENTIALLY A QUARTER OF THAT 30% WAS NOW NOT TAKING A RETURN.  IT'S ESSENTIALLY AT TREASURY PLUS ONE IS WHAT WE PUT INTO THE MODEL. SO IT'S A VERY LOW RETURN FROM FROM AN INVESTMENT PERSPECTIVE. SO THE REMAIN ING EQUITY WE NEEDED TO RAISE TO FACILITATE THAT JOB COULD NOW MAKE MORE SO I MIGHT ADD SO THAT IT ESSENTIALLY MADE UP FOR A LOSS OF REVENUE BY SELLING THE HOMES AT A DISCOUNT.  BUT THERE WAS AN INVESTOR INSIDE OF THE DEAL WILLING TO MAKE LESS WHO HAPPEN TO BE GOVERNMENT. SO YOU HAD TO REPAY THAT INVESTMENT WITH A VERY SMALL RETURN WHICH ALLOWED THE REMAINING INVESTMENT TO BE COMMERCIAL VIABLE AND ATTRACTIVE TO AN INVESTOR AND THAT WAS THE LEVER THAT WAS PULLED WITH INSIDE OF THAT MODEL AND I EXPLAINED THAT OKAY, YOU DID OKAY. WELL I GO BACK AND WATCH IT TWICE TO ACTUALLY FOLLOW YOU. YES I WILL. SO I APPRECIATE THAT AND I THINK IT'S IT IS HELPFUL AND IT DOES PROVIDE THAT THAT PICTURE . AND SO I WOULD RELY ON A ON A FUTURE MOMENTUM FUND WHICH IS RENTAL RIGHT.  AND THEN COMMONWEALTH BUILDER WHICH IS HOME OWNERSHIP AND YOU'RE SAYING THAT THAT TOGETHER WOULD ACT AS THE BRIDGE AND MINIMIZE THE AMOUNT OF SUBSIDIES THAT WERE REQUIRED. WE LANDED SOMEWHERE AROUND 50,000 PER UNIT FOR THOSE THOSE 20 UNITS. OKAY. I THINK I MEAN I MISSED THE LAST CONVERSATION WITH THE ADMINISTRATION BEING HERE AND WE'VE BEEN TALKING ABOUT THIS QUITE A BIT. I'VE BEEN TALKING ABOUT THIS WITH KENSI EXCUSE ME ADMINISTRATOR BOK AND IN MY AGE AS FOLKS KNOW THE THE PROPOSED ACCELERATED FUND IS TO HELP FINANCE A PROJECT IN CHARLESTOWN WHICH IS THE LARGEST HOUSING DEVELOPMENT IN NEW ENGLAND.  IT HAS HOUSES THOUSANDS OF RESIDENTS. IT'S BEEN EIGHT YEARS OF ONGOING NEGOTIATIONS. IF YOU GO THERE AND YOU KNOCK ON THOSE DOORS YOU WILL SEE THAT THE CONDITION OF THOSE HOMES ARE DEPLORABLE AND THOSE FOLKS DESERVE DIGNIFIED HOUSING. AND SO RIGHT NOW IT IS ALMOST I WOULDN'T EVEN SAY ALMOST COMPLETED BUT IT NEEDS ABOUT HALFWAY I'M OUT OF WORK AND WE RISK LOSING BUILDING ENOUGH IF WE DON'T MOVE FORWARD TO SECURE THE BANK.  THE BANKS PROMISE I DON'T KNOW WHAT THAT TECHNICALLY IS CALLED AND SO MY MY HOPE IS TO NOT TIE THESE FUNDS TO THAT FUND JUST BECAUSE IT WILL HAVE REAL IMPLICATIONS ON MY DISTRICT AND MY RESIDENTS. AND SO I JUST WANT TO SAY PUBLICLY IN FULL SUPPORT OF COUNCILOR WORLD VISION I THINK TRYING TO FIGURE OUT HOW WE UNDERWRITE ON THE CITY SIDE IS GOING TO BE KEY. HOW DO HOW DO WE DO THAT? DO WE PUT OUT AN RFP AND SO THERE'S SOME OF THESE TECHNICAL QUESTIONS THAT I THINK STILL NEED TO BE ANSWERED BUT I DO IN THEORY SUPPORT THIS AS LONG AS IT DOESN'T COME AT THE EXPENSE OF MUCH. ALSO ON RESIDENTS. THANK YOU. THANK YOU CATHOLIC LEADER AND THE CITY THEY WORKED WITH BPA AND THE CITY DOES DO SOME UNDERWRITING ALREADY AND MOST SO YEAH YEAH THEY DO BUT I'M SAYING LIKE THEY DO DO UNDERWRITING MINIMUM WAGE SO IT'S JUST BUILDING THE CAPACITY AND THE INFRASTRUCTURE TO DO A LITTLE BIT MORE FOR YOU KNOW A DEMAND IN A A CAUSE THAT'S THAT'S YOU KNOW AS WE SEE IS NEEDED.  I DO HAVE A FEW QUESTIONS AND I THINK THIS IS KIND OF GOING BACK TO CASA COLETTA ZAPATA'S QUESTION AROUND FINANCING IS DOES THIS ALSO WORK? JIM AND I LOVE THE FACT THAT,  YOU KNOW, WE BOTH HAVE A PRIVATE DEVELOPER, AN AFFORDABLE HOMEOWNERSHIP DEVELOPER HERE AND IT WORKS FOR BOTH, RIGHT? SO I THINK THAT'S KIND OF LIKE JUST SPEAKING TO THE MODEL AND THE FUND BEING ABLE TO WORK IN BOTH REALMS.  BUT JIM, DOES THIS ALSO WORK FOR LIKE A 100% HOMEOWNERSHIP PROJECT? IT'S A GREAT CALL. IT'S A GREAT QUESTION. SORRY , BUT THERE ARE AGAIN INPUTS THAT GO INTO THIS. SO WHAT I WOULD SHARE WITH WITH THE COUNCIL AND WELCOME OTHER BOARD MEMBERS, YOU HAVE TO RECOGNIZE THAT ESSENTIALLY THIS INVESTMENT FROM THE CITY IS HELPING OVERCOME WHAT IS A HIGHER INTEREST RATE OUT IN THE MARKETPLACE AND SO WHEN YOU THINK ABOUT JOB TYPE A VERY LARGE PROJECT TAKES MORE TIME TO BUILD. SO THAT IMPACT THAT MIGHT BE 7% OF OF COST OF CARRY COULD BECOME 15 ON A LARGER PROJECT.  SO WHEN YOU THINK ABOUT EFFECTIVENESS OF BEING A HOMEOWNERSHIP, I WOULD REALLY ENCOURAGE THE POLICYMAKERS IN THE TEAM TO THINK ABOUT SMALLER I THINK WOULD DO TWO THINGS ONE MINIMIZE THE IMPACT OF THAT HIGHER INTEREST RATE WHICH MEANS THAT YOUR INVESTMENT WOULD A MUCH BIGGER IMPACT AND YOU COULD RECYCLE THAT INVESTMENT MUCH FASTER. AND HOW MANY HOW MANY YEARS CAN YOU RECYCLE THAT INVEST SO AND AGAIN THAT ALL IF WE'RE IF WE'RE BUILDING 200 UNITS YOU KNOW YOU AS AN INVESTOR THE CITY AS AN INVESTOR WILL BE WAITING FOUR OR FIVE YEARS FOR YOUR MONEY BACK AS OPPOSED TO A RENTAL AS A RENTAL YOU MIGHT BE SEVEN YEARS FOR A REFINING IT'S 5 TO 7 YEARS. SO IT'S A IT'S AROUND THE SAME TIME FRAME AND I KNOW KENZIE COMMISSIONER KENZIE TALKED A LITTLE BIT ABOUT THAT LAST TIME BUT BUT FROM AN ALL HOMEOWNERSHIP PERSPECTIVE IF YOU WERE DOING THREE UNITS YOU COULD DO BUT THREE OF THOSE PROJECTS IN THE SAME TIME THAT 150 UNITS WOULD TAKE AND YOU COULD RECYCLE YOUR MONEY THREE TIMES THROUGH YOUR INVESTMENT AND SO YOU JUST HAVE TO THINK ABOUT THAT WHILE WE WE TESTED A MIXED MODEL TO GO OUT TO THE MARKET AND SAY TO DEVELOPERS IF YOU'RE DOING 150 UNIT A 200 UNIT, COULD YOU MAKE THIS WORK ? I ALSO THINK THAT THERE IS A PATHWAY MUCH LIKE YOUR BUSINESS WHICH IS TO DO ALL HOMEOWNERSHIP AT AN ALL AFFORDABLE RATE, USE THIS LEVER AND DO IT MANY MORE TIMES TO ACTUALLY MIGHT PRODUCE A BETTER INCOME OUTCOME. SORRY . SO I WOULD SAY YOU COULD DO THAT BUT YOU WOULD NEED FAR MORE IN A IN A IN LARGER PROJECT WE WOULD HAVE TO TAP IN FAR MORE SUBSIDIES ALMOST VERY MUCH LIKE THE MODEL YOU'RE BUILDING TO TODAY TO MAKE THAT WORK.  AND SO I THINK THE SMALL AT A BETTER IN IN HERE'S WHY I SAY THAT BECAUSE I THINK I DO KNOW THAT THE OFFICE OF HOUSING INNOVATION IS LOOKING AT OFFSITE CONSTRUCTION I THINK THAT IS GOING TO BE A WAVE THAT HITS HITS US AND GETS US RIGHT. QUALITY MATTERS IN THAT CONVERSATION AND I HEARD YOU TALKING ABOUT THAT A LITTLE BIT EARLIER AND I THINK WHEN YOU LOOK AT SMALLER AND BEING ABLE TO PRODUCE HOMES IN SIX MONTHS AND TURN THEM OVER THE U.S. INVESTOR, THE CITY AS AN INVESTOR WILL HAVE A MUCH BIGGER OPPORTUNITY TO CREATE MORE HOUSING AND DO IT ALL AFFORDABLE AND YOU KNOW, I'M GOING TO MAKE THIS UP IN A THREE FAMILY THAT YOU TURN OVER VERY QUICKLY AND DO FIVE OF THOSE WITH AN EMERGING DEVELOPER A YEAR AS OPPOSED TO ONE BIGGER COMMERCIAL DEVELOPMENT AT 200 UNITS WHERE YOU MIGHT GET 30 THAT ARE HOME OWNERSHIP AND GOING THROUGH THE LOGISTICS OF MAKING THAT WORK AND THEN OH NO AND I WOULD SAY I AGREE TO THAT AND I THINK ALSO THE SOCIAL BENEFIT IN TERMS OF HAVING SMALLER NEIGHBORHOOD BASED DEVELOPERS BE ABLE TO BE MORE ACTIVE IN THE AFFORDABLE HOMEOWNERSHIP SPACE HAS VALUE IN TERMS OF THE WORKFORCE THAT THEY EMPLOY AND ALSO THE WEALTH BUILDING OPPORTUNITY FOR THAT DEVELOPER AS WELL.  SO I THINK THERE'S WIN WINS ALL AROUND WHEN WE FOCUS ON SMALLER NOT NECESSARILY BIGGER RIGHT? NO AND I LOVE THAT IT'S THE RIPPLE EFFECT UP UNTIL YOU JUST SPOKE ABOUT TIME THE WHOLE TIME I WAS SITTING HERE HOW LONG I SAW THIS TAKE.  SO IF WHAT YOU SUGGESTED FOR THE SMALLER PROJECT TO SPEED THINGS UP THEN WE ADDRESSED THE CRISIS SOONER RIGHT.  BUT THE FUN AND THE ACCESS TO THE FUN HOW YOU STRUCTURE THAT FOR THE PRIVATE SECTOR APPROACH. IF I WERE THINKING HOW LONG IS IT GOING TO TAKE AND BY THE TIME THEY GO THROUGH ALL THEIR APPROVALS AND SEEKING FUNDING FROM TO GET FUNDING FROM THERE ON THE PRIVATE SIDE WITH TRADITIONAL YOU KNOW NOT QUASI ORGANIZATIONS AS WE'RE NOT REALLY WE MIGHT FIND SOME QUASI BANKS AND WE MIGHT CHANGE YOU KNOW SOME THAT ARE THAT HAVE A VISION TO KIND OF PARTICIPATE BUT FOR THE MOST PART THEY'RE CONSERVATIVE. SO WE'RE NOT GOING TO CHANGE THAT, YOU KNOW, INSTITUTION SO HOW DO WE WORK WITH THAT? HOW DOES THAT FUND FACILITATE AND ATTRACT PRIVATE DEVELOPERS TO LET'S SAY LET'S GO GANGBUSTERS AND BUILD WITH THAT BECAUSE ON EVERY LOT THAT WE CAN FIND AND I THINK HOW WE ADDRESS THAT HOW WE GET THAT PERMITTED AND THE SPEED OF IT IT'S HOW WE'RE GOING TO ADDRESS HOUSING CRISIS BECAUSE EVERYTHING THAT'S JUST PUBLIC TAKES FOREVER, RIGHT? WHICH IS SUCH A TURNOFF FOR US ROCK AND ROLL AND OTHER THINGS WHILE PEOPLE ARE WAITING AND IT DOESN'T THAT'S HOW THIS GAP HAS GOTTEN SO BIG, RIGHT? YEAH. NOW I WOULD LOVE TO KIND OF HEAR, YOU KNOW, THE TIMELINE WHEN IT COMES TO FINANCING SO THAT WE'RE NOT ONLY COMPETITIVE IN TERMS OF INTEREST RATE BUT ALSO TIMELINE AND GET INTO FINDING OUT WHERE INVESTMENTS OUT MEAN.  I DO HAVE A QUESTION FOR YOU. YOU TALK ABOUT DISPLACEMENT OF ROXBURY YOU HAVE TO FEND THAT OFF AND THEN HOW DO YOU SEE AFFORDABLE HOUSING UNITS IN ROXBURY TO HELP, YOU KNOW, ROXBURY RESIDENTS? YEAH, I CAN TALK ABOUT THAT. EARLIER I TALKED ABOUT HOW YOU KNOW, THROUGH OUR ADVOCACY WE'RE ABLE TO ESSENTIALLY SECURE DTI STANDARDS FAIR HOUSING STANDARDS, GOOD JOBS AND EQUITABLE CONTRACTING IN OUR PIECE WITH PUBLIC LAND. AND I JUST WAS PUT OUT SOME NUMBERS I CAN LIKE SHARE MORE IT'S IT'S LIKE 1668 TOTAL WITH 68% AFFORDABLE AND THEN THERE ARE 582 UNITS OF AFFORDABLE HOMEOWNERSHIP WITH YEAH SO THAT'S YOU KNOW 32% SO THAT'S NOT A SMALL NUMBER IT'S JUST THAT THOSE UNITS HAVEN'T BEEN BUILT YET THEY'RE IN THE PIPELINE. SO THIS TYPE OF FUND YOU KNOW THOSE DEVELOPERS WOULD PROBABLY BE LOOKING TOWARDS THIS HAVE A FINE I HAVE SPOKEN TO A FEW LIKE URBANEK PERSONALLY THEY'RE NOT NECESSARILY WAITING ON LIKE CAPITAL TO MOVE THE PROJECT LONGER ACTUALLY HAVING ISSUES BETWEEN THE DIFFERENT STATE AGENCIES IN THE IN IN THAT SITUATION AND SO YOU KNOW I GUESS WE HAD RECONTRACTING WE'VE BEEN LOOKING AT FOR A LONG THAT TRYING TO CHANGE THE WAY DEVELOPMENT HAPPENS MAKING COMMUNITIES DEVELOPMENT AFFORDABLE HOUSING DEVELOP OR RATHER THE COMMUNITY FOCUS ON DEVELOPMENT TOWARDS AFFORDABLE HOUSING IS AND SO WHEN WE SEE THE CITY GOING THROUGH THE LIKE ARTICLE 80 ACTION PLAN CHANGES WHERE THEY'RE TRYING TO SPEED UP DEVELOPMENT AND PROVIDE WORK LIKE COORDINATION THAT'S LIKE A GOOD IT'S SOMETHING THAT WE'RE CAUTIOUSLY OPTIMISTIC BECAUSE WE'RE LIKE OKAY, THEY'RE TRYING TO MAKE THIS MORE COORDINATED BUT WE ALSO WORRY THAT IN THAT IS SPEEDING THINGS UP THAT WE WON'T INCLUDE COMMUNITY VOICE IN IT AND COMMUNITY VOICE IS WHAT LED US TO HIM TO INTERJECT AND THEN MAYOR WALSH'S EFFORTS TO DEVELOP, YOU KNOW, OVER 40 ACRES OF PUBLIC LAND I THINK THE ORIGINAL GOAL IS JUST, YOU KNOW, 30% AFFORDABLE WHICH IS THE IDP STANDARD.  AND WE CAME AND SAID NO, WE NEED A THIRD, THIRD, A THIRD. SO I GUESS I SAY OVER TO SAY TO YOUR QUESTION OF LIKE WHAT WE'RE DOING, WE'RE CONTINUING TO STAY ON THE BALL.  I'M LIKE HOW COMMUNITY INPUT IN THE DEVELOPMENT PROCESS PLAYS OUT SO THAT WHEN WE GO THROUGH OR WHEN A DEVELOPER IS LOOKING TO DEVELOP PUBLIC PRIVATE LAND THAT THERE'S STILL A WAY FOR COMMUNITY RESIDENTS TO ENSURE THAT THERE'S BEEN A COMMITMENT TO FAIR HOUSING. AND SO AFFORDABILITY YOU KNOW WE'RE ON WHERE I SERVE AS A MEMBER OF THE COMMUNITY ADVISORY COMMITTEE OF THE FAIR HOUSING OFFICE AND WE GOT A COMMITMENT FROM THE CITY TO GO THROUGH A FAIR HOUSING AUDIT TO ACTUALLY AUDIT THE CITY'S FAIR HOUSING STANDARDS AND THAT'S BASED OFF OF THE ASSEMBLY FOR THE FAIR HOUSING ZONING AMENDMENT THE CITY ALSO ADOPTED AND SO I THINK GOT SO MAYBE MICHAEL'S POINT EARLIER THERE'S SOME WORK TO BE DONE TO REALLY UNDERSTAND WHERE THE CITY STANDS CURRENTLY IN TERMS OF FAIR HOUSING AND TO THINK ABOUT HOW TO PRIORITIZE WHERE DIFFERENT AFFORDABLE HOUSING OPPORTUNITIES SHOULD GO OR HOMEOWNERSHIP OPPORTUNITY SHOULD GO. WE HAVE BEEN BIG ON MAKING SURE WE USE PUBLIC LAND PUBLIC GOOD AND I THINK YOU KNOW FOLKS LIKE YOU KNOW CALLER SAID EARLIER OTHERS LIKE THERE'S A LOT OF AFFORDABLE HOUSING ROXBURY THAT MAY BE TRUE BUT I THINK THAT THAT DOESN'T MEAN THAT WE DON'T NEED MORE AFFORDABLE HOUSING IN ROXBURY IT ACTUALLY IS THE CASE THAT WE NEED JUST AS MUCH AFFORDABLE HOUSING IN ALL THOSE OTHER NEIGHBORHOODS.  NOT THAT HAVING 80 AND ROXBURY IS BAD IT'S THAT IT'S BAD THAT WE DON'T HAVE ALSO IN WEST ROXBURY. SO I THINK THAT IT'S LOOKING AT OUR BLEND, YOU KNOW THAT WE HAVE THAT THE PUBLIC MIND OUT OF THAT CITY HAS THEY'VE IDENTIFIED PARCELS WHERE IN DORCHESTER IN ROXBURY, IN OTHER PARTS OF THE CITY I THINK COMMUNITY GROUPS SHOULD BE REALLY IN AND DEVELOPERS SHOULD BE LOOKING THOSE PARCELS AND PREPARING TO TO RESPOND TO THOSE RFPS.  BUT YEAH, WE'VE JUST BEEN YOU KNOW, WE'VE BEEN REALLY FOCUSED CLINT NUBIAN PROJECTS THE BOSTON WATER AND SEWER PROJECTS AND WE HEARD ABOUT THIS WERE EXCITED YOU KNOW TO MAKE SURE THAT THERE'S OR TO THINK ABOUT HOW WE CAN USE CITY RESOURCES. RIGHT. THIS SOUNDS LIKE WE'RE NOT TAKING ANYTHING FROM ANYWHERE ELSE IN TERMS OF OTHER BUDGET DISCUSSIONS AROUND HOW WE USE CITY RESOURCES. SO I THINK IT'S EXCITING TO TRY TO FIGURE IT OUT IN TO COUNCILOR ZAPATA'S POINTS AROUND LIKE NOT WANTING TO DELAY THE 100 MILLION WE SHOULD THINK ABOUT HOW TO ENSURE THAT CHARLESTOWN GETS THEY NEED AND THAT WE ALSO CREATE A FUND THAT WE CAN PILOT AND MOVE THE NEEDLE ON WHAT WE NEED NOT COMMUNITY. SO YEAH, THAT'S SOME OF MY THOUGHTS WHEN YOU ASK THE QUESTION.  I GUESS THE LAST THING WE'VE BEEN TRYING TO UNDERSTAND BETTER TOO IS WHAT OTHER CITIES AND OTHER COUNTRIES ALSO ARE DOING IN TERMS OF CUTTING DOWN CONSTRUCTION COSTS LIKE WHAT INNOVATIONS EXIST LIKE 3D PRINTING AND THINGS OF THAT NATURE TO TO CREATE MORE AFFORDABLE CONSTRUCTION SO THAT WE CAN YOU KNOW, NOT HAVE THE CONSTRUCTION COSTS BE SO HIGH DIETARY QUESTIONS YEAH I KNOW YOU DID YOU DO DOWN DEFINITELY THAT CONSTRUCTION COST YOU KNOW I WAS TAKING NOTES ON THAT SO IT'S DEFINITELY SOMETHING I WOULD BE DIVING INTO SO I HEAR THAT WE'RE HAVING A THERE'S A HEARING OUT BY AUSTIN NEXT WEEK. YEAH I'M CURIOUS I KNOW AUSTIN DOES HAVE LIKE A 3D PRINTING MODEL THAT THEY'RE DOING OR HAVE A CITY. IS THAT GOING TO BE A PART OF THE BECAUSE I HAVE ONE YEAH YEAH WE'LL DEFINITELY TALK OFFLINE ALL RIGHT COUNCILMAN IAN LOOKING AT THE CLOCK OR YOU HAVE THE TIME TO COME I TAKE MY TIME. YOU KNOW HOW HARD I WORK TO GET INTO THIS CHAMBER. YOU WILL NOT BE CENSORING ME LIKE THIS. THEY LIKE YOUR SHOW. THEY KNOW.  SO HE WAS REALLY STRATEGIC IN ASKING ME TO BE A CO-SPONSOR BECAUSE YOU KNOW THERE IS A NARRATIVE LIKE I'M ALWAYS GOING FIGHT FOR THOSE WHO HAVE BEEN LEAST HEARD AND REPRESENTED RIGHT? AND SO FOR ME TO BE ENTHUSIASTIC ABOUT SOMETHING ESPECIALLY WITH THE NARRATIVE AROUND DEVELOPMENT THERE'S IT YOU KNOW WHEN YOU THINK ABOUT DEVELOPMENT OR AT LEAST MY EVOLUTION IN THIS CONVERSATION IS THAT DEVELOPMENT HAS ALWAYS BEEN A NEGATIVE CONNOTATION BECAUSE SO MANY PEOPLE HAVE BEEN IMPACTED BY DEVELOPMENT BECAUSE OF DISPLACEMENT, RIGHT? SO I FEEL LIKE WE ARE AT A MOMENT IN TIME WHERE WE COULD RECLAIM THAT NARRATIVE AND DEVELOPMENT DOESN'T HAVE TO BE DONE IN A WAY THAT FEELS ABUSIVE, RIGHT? SO I FEEL LIKE THAT'S WHY I WAS SUPER EXCITED TO JOIN THIS CONVERSATION BECAUSE WE CAN GET THIS RIGHT AND IT DOESN'T HAVE TO BE ONE OF THOSE SITUATIONS WHERE WE'RE PITTING PEOPLE AGAINST EACH OTHER WHICH IS THE NORM IN ALL THESE TYPES OF CONVERSATIONS.  I WAS REALLY EXCITED TO HAVE A PANEL OF DIVERSE EXPERIENCES AND BELIEFS SO THAT WE CAN FIGURE OUT HOW DO WE ALL WIN BECAUSE AT THE END OF THE DAY THAT'S WHAT WE WANT. WE WANT TO MAKE SURE THAT WE BUILD IN WAYS THAT WE CREATE WEALTH FOR BLACK AND BROWN PEOPLE IN PARTICULAR AND THAT WE BUILD IN A WAY THAT FOLKS WHO HAVE GROWN UP HERE CAN ACTUALLY AFFORD TO ONE DAY BUY A HOUSE OR A HOME OR A COMMONS OR WHATEVER IT IS THAT THEY WANT SO THEY CAN STAY HERE AND BECAUSE OF THAT THEY CAN ALSO BE ABLE TO YOU KNOW, LIKE MY MOM RIGHT?  SHE WAS IN SECTION EIGHT. I GOT MY MOM OUT OF SECTION EIGHT. THAT VOUCHER WENT SOMEBODY ELSE WHO NEEDED IT AND NOW MY MOM AND MY BROTHER WE ALL LIVE IN A TWO FAMILY HOUSE BUT IT'S ALL OF US AND SO WE CAN WE CAN AFFORD TO STAY HERE AT A REASONABLE RATE. RIGHT. SO LIKE THAT SECOND UNIT I'M RENTING IT AT BELOW MARKET BUT IT'S BECAUSE I COULD AND I THAT THOSE MODELS MATTER AND I THINK IT'S IMPORTANT FOR US TO THINK ABOUT THIS 50 MILLION NOT AS A WE'RE GOING TO SLOW DOWN THE 100 MILLION WE'RE GOING TO ADD TO THAT BECAUSE ADDING TO THAT CREATES OPPORTUNITIES FOR DEVELOPERS OF COLOR AND PEOPLE OF COLOR IN PARTICULAR TO BE ABLE TO HAVE A PIECE OF THAT PIE. AND I THINK THAT THAT IS A WIN FOR EVERYBODY AND I THINK THOSE ARE THE SORT OF THINGS THAT THOSE ARE THE CONVERSATIONS THAT WE SHOULD BE REALLY TAPPING INTO IN THIS MARKET NOW MICHAEL YOU KNOW I GO HARD I WAS FIGHTING FOR 50% ADP WHICH IS CRAZY TALK BUT YOU KNOW WE GOT TO MEET THE MOMENT SO AS YOU HEAR THIS YOU KNOW TODAY AND I'M GLAD THAT YOU ARE HERE KIND OF THE SAME QUESTION THAT I ASKED THE PREVIOUS PANEL LIKE WELL WELL HOW CAN WE MEET THE TENSION BETWEEN THE HOUSING ADVOCATES AND THE DEVELOPMENT ADVOCATES BECAUSE THESE TWO WORLDS NEED TO START LEARNING HOW TO SEE EACH OTHER AND LITERALLY BUILD WITH EACH OTHER. SO WHAT DOES THAT LOOK LIKE? WHAT DOES IT LOOK LIKE? WELL, IT LOOKS LIKE EVERYTHING WE CAN DO TO LOWER COSTS EVERYTHING FROM RATES TO THE COSTS OF LAND TO THE COST OF MATERIAL, THE COST OF LABOR EVERYTHING THAT WE CAN DO FOR THAT IS ONE THING AND THEN EVERYTHING WE CAN DO TO INCREASE SUBSIDIES IF YOU HAVE ENOUGH MONEY YOU CAN ACHIEVE ALL KINDS OF AFFORDABILITY GOALS.  YOU COULD HAVE AFFORDABLE HOMEOWNERSHIP AND EXTREMELY LOW INCOME RENTAL RIGHT? THERE ARE SOME SOURCES THE FAIRCLOTH CLOTH WHICH IS HUGE IT'S 3000 EXTREMELY LOW INCOME UNITS JUST IN BOSTON, JUST IN BOSTON. SO I THINK THOSE TWO THOSE TWO THINGS ARE SOMETHING THAT EVERYBODY CAN AGREE ON. THE QUESTION OF . I DID RAISE A QUESTION OF HAVING A SOCIAL OWNERSHIP FUNCTION AS AN EQUITY FUNCTION SOCIAL EQUITY RATHER THAN PRIVATE EQUITY AND TO MINIMIZE THAT CONTRADICTION WHEREVER POSSIBLE BECAUSE OTHERWISE THERE WILL ALWAYS BE A CONFLICT DOWN THE ROAD BETWEEN THE FOR PROFIT DEVELOPERS AND EQUITY OWNERS AND THE SOCIAL OWNER WHICH COULD BE A PROFIT COMMUNITY GROUP A LAND TRUST, A CO-OP.  YOU KNOW THE GROUPS THAT HAVE DONE NONPROFIT DEVELOPMENT AND COMMUNITIES OF COLOR HAVE HIRED PEOPLE FROM THE FOR PROFIT SECTOR TO DO PROPERTY MANAGEMENT SOMETIMES CONSULTING AROUND DEVELOPMENT AND SO ON. SO YOU CAN SEPARATE YOU CAN USE THE SOCIAL FUNCTIONS OF THOSE ACTIVITIES IN UNDER A SOCIAL OWNERSHIP CONTROL AND PROMOTE ENTREPRENEURS OF COLOR WITHIN THAT CONTEXT.  BUT THE QUESTION THAT YOU HAVE TO BE CAREFULLY THINK ABOUT INVOLVING FOR PROFIT ENTITY OF ANY KIND OF ANY BACKGROUND IN THE OWNERSHIP DOWN THE ROAD BECAUSE THERE WILL BE A POINT WHERE THE CONTRADICT ACTION IN THE INTEREST OF CONVERTING IT TO THE MARKET WILL COME UP. YEAH SO I KNOW MY TIME IS UP BUT I THINK THIS IS IMPORTANT OVERALL AND I THINK ESPECIALLY IF WE ARE GOING TO GET BUY IN BECAUSE THERE'S ALSO THIS NOTION THAT NON PROFIT CDS SEES YOU KNOW WHO ARE BUILDING EVEN THOUGH THEY ARE NONPROFITS THEY ARE YOU KNOW THEY'RE SOME OF THE RENTALS THAT THEY HAVE ARE LIKE 30 $200, 20 $600 FOR A STUDIO. IT'S A NECESSARY BUT NOT SUFFICIENT. YOU HAVE TO HAVE. SO I JUST I JUST I DON'T KNOW I'M JUST CURIOUS ABOUT WHAT WHAT ARE SOME OF THE PRIVATE DEVELOPERS HAVE TO SAY AS IT RELATES TO THAT? WELL, I THINK WHEN IT COMES TO AFFORDABLE HOMEOWNERSHIP WE FOR OUR PROJECTS THAT ARE 100% AFFORDABLE HOMEOWNERSHIP WE DON'T HAVE A LONG TERM STAKE. RIGHT. SO WE BUILD IT FOR A PUBLIC GOOD AND WE HAND IT OVER TO A CONDO ASSOCIATION AND DEED RESTRICTIONS ARE ATTACHED TO THOSE UNITS FOR LIKE FOR 30 YEARS WITH THE 20 YEAR RENEWAL. SO AS SOMEONE WHO GREW UP IN CDPQ HOUSING, YOU KNOW, I UNDERSTAND THE BENEFIT BUT I ALSO THINK THAT WE NEED TO ALLOW WE NEED TO ALLOW OTHER FOLKS TO BE AT THE TABLE AS WELL AND REAP THE BENEFITS OF REDEVELOPING IN OUR NEIGHBORHOODS ESPECIALLY WHEN THERE ARE LOCAL FOLKS THAT HAVE HAD TO DEAL WITH THE HARM THAT DEVELOPMENT HAS CAUSED TO OUR COMMUNITIES. WE ARE CLOSER TO THE ISSUE THAN A LOT OF CDCR AND THEIR STAFF AND I THINK THAT WE UNDERSTAND WHAT'S AT STAKE AND IT DOESN'T NECESSARILY MEAN THAT THERE WILL BE TENSION BETWEEN THE THAT DOESN'T NECESSARILY MEAN THEY'LL BE TENSION BETWEEN THE INVESTMENT BECAUSE WE ARE ALREADY A HIGHLY REGULATED INDUSTRY. RIGHT. WE CAN'T DO THIS WITHOUT SUPPORT FROM THE STATE. WE CAN'T DO THIS WITHOUT SUPPORT FROM THE MAYOR'S OFFICE OF HOUSING. SO I THINK THAT THERE ARE ENOUGH KIND OF CHOKE POINTS THROUGHOUT THE WAY THAT EVEN PRIVATE DEVELOPERS CAN BE HELD TO A STANDARD TO THE SAME STANDARD THAT CBDCS ARE.  RIGHT. AND I'M ONLY I KNOW YOU'VE BEEN IN THE WEEDS OF THIS CONVERSATION. I MEAN I'VE TALKED WE HAVE TIME. I MEAN I MEAN I FEEL LIKE YOU KNOW, WHAT WE'RE TALKING ABOUT IS A CONVERSATION LIKE NOT TO GET TOO ESOTERIC BUT IT'S LIKE WE'RE IN A COUNTRY THAT HAD ALL THIS LAND AND THERE'S LIKE A HOUSING SHORTAGE, RIGHT? AND IT'S LIKE WHAT IS THE FEDERAL GOVERNMENT DOING TO BELIEVE WHEREAS DIFFERENT CITIES, TOWNS AND STATES WHERE YOU KNOW HOW MANY HOW MANY STATES HAS EACH HAD THEIR OWN KIND OF MISSION AND HOW MUCH THEY NEED TO CREATE AND SELL THAT TO SAY HERE IN BOSTON I'D SAY LIKE THERE'S GOING TO BE A POINT LIKE TO MICHAEL'S POINT WHERE YOU KIND OF COME TO LIKE YOU KNOW, IS THE GOAL TO PROVIDE A SOCIAL GOOD ABOUT PROVIDING AFFORDABLE HOUSING OR IS THE GOAL TO PROVIDE A DIFFERENT TYPE OF SOCIAL GOOD AT PROVIDING PRIVATE WEALTH GAIN FOR INDIVIDUALS WHO ARE YOU KNOW, FROM COMMUNITIES THAT HAVE BEEN IMPACTED BY DISPLACEMENT AND GENTRIFICATION AND LIKE YOU CAN'T HAVE BOTH. I THINK YOU COULD I THINK LIKE THERE'S ENOUGH OF THE PIE WHERE YOU CAN MAYBE TRY TO TAKE AS MUCH AS YOU CAN. THIS IS OUR THEORY RECLAIM TAKE AS MUCH AS YOU CAN OFF OF THE PRIVATE MARKET AND PUT IN THE SOCIAL AS MUCH AS THOSE LAND TRUSTS ETC. CAN CAN TAKE CAPACITY WISE AND THEN THE REST YOU KNOW THERE'S TONS OF PRIVATE COMPANIES THAT DO REAL ESTATE THAT ARE GOING TO BE FIGHTING OVER THE OTHER HALF AND WE WANT TO MAKE SURE THAT BLACK AND BROWN FOLKS HAVE EQUAL ACCESS TO THE YOU KNOW, NOT A LOT OF FOLKS HAVE ACCESS TO THAT PART THAT YOU KNOW, ISN'T REGULATED TO THE YOU KNOW, IN A PUBLIC WAY. AND I THINK THAT, YOU KNOW, TRYING TO DO PUT AS MUCH INTO THE INTO THE PUBLIC MARKET IS IMPORTANT AND THEN SUPPORTING BLACK AND BROWN DEVELOPERS YOU KNOW, WE LIVE IN A COUNTRY THAT HASN'T COMMITTED TO COMMUNISM AND SO WE DO HAVE SOME LEVEL OF COMPETITION THAT WE WANT TO HAVE. SO I THINK WE HAVE TO THINK ABOUT THE BREAKDOWN BETWEEN THE TWO AND TO MAKE AN ECONOMIC DECISION TO NOT DO THAT.  BUT SO I DON'T KNOW I HOPE IT'S TOO FAR OUT BUT I THINK THERE'S A PARADOX THAT WE HAVE TO DO AS MUCH AS WE CAN IN EACH BUCKET WITHOUT TRYING TO HARM BOTH AND LIKE THE FACT THAT COMMONWEALTH THEATERS RIGHT NOW I THINK DOESN'T ALLOW AFFORDABLE HOMEOWNERSHIP BEYOND 15 YEARS AND THERE'S LIKE A I THINK IT WAS CUT DOWN FROM A 30 YEAR TO 50 YEAR WITH THE IDEA THAT PEOPLE MAKING THOSE PROJECTS WOULD WANT TO CASH IN ON THE EQUITY. THAT FOR ME IS LIKE A REVERSAL OF THE GOAL TOWARDS BUILDING MORE AFFORDABLE HOMEOWNERSHIP ALTHOUGH I GET THE INTENTION OF LIMITING OR ALLOWING MORE MORE EQUITY DOWN THE LINE. I SEE BOTH SIDES OF IT BUT I ALSO I JUST WANT TO BE CLEAR THAT WHEN IT COMES TO AFFORDABLE HOMEOWNERSHIP WE'RE DEVELOPERS ARE HIRED TO BUILD. WE DO NOT HAVE A LONG TERM STAKE IN THAT PROJECT PAST SELLING UNITS TO WHO DON'T LIKE TO BE BUYERS. RIGHT. SO IF WE'RE TALKING ABOUT 15 YEARS, 30 YEARS IT'S THE ACTUAL BUYER WHO QUALIFIED AS WHO QUALIFIED AS WHO QUALIFIED FOR THE AFFORDABLE HOMEOWNERSHIP THAT WILL REALIZE THAT EQUITY. WE DO NOT HAVE A LONG TERM STAKE IN THAT WE ARE LEGIT FEE BASED DEVELOPERS SO WE BUILD IT FOR A FEE AND THEN WE TELL HOMEBUYERS GO BE GREAT FIRST TIME HOMEBUYERS AND BUILD AS MUCH WEALTH AS YOU CAN WITHIN THE PARAMETERS THAT THE DEED RESTRICTION ALLOWS. MM HMM. YEAH.  AND I GUESS MY QUESTION AGAIN YOU DESCRIBE THE DIFFERENCE BETWEEN THAT AND A RENTAL AFFORDABLE HOUSING.  LIKE WHAT? LIKE IS WHO WHO'S BENEFITING IN TERMS OF MONETARILY, RIGHT? YEAH. SO I THINK THE DIFFERENCE IS YOU KNOW, I AND I WANT TO BE CLEAR LIKE I'M PRO CDC I COME FROM YOU KNOW I WORKED AT CDC BEFORE BUT I DO THINK THAT THERE WHEN WE TALK ABOUT LIKE TECH RIGHT IF WE'RE TRYING TO IF WE'RE TRYING TO PARTNER LIKE TECH WITH LET'S SAY AFFORDABLE HOMEOWNERSHIP DEAL, I THINK SOME OF THE CONCERN THAT ARE RAISED ARE VALID. BUT WHEN WE'RE TALKING ABOUT FULLY AFFORDABLE HOMEOWNERSHIP UNITS, I THINK THOSE WERE STRICTLY FEE BASED. RIGHT. SO FOR FOR WHERE WE'RE TRYING TO HAVE LIKE TEN DEALS HAPPENING WHERE THERE'S LIKE LIGHT TECH AND AFFORDABLE HOMEOWNERSHIP THERE IS THAT LONG TERM BENEFIT THAT EXISTS IN THE LOW TECH UNITS, RIGHT BECAUSE WE WOULD HAVE TO CONDO AS THINGS AND THE SAME THING THAT I JUST SAID ABOUT AFFORDABLE HOMEOWNERSHIP WHEN I BUILD IT APPLIES FOR THOSE 20 HOME BUYERS THAT WE'RE CONTEMPLATING YOU KNOW IN IN THE EXAMPLE THAT THE GENTLEMAN FROM RISE GAVE. SO I THINK THAT WE WHEN WE TALK ABOUT HOMEOWNERSHIP, WE JUST HAVE TO MAKE SURE THAT WE UNDERSTAND THAT THERE ISN'T A LONG TERM BENEFIT TO A DEVELOPER WHETHER THEY'RE PRIVATE OR NONPROFIT AND THE LIKE. TECH IS A GOOD EXAMPLE WHERE YOU KNOW, NON-PROFITS WERE ENCOURAGED TO USE THE TAX CREDITS SYSTEM WHICH INVOLVES A LOT OF PRIVATE HUGE PRIVATE INVESTORS, CORPORATE INVESTORS AND RICH PEOPLE AND WHENEVER THEY PARTNER THERE IS ALWAYS A RISK THAT SOMEWHERE ALONG THE WAY THAT CARMELO'S UNDER THE TENT WOULD REAR ITS HEAD AGAIN AND OF THE INVESTOR AND TAKE IT AWAY FROM THE NON-PROFITS.  EXACTLY WOULD THAT BE ABLE TO SEE US FIGHTING RIGHT NOW IS ALONG WITH OTHER LIGHT TECH. IT'S ALWAYS A RISK WHENEVER YOU PARTNER WITH FOR PROFIT EQUITY INVESTORS. SO YOU WANT TO I THINK I THINK EVERYBODY WOULD AGREE ON THAT TOO. YOU WANT TO MAKE SURE THAT THE ULTIMATE PRODUCT IS AFFORDABLE HOUSING UNDER COMMUNITY CONTROL OF SOME KIND OUTSIDE OF THIS SPECULATIVE MARKET. I APPRECIATE THAT. SO AND AGAIN I AM PRODUCT FOR AFFORDABLE HOUSING AND I DO RESPECT AND ADMIRE WHAT CBDCS DO.  BUT ON THE PRIVATE SIDE WE LOOK AT TAXES AND SOME AFFORDABLE HOUSING DEVELOPERS ARE AS YOU MAKE 10% FEE ON A 600 SQUARE FOOT PROJECT YOU NEED TO MAKE THE HIGHEST THAT YOU CAN. SO IT'S ALWAYS GOING TO BE A 600 SQUARE FOOT PROJECT, RIGHT? YOU KNOW, AND THAT'S JUST PLAYING DEVIL'S ADVOCATE OVER HERE. SO IF YOU.  MY PREVIOUS MENTOR PASSED AWAY EVERY TIME I WORK FOR COMMON SQUARE CDC. I TOLD HIM HOW CAN I THIS WAS WHEN I WAS 20 SOMETHING YEARS OLD HOW CAN I COMPETE WITH COMMON SQUARE WHEN YOU BOUGHT THIS THREE FAMILY FOR 200,000 YOU SPENT 600,000 ON IT AND THEN SOLD IT TO SOMEBODY WITHIN THE COMMUNITY FOR 300,000 AND HE SAID YOU CAN'T COMPETE. HE LAUGHS. HE GOES WE ACCOMPLISHED OUR MISSION AND WE NEED TO SPEND,  YOU KNOW, A CERTAIN AMOUNT BECAUSE WE ARE FEE BASED, RIGHT? THIS IS JUST PASSED AWAY. THIS IS JUST HOW YOU KNOW IT RESONATED WITH ME . I SAID, WELL, YOU HAVE EVERY INCENTIVE TO SPEND THAT MONEY ON THIS PROJECT BECAUSE THE MORE YOU SPEND ON IT YOU'RE MISSION BASED, YOU HIDE HOPEFULLY WITHIN THE COMMUNITY HOPEFULLY YOU CHECKED EVERY BOX AND YOU SOLD SOMEBODY VERSUS THE PRIVATE SECTOR. WE'RE LOOKING HOW TO REDUCE COST TO STRETCH WHATEVER LITTLE DOORS WE GET BECAUSE WE DON'T GO FOR SUBSIDIES. SO IT'S ALMOST LIKE AN INVERSE AND HOW DO YOU BRIDGE IT TOO? BECAUSE SHE'S LET'S SAY IN HER CASE SHE'S BUILDING HER BUSINESS AND HER WEALTH IF THE NORM WITHIN THE COMMUNITY IS THAT IT COSTS $600,000 TO BUILD A UNIT. WHY IS HER UNIT GOING TO COST 500,000? RIGHT. AND SO THIS IS WHERE THE DIFFERENCE BETWEEN PUBLIC AND PRIVATE IS. YOU KNOW, CAN WE BUILD IT FOR A LITTLE BIT? I CAN. RIGHT. YOU KNOW, BUT IS IT, YOU KNOW, MAYBE A NONUNION JOB PERHAPS. SO WHERE DO WE FIND THE BALANCE ,YOU KNOW, TO REALLY BE SUCCESSFUL BECAUSE SIDDIQUI'S SERVE A GREAT PURPOSE. I'M NOT TAKING THAT AWAY. BUT I THINK A SUCCESSFUL CDC IS NOT TO EXPAND BUT TO REALLY TRANSITION THEIR RESIDENTS INTO HOMEOWNERSHIP OR SOME OTHER WAY THAT THEY CAN BUILD GENERATIONAL WEALTH. AND THEN THAT BEGS THE QUESTION IN COUNCIL AND I'VE ALWAYS I'VE BEEN ASKED THIS QUESTION A LOT. WHERE ELSE ARE WE FAILING GOVERNMENT THAT WE'RE NOT EDUCATING AND GIVING OUR PEOPLE ACCESS TO GOOD JOBS SO THEY CAN AFFORD NOT TO JUST LIVE IN ROXBURY? LET'S SAY ANYWHERE IN THE CITY? SO IT'S YOU KNOW, WE CAN'T WE'RE NOT GOING TO FIX THIS PROBLEM BY JUST, YOU KNOW, THROWING $100 MILLION FUND OUT THERE. IT'LL ALLEVIATE. RIGHT? BUT IT'S NOT GOING TO FIX ITSELF. THERE'S NO LONG TERM SOLUTION HERE UNLESS WE START TO REALLY PUT EVERYTHING TOGETHER RIGHT NOW AND THIS IS PART OF THE SOLUTION IS MAKING SURE THAT THE INVENTORY IS THERE THAT WHEN WE DO FIX, YOU KNOW, PUBLIC EDUCATION AND INCOME GAPS AND WEALTH DISPARITIES THAT YOU KNOW, BLACK AND BROWN PEOPLE DO HAVE THE OPPORTUNITY TO STAY HERE IN BOSTON OR YOU KNOW, BE PART OF THAT, YOU KNOW, CHANGE THAT'S HAPPENING HERE IN THE CITY. BUT COUNCILOR MEJIA DO HAVE ONE MORE QUESTION. WELL, I WAS I USUALLY I WAS NOT DONE BUT I YOU WERE INTERFACING WITH MY ALL RIGHT. SO YOU HAVE TO GET I, I JUST WANT TO NOTE THAT FOR THE RECORD YOU HAVE INSERTED YOURSELF INTO MY LINE OF QUESTIONING HERE JUST JOKING. I HAVE TO SAY THAT AFTER I SAY SOMETHING BECAUSE PEOPLE DON'T UNDERSTAND MY HUMOR AND THEN I THEY TALK SMACK ABOUT ME BUT REALLY WHAT I AM WHAT I'M HAPPY ABOUT IN TERMS OF THIS CONVERSATION BECAUSE THE ADMINISTRATION MAY NOT BE HERE BUT THEY'LL GO BACK AND LISTEN AND FIGURE OUT KIND OF WHERE DO WE WHERE DO WE COME TO A COMPROMISE AND WHAT ARE SOME OF THE THINGS THAT WE'VE HEARD FROM THIS PANEL BECAUSE YOU ALL ARE LIVING THE REALITIES AND ALL OF THE CONSIDERATIONS THAT WE NEED TO MAKE TO MAKE SURE THAT WE MAKE THIS FAIR AND EQUITABLE AND ACCESSIBLE TO EVERYBODY. SO I DO BELIEVE THAT EVERYTHING THAT YOU SHARED HERE GETS US A LITTLE BIT CLOSER TO THAT.  I GUESS THE ONLY LAST THING THAT I'M STILL UNCLEAR ABOUT AND I'M HOPING THAT BETWEEN NOW AND WE HAVE TO MAKE THESE RECOMMENDATIONS IS AT THE END OF THE DAY THE 50 MILLION WILL HELP SUPPORT IT BUILDING. I UNDERSTAND THAT THERE ARE A LOT OF PROJECTS THAT ARE HELD UP RIGHT NOW. YOU JUST SAID LIKE 82 PERMITS ARE SO. NO, NO, I SAID THERE ARE A LOT OF PROJECTS BEING HELD UP. I SAID IN SEPTEMBER ONLY 82 PERMITS YOU KNOW, THOUSANDS TO FILL THE GAPS THAT WERE MISSING. SO THIS THING PERMITS PEOPLE.  SO WHAT IT SAYS TO ME IS THAT PEOPLE DON'T WANT TO DO BUSINESS IN BOSTON LIKE THE FACT THAT THE APPETITE HAS GONE AWAY. AND SO FOR US TO MEET THE MOMENT IT IS TO HELP SUPPORT SOME OF THE PROJECTS THAT ARE ON CUE AND TO PROVIDE SOME FINANCIAL SUPPORT TO THOSE WHO WANT TO BUILD WITH THE UNDERSTANDING THAT AFFORDABLE HOME OWNERSHIP IS PART OF THAT APPETITE. RIGHT? THAT'S WHAT THAT ADMINISTRATION HEARS US AND AS A RESULT OF THAT WE WANT TO MAKE SURE THAT WE DO IT IN A WAY THAT PROVIDES DEVELOPERS OF COLOR FIRST PRIORITY. CORRECT. RIGHT. JUST WANT TO MAKE SURE THAT WE'RE TALKING ABOUT GUARDRAILS IN TERMS OF EQUITY HERE BECAUSE THAT IS BECAUSE THEY CAN CHECK THE BOX AND SAY THIS FUND WOULD BE EARMARKED FOR NONPROFIT ORGANIZATIONS BECAUSE THAT'S JUST THE EASIEST THING TO DO BECAUSE THEY HAVE THE THE CAPACITY TO BUILD. I WANT TO MAKE SURE THAT WE GIVE OTHER FOLKS AN OPPORTUNITY TO BUILD WITHIN THE CONSTRUCT OF WHAT WE'RE TALKING ABOUT. SO COUNCIL WERE ALL I DON'T KNOW WHAT THOSE NEGOTIATIONS ARE GOING TO LOOK LIKE OR WHAT WE CAN DO BUT I DO BELIEVE THAT THERE IS AN OPPORTUNITY FOR US TO BE EXPLICIT WITH WHAT THIS FUND IS GOING TO LOOK LIKE AND HOW WE'RE GOING TO ROLL IT OUT. I THINK THAT THAT STILL NEEDS TO BE DETERMINED AND IF ANYONE HERE HAS ANY IDEAS THAT I DON'T SUPPORT WHAT YOU'RE WHAT YOU'RE THROWING OUT THERE. BUT I WOULD THINK IF YOU GOT IF YOU HAVE 50 OR $100 MILLION OF A FUND THAT I WOULD THINK IF YOU HAVE X AMOUNT OF PROJECTS IN QUEUE AND DIFFERENT PHASES THAT ARE APPROVED THAT MAY BE LACKING FUNDING, WOULDN'T THE LOGICAL THING BE TO SEE IF FUNDING IS NEEDED THERE? THAT'S SOME OF THOSE THAT'S LIKE THE WORD CAUTIOUS. THAT'S WHAT THAT'S WHAT WE'RE DOING. I'M JUST MAKING SURE THAT WITHIN THOSE THINGS THAT ARE IN QUEUE THAT IN ORDER OF PRIORITY THAT WE'RE LOOKING AT DEVELOPERS OF COLOR AND FOLKS WHO HAVE MONEY IS NOT BEING HELD FOR NEW PROJECTS. THIS IS FOR THE WE IT'S A REVOLVING DOOR. IT'S A REVOLVING DOOR, RIGHT? SO IT HOPEFULLY WILL BE THERE AND ONCE YOU GET TO THAT STAGE IN THE GAME AGAIN RIGHT I'M SAYING GET GET THOSE PROJECTS BUILT RIGHT PARTIES AND BUILD WHATEVER SECURE THERE AND GET THEM BUILT RIGHT. THAT'S THE IDEA. THAT'S THE IDEA AND THEN THAT LEADS ME TO THE LAST THING THAT I'LL SAY AND THEN I DEFINITELY AM NOT GOING TO HOLD YOU HOSTAGE ANYMORE IS THAT WE'VE BEEN TALKING ABOUT BUILDING, BUILDING, BUILDING. I'M ALSO CURIOUS ABOUT THERE ARE A LOT OF TRIPLE DECKERS. THERE ARE A LOT OF THINGS THAT ARE ALREADY BEEN BUILT THAT IF WE'RE SERIOUS ABOUT REALLY MEETING THE MOMENT THAT THERE'S A LOT OF STOCK THAT WE CAN LOOK AT, IT MAY NOT BE PUBLIC BUT THERE IS AN OPPORTUNITY TO LOOK AT EXISTING HOMES THAT ARE DEBILITATED OR VACANT RIGHT NOW AND HOW DO WE CREATE OPPORTUNITIES TO REFURBISH SOME OF THOSE HOMES INTO MORE VIABLE HOME OWNERSHIP OR MORE AFFORDABLE?  I THINK THAT WE NEED TO REALLY START THINKING ABOUT EVERY SINGLE PIECE OF PROPERTY WHETHER THE CITY OWNS IT OR NOT AND THINK CREATIVELY ABOUT HOW WE MEET THIS HOUSING CRISIS AND THAT EVERYTHING HAS TO START AND BEGIN AT LEAST I'M JUST MAYBE NAIVE BUT BEGIN AND END WITH SOMETHING THAT REQUIRES MASSIVE CONSTRUCTION AND I DON'T KNOW MAYBE I'M STUPID. I TOTALLY AGREE. I MEAN THAT IT MADE IT CLEAR I THINK YOU CAN AND SHOULD PRIORITIZE DEVELOPERS OF COLOR AND INCLUDING COMMUNITY BASED DEVELOPERS OF COLOR THAT IT'S DIFFERENT FROM OWNERSHIP OF THE PRODUCT AND WHAT I'M SORRY WHAT'S YOUR NAME? DARNELL. DARNELL DESCRIBED THAT SHE IS ACTING AS A DEVELOPER FOR AFFORDABLE HOMEOWNERSHIP AND A MOVE THAT SHE'S NOT CLAIMING A PIECE OF THE OWNERSHIP PIECE OF THE EQUITY DOWN THE ROAD.  SO THAT'S EXACTLY THE MODEL THAT WE NEED TO PRIORITIZE IN THE CITY, RIGHT? YEAH, BUT THE OWNERS OF THE BEAUTY OF THIS FUND IS THAT THE OWNERSHIP FUNCTION IS SOCIAL. IT'S SOCIAL. THE FUND IS GOING TO BE INVESTING EQUITY THAT WILL ULTIMATELY COME BACK TO THE CITY AND FUTURE AFFORDABLE HOUSING OPPORTUNITIES. I WASN'T SURE IF I MADE THAT CLEAR, SHE SAID. I APPRECIATE YOU REINSTATING THAT. FOR THOSE WHO ARE LISTENING IN . I KNOW WE GOT TO GO. OH NO, NO. I WAS JUST MAKING SURE THAT I HAD ALL THE NAMES FOR PUBLIC TESTIMONY. OH, WE HAVE PUBLIC TESTIMONY, YEAH. OH, I'M SO SORRY . OH, NO, DON'T BE SORRY . IT IS IMPORTANT THAT, YOU KNOW, YOU GET ALL YOUR QUESTIONS BECAUSE WE ARE POLICY MAKERS AND THAT OUR COLLEAGUES ARE NOT HERE. RIGHT. AND THEY WILL LISTEN TO THIS CONVERSATION. YOU WILL BE GRATEFUL THAT WE ASK THESE ADDITIONAL QUESTIONS. ABSOLUTELY.  SO THANK YOU FOR THE INDULGENCE. WE WILL NOW MOVE FORWARD WITH PUBLIC TESTIMONY WHEN YOUR NAME IS CALLED PLEASE COME DOWN OR ACCEPT THE PANELISTS ON ZOOM AND STATE YOUR NAME NEIGHBORHOOD ORGANIZATION AFFILIATION. PLEASE SPEAK INTO THE MICROPHONE AND PLEASE KEEP YOUR COMMENTS TO 2 MINUTES PANELISTS IF YOU'RE FREE TO STAY AND LISTEN TO PUBLIC TESTIMONY. BUT IT IS 530 SO FEEL FREE TO GO IF YOU WANT. THANK YOU GUYS FOR ALL YOUR WORK FOR THE ADVOCACY TAKING THE TIME TO MEET WITH ME AND I'M LOOKING FORWARD TO CONTINUE THIS WORK WITH YOU GUYS AS ADVOCATES AND DEVELOPERS. THANK YOU. THANK YOU FOR THE INVITATION COUNSELOR COUNSELORS,  COUNSELORS BECAUSE YOU WOULD NOT BE HERE UNLESS I HAD AND I THANK YOU PERSONALLY ANA LOPEZ PEREZ AND IT ALL THESE ARE MY PEOPLE. I JUST WANT TO BE ON RECORD LIKE EVERYONE UP HERE I MY PEOPLE COUNCILOR AND LOPEZ PEREZ. YES THAT'S A VERY GOOD AND I AM JUST SAYING OKAY, I'M TOTALLY OKAY. I KNOW WE'RE GOING TO BE OKAY.  I ME SITTING HERE I'M NOT SURE IF YOU ARE OKAY WE'LL GO IT ALPHA IS IT WE'RE THAT'S LIKE THAT I THINK I DO WORRY. I HOPE YOU WORK OUT FOR WORRY. PLEASE GUYS.  EVERYTHING TO ALL THE JOKES ABOUT ALL THIS. OH, ALPHA RIGHT BEHIND MY OKAY . ALL RIGHT, ALPHA, THE FLOOR IS YOURS. OH, NO WORRIES.  OH, DON'T CAP CASA SANTA CALIFORNIA ANDERSON BUT IT'S WE'RE ACTUALLY DOING PUBLIC TESTING ON OPEN TRADE.  ALPHA, THE FLOOR IS YOURS. FINE. HOW YOU DOING? THANK YOU FOR YOUR TIME. APPRECIATE IT. YEAH, I PROMISE TO KEEP IT SHORT. MY NAME IS ALPHA WORRY I'M A LOCAL REAL ESTATE AGENT SERVICING THE CAMBRIDGE BOSTON ESSENTIAL AREAS AND AS I APPROACH MY FIFTH YEAR COMING THIS MARCH I'VE BEEN WORKING CLOSELY WITH MIDDLE CLASS CLIENTS IN BOSTON OR ASPIRING FIRST TIME HOMEBUYERS.  THEY COME WITH THE HOPES AND THE DRIVE TO BUILD GENERATIONAL WEALTH FOR THEIR FAMILY THROUGH HOMEOWNERSHIP.  BUT MANY ARE FACING UNIQUE CHALLENGES IN IT MAKES THIS JOURNEY A BIT OVERWHELMING.  ONE CLIENT THAT COMES TO MIND IS A SINGLE MOTHER OF THREE. SHE'S A HARD WORKING MOTHER SINGLE AND SHE'S DONE EVERYTHING RIGHT.  HER KIDS ARE THRIVING THROUGH THE METCO PROGRAM WHICH PROVIDES A SOLID FOUNDATION IN EDUCATION FOR HER SUPPORTIVE COMMUNITY.  SHE'S BEEN PREAPPROVED BUT SHE FINDS THIS APPROVAL AMOUNT IT ONLY ALLOWS HER TO CONSIDER HOMES OUTSIDE OF THE CITY OF BOSTON.  AND I'M JUST GOING TO GO OFF OFF OF THE SCRIPT BECAUSE THESE ARE PEOPLE I WORK WITH I'M SORRY ABOUT ON YOUR PHONE.  SO ALTHOUGH YOU KNOW, LIKE I SAID HER CHILDREN IN THE METCO PROGRAM AND SHE'S PRE-APPROVED FOR HOUSES THAT'S FAR OUTSIDE OF THE CITY OF BOSTON.  IF SHE MOVES OUT OF THE CITY OF BOSTON SHE WOULD LOSE ELIGIBILITY FOR OUR KIDS. RIGHT. UM, SHE'S CURRENTLY PRE-APPROVED TO EITHER LOOK IN HOUSES THAT'S FAR OUT. MAYBE BROCKTON, MAYBE FOXBOROUGH.  HER PRE-APPROVAL AMOUNT IS ABOUT LET'S SAY 350,000 WHICH IS TYPICAL FOR MOST FIRST TIME HOMEBUYERS THAT I WORK WITH TYPICALLY.  BUT NOW BECAUSE OF THAT REALITY IT KIND OF PUT OUT A STALEMATE AND KIND OF KILLED THE DREAM OF WHAT HER IDEA OF HER DREAM HOME SHOULD BE WHETHER IT'S THREE BED, TWO BATH WITH A NICE YARD FOR THE KIDS, FOR THE DOG. WHICHEVER THE CASE IS, IT'S KIND OF JUST ALL BEEN FLOATED AWAY. AND EVEN IF SHE WAS LOOKING FOR A CONDO IN THE CITY OF BOSTON, THESE QUOTE UNQUOTE MAYBE LUXURY CONDOS IN DORCHESTER, ROXBURY FAR OUT REACH HER PRE-APPROVAL AMOUNT.  UM, I'M SORRY I PROBABLY RAN OUT OF TIME, BUT I'LL DIVE INTO MY SECOND TESTIMONIAL. A GENTLEMAN THAT WORKS IN THE CITY OF CAMBRIDGE HE'S LOOK AT OUR LEASE STAY WITHIN THE RANDOLPH WITH THE SOUTH SHORE COMMUNITIES.  HE TOO HAS HIM AND HIS GIRLFRIEND AND HIS THREE CHILDREN ASKED FOR HIM. HE HAS TO HAVE HIS BEST FRIEND WHO ALSO HAS A CHILD AS WELL MOVE IN WITH HIM AND COSIGN ON A LOAN WITH HIM TO HELP BOOST THIS PRE-APPROVAL. SO HE'S AROUND THE FOUR 5480 ECHELON AND HIS IDEA OF A DREAM HOME WOULD BE A FOUR BEDROOM TWO BATH BUT HE TOO HAS BEEN RUNNING INTO PROBLEMS.  THE HOMES THAT HE'S LOOKING INTO THE SQUARE FOOTAGE THE FOOTPRINT IS A IS A BIT TOO SMALL. WELL HE'S PRE-APPROVED FOR IS ROUGHLY AROUND 1100 1300 SQUARE FEET. AND WHEN HE FIRST REACHED OUT TO ME AND I STARTED SENDING HIM LISTINGS AND PROVIDING VALUE AND KNOWLEDGE AND INFORMATION,  IT WAS ABOUT TWO YEARS AGO AND THIS YEAR THIS SPRING ACTUALLY WAS THE YEAR THAT HE WANTED TO, YOU KNOW, KIND OF STEP HIS FOOT IN THE MARKET AND AND REALLY PAVE THE WAY AND MOVE FORWARD. BUT AS AS THINGS STARTED TO HAPPEN FAMILY ISSUES IN FINANCIAL DIFFICULTY STARTED TO HAPPEN AND WEALTH AND RESOURCES AND DOWN PAYMENT ASSISTANCE AVENUES IN ALL KIND OF STARTED TO DRY TO DRY AWAY DRY OFF FOR HIM. SO NOW THIS I'LL SAY RIVER OF OF OF RESOURCES IT STARTED TO DRY OUT AND IT JUST KIND OF FRUSTRATED HIM AND NOW HE'S ALL HE IS TOO OUT THE GAME AND THESE TWO PEOPLE HAVE HONESTLY BEEN ONE OF MANY PEOPLE HONESTLY I'VE BEEN WORKING WITH I TOO AM FULL TIME IN THE REAL ESTATE GAME. UNDERSTAND I HAVE TO BE IN THIS FULL TIME TO SERVE THE BEST NEEDS AN INTEREST OF MY CLIENTS. BUT WITH THAT SAID I HOPE THIS THESE TWO OUT OF I'D SAY PROBABLY 20 PEOPLE I'VE WORK WITH THAT'S WITHIN MY AGE GROUP I'M 34 I KNOW I DON'T LOOK LIKE IT BUT IT'S A COMMON THING THAT WE'RE SEEING WHERE YOU KNOW, THEY PREP THEIR MIND AND UNDERSTAND PROBABLY 90% OF IT IS ALL MINDSET BUT THE OTHER 10% MAYBE THE FINANCIAL AVENUES ,THE DOWN PAYMENT ASSISTANCE, THE GRANT MONEY, THE MOMMY AND DADDY MONEY ARE JUST NOT ALL THERE FOR THEM. I HOPE THERE'S A TIME WHERE MAYBE I COULD YOU KNOW, SPEAK AGAIN OR INTRODUCE YOU TO THESE PEOPLE BECAUSE THESE THESE PEOPLE THEY THEY THEY WANT TO YOU KNOW, PROVIDE SOMETHING FOR THEIR CHILDREN THROUGH HOMEOWNERSHIP AND BUILD EQUITY THROUGHOUT TIME. BUT AS TIME STARTS TO GO ON AND THEY SEE THAT THEY'RE MAYBE ONE MISTAKE OR OR ONE BILL PAYMENT AWAY FROM THE WHOLE DREAM WITHERING AWAY MAN IS THIS IS JUST TOUGH TO SEE IT BECAUSE IT JUST WEIGHS HEAVY ON THE HEART BECAUSE YOU'RE TRYING YOUR BEST TO HELP PAVE THE WAY AND COACH THEM THROUGH IT AS A REAL ESTATE AGE AND NOT JUST HELPING THEM FIND HOMES. YOU'RE LIKE EMOTIONAL SUPPORT GUY. YOU'RE THEIR BEST FRIEND AT TIMES YOU'RE WAY DIFFERENT.  THAT'S YOU KNOW, I PRIOR TO BEING ON THE COUNCIL I WAS A REAL ESTATE AGENT. YEAH, I REMEMBER WORKING WITH CLIENTS FOR YEARS DEALING WITH THE SAME ISSUE LIKE YOU BECOME MORE THAN JUST A REAL ESTATE AGENT, YOU KNOW, YOU BECOME PART OF THE FAMILY, GET TO KNOW YOU KNOW THAT THE WHOLE FAMILY FROM MOM AND DAD TO THE PERSON LOOKING FOR THE HOUSE TO THE KIDS, TO THE DOG AND YOUR REAL REAL ATTACK SO YOU KNOW WHEN THEY ARE OUT THERE HUNTING, YOU KNOW, YOU FEEL PART OF THE PROCESS AND WHEN YOU FIND THAT HOME FOR THEM YOU FEEL HAPPY RIGHT OUT OF THAT BIG WIN BECAUSE YOU KNOW, NOT ONLY YOU KNOW THAT THEY'RE DESERVING RIGHT. BUT ALSO WHAT THE IMPACT IS NOT GOING ONLY HALF OF THEM BUT ALSO THEIR KIDS. SO ALPHA THANK THANK YOU FOR YOUR TESTIMONY AND DEFINITELY ALWAYS COME BACK TO THE PEOPLE BUILDING AND FEEL FREE TO BRING YOUR HOMEBUYERS. I'M GOING TO BE HAVING A HEARING AGAIN ON THIS IN THE NEAR FUTURE. SO THANK YOU. APPRECIATE YOUR TIME.  THANK YOU. OMAR REID ON ZOOM.  OKAY AMMAD OMAR READ A THE FLOOR IS NOW YOURS SO YOU HAVE 2 MINUTES.  OKAY? OKAY. ALL RIGHT I'M JUST MILLION I BELIEVE THAT'S LOW KEY DISPENSARY. YES. MILLION.  THE FLOOR IS NOW YOURS.  ALL RIGHT.  ALL RIGHT, ALL RIGHT. REGINALD STEWART.  OKAY.  IF YOU'RE LOOKING TO TESTIFY AND YOU'RE DECLINING, WE CAN'T HAVE YOU TESTIFY BECAUSE YOU NEED TO ACCEPT IT.  BUT REGGIE NO, YOU'RE HERE IN PERSON CAN HEAR ME . YEP. ADRIAN CAN HEAR ME . OKAY, HERE WE GO. MY NAME IS REGGIE STEWART, LONG TIME DORCHESTER RESIDENT. I'VE BEEN A REAL ESTATE BROKER FOR WELL OVER A DECADE OF GENERALLY SPEAKING I'M VERY EXCITED ABOUT, YOU KNOW, THE PROSPECT OF $100 MILLION OF PLUS FUND DEDICATED SPECIFICALLY TO HOME OWNERSHIP . YOU KNOW THE THE TESTIMONY THE BACK AND FORTH FIGURING OUT HOW TO TO BALANCE THE PUBLIC AND PRIVATE INTERESTS WHILE PRESERVING THE AFFORDABILITY I FOUND THAT INTERESTING. MY MY CONCERN STEMS FROM MAKING SURE WE UNDERSTAND WHO WE SHOULD BE PRIORITIZING AND TARGETING.  I HEARD I HEARD SOME OF IT IN SOME OF THE OPENING REMARKS BUT MY FEAR IS THAT DIFFERENT POPULATIONS IN THE CITY YOU KNOW SPECIFICALLY THOSE WHO SUFFERED FROM URBAN RENEWAL TERRACE ISM YOU KNOW GOVERNMENT SANCTIONED A PAR TIDE THAT IF THAT POPULATION IS NOT CENTERED AND PRIORITIZED IN THIS PROCESS THAT THAT'S MY FEAR THAT THAT POPULATION WILL BE LEFT BEHIND. SO I THINK AS WE ALLOCATE AND DISTRIBUTE THESE RESOURCES THAT THAT HAS TO BE TOP OF MIND OR YOU KNOW, WE HAVE A PROBLEM IN TERMS OF OUR STATED COMMITMENT TO EQUITY AND JUSTICE. THANK YOU.  THANK YOU, OMARI, ARE YOU THERE? IF NOT AND I LOPEZ THE FLOOR IS YOURS.  HELLO? DO YOU HEAR ME ? YES, WE CAN HEAR YOU. AWESOME. HI, EVERYBODY. MY NAME IS ANGELA. IT IS.  I'M A COMMUNITY ORGANIZER AT MOCA AND I'M READING THIS ON BEHALF OF ONE OF OUR LONGTIME MEMBERS FELICIA RICHARD.  I WAS BORN AND RAISED HERE IN BOSTON. I CURRENTLY RESIDE IN HYDE PARK . I LEFT FOR A WHILE AND UPON RETURNING TO BOSTON I WAS SHOCKED BEYOND BELIEF AND HOW EXPENSIVE RENT WAS AFTER ALMOST TWO YEARS OF COUCH SURFING, LIVING WITH FAMILY AND FRIENDS, MY LUCK RAN OUT ON CHRISTMAS MORNING IN 2018 I FOUND MYSELF IN MY CAR WITH ALL OF MY BELONGINGS I HAD BEEN APPLYING FOR AFFORDABLE HOUSING LOTTERIES BY THE GRACE OF GOD I FINALLY GOT AN AFFORDABLE APARTMENT JUST A FEW DAYS LATER. I AM TRULY GRATEFUL FOR MY APARTMENT. I REALLY AM. BUT IT IS TIME FOR ME TO MOVE ON TO MY NEXT LEVEL WHICH IS MY DREAM OF HOMEOWNERSHIP. WHY?  FOR ONE THING IT WOULD HELP ME PROTECT MY FAMILY IN 2020 MY THEN 80 YEAR OLD MOTHER'S HOME IN LOUISIANA WAS DESTROYED BY HURRICANE LAURA. I WAS SCARED TO HAVE HER STAY WITH ME BECAUSE MY LEASE SAYS VISITORS CAN ONLY STAY A MAXIMUM OF TWO WEEKS. ANOTHER REASON IS THAT I'M NOT ABLE TO MOVE UP IN MY JOB BECAUSE IF I GO OVER THE MAXIMUM INCOME FOR MY APARTMENT I WON'T BE ABLE TO AFFORD MARKET RENT HERE. THESE THINGS ARE REAL BUT THE MOST IMPORTANT REASON IS THAT HOMEOWNERSHIP WOULD PROVIDE ME WITH A SENSE OF BELONGING TO MY COMMUNITY AND STABILITY FOR MYSELF.  I WOULD BE ABLE TO PROVIDE MY CHILDREN WITH GENERAL GENERATIONAL WEALTH AND CONTINUE TO TEACH THEM THE VALUE OF COMMUNITY.  AN OPPORTUNITY TO BUY A HOME WOULD ALSO ALLOW ME TO LEAVE MY AFFORDABLE AND PASS IT ON TO THE NEXT FAMILY THAT MAY BE LIVING IN THEIR CAR JUST LIKE I WAS IN 2018 AND THIS IS ONE OF THE MANY STORIES THAT WE'RE HEARING HERE AT MY HIGH.  SO WE REALLY APPRECIATE BORAL'S PLAN AND THANK YOU SO MUCH. THANK YOU.  JEFFS MILLION HELLO.  HELLO. HELLO EVERYBODY. YES. YES. OKAY.  HI. GOOD AFTERNOON, EVERYBODY. GOOD EVENING, EVERYBODY. MY NAME IS JEFF CIVILIAN AND WE REAL ESTATE BROKER COMMUNITY AND ALSO BUSINESS OWNER.  I'VE BEEN DEVELOPING REAL ESTATE FOR ABOUT 3 TO 4 YEARS NOW. I'VE BEEN SEVERAL PROJECTS IN THE COMMUNITY PRIMARY AT THIS MOMENT OF SUPPORT I SUPPORT THIS PLAN THAT COUNCILOR WELL HAS YOU KNOW, AS AGAIN AS A DEVELOPER MY GOAL IS TO TRY TO CREATE HOMES IN THE COMMUNITY AND THAT I GREW UP IN I WAS RAISED IN DORCHESTER, I LIVED IN ROXBURY AND ALSO MATTAPAN AS WELL.  I JUST REALLY REALLY I'M REALLY PROUD AND HAPPY THAT THIS FUND IS AVAILABLE AND IS WORKING TOWARDS BEING AVAILABLE TO DEVELOPERS TO HELP CREATE, YOU KNOW, AFFORDABLE, AFFORDABLE HOUSING FOR, YOU KNOW, OUR RESIDENTS HERE. I'VE BEEN ABLE TO AS A AS A REAL ESTATE AGENT YOU KNOW, I'VE HAD TO HELP YOU KNOW, RENTERS WHO ARE WHO ARE WHO ARE UNABLE TO AFFORD HOMES IN THE CITY OF BOSTON TO TO HAVE TO MOVE TO BROCKTON OR OUTSIDE THE CITY OF BOSTON. SO THIS IS SOMETHING THAT'S DEAR TO MY HEART WANTING TO PROVIDE VALUE AND CREATING BUILDING AFFORDABLE HOUSING IN THE CITY OF BOSTON.  SO I'M IN SUPPORT OF THIS PLAN AND THANK YOU THANK YOU CASMIR ANY CLOSING REMARKS I WANT TO KNOW FOR THE RECORD ONCE AGAIN FOR THOSE WHO ARE TUNING IN THAT I AM ONE OF THE CO-SPONSORS OF THIS PARTICULAR PIECE OF LEGISLATION THAT WE'RE TRYING TO MOVE FORWARD HERE IN COUNCIL , WE'RE IS GOING TO NEED MY BIG TO MAKE IT HAPPEN. SO JUST REALLY GRATEFUL TO HAVE THE OPPORTUNITY TO WORK ALONGSIDE YOU ON THIS INITIATIVE AND I LOOK FORWARD TO BRINGING HOME THE MONEY. THANK YOU.  THANK YOU COUNCILOR MEJIA FOR YOUR CONTINUED SUPPORT AND BEING INSTRUMENTAL AND AND AND SAYING WHAT VOICES WE NEED TO SEND TO AND MAKING SURE THAT IN ALL THINGS NOT JUST IN HOUSING YOU TAKE A COMPREHENSIVE HOLISTIC VIEW ON ALL THINGS SO I DO APPRECIATE IT AND I APPRECIATE ALL THE WORK THAT YOU HAVE DONE IN ALL AREAS AND WITH ME ON THIS AS WELL. SO THANK YOU. I ALSO WANT TO THANK ALL THE PANELISTS AND THOSE WHO TESTIFIED TODAY.  IT'S IMPORTANT THAT WE PUT NUMBERS AND PERSONAL STORIES TO THIS HOUSING CRISIS AND I BELIEVE WE DID THAT TODAY.  WE HAVE AN OPPORTUNITY WITH THIS DEVELOPMENT FUND TO INVEST IN HOMEOWNERSHIP IN A WAY THAT HAS NEVER BEEN DONE BEFORE.  WHEN WE FORGE NEW PATH AND CREATE NEW MODELS, THEY WILL BE OBSTACLES AND MANY CHANCES TO SAY NO.  BUT AS COMMUNITY ADVOCATES AND AS ELECTED OFFICIALS WE ARE HERE TO BUILD NEW SYSTEMS AND PROCESSES TO DELIVER ON THE PROMISES OF BOSTONIANS AND TO MANY THAT ARE SAYING YES TO AFFORDABLE HOMEOWNERSHIP IT'S ABOUT STABILITY AND THE BYPRODUCT OF THAT STABILITY IT WEALTH FOR OUR RESIDENTS. I LOOK FORWARD TO CONTINUING THIS CONVERSATION WITH THE ADMINISTRATION AND I ALSO WANT TO THANK CENTRAL STAFF ADR, MY TEAM FOR MAKING THIS HEARING ALL WORKING ALL THE WHAT DO THEY HAVE PUT INTO THIS HEARING AND THIS HEARING ON DOCKET NUMBER 1002 IS ADJOURNED