##VIDEO ID:cZcg4GwAjw4##  ONE MY NAME IS LIZ BRYDON, DISTRICT NINE CITY COUNCILOR AND I AM THE CHAIR OF THE BOSTON CITY COUNCIL COMMITTEE ON HOUSING AND COMMUNITY DEVELOPMENT. TODAY IS SEPTEMBER 19TH, 2024.  THIS HEARING IS BEING RECORDED AND WE'LL ALSO IS ALSO BEING LIVESTREAMED AT BOSTON DOT GOV CITY COUNCIL DASH TV AND BROADCAST ON XFINITY CHANNEL EIGHT ON C AND CHANNEL 82 AND FIREHOUSE CHANNEL 964. WRITTEN COMMENTS MAY BE SENT TO THE COMMITTEE EMAIL AT C C C DOT HOUSING AT BOSTON DOT GOV AND WILL BE MADE A PART OF THE RECORD AND AVAILABLE TO ALL COUNCILORS. PUBLIC TESTIMONY WILL BE TAKEN AT THE END OF THIS HEARING. INDIVIDUALS WILL BE CALLED IN THE ORDER IN WHICH THEY SIGNED UP AND WILL HAVE AND AND WILL HAVE 2 MINUTES TO TESTIFY. IF YOU'RE INTERESTED IN TESTIFYING IN PERSON PLEASE ADD YOUR NAME TO THE SIGN UP SHEET NEAR THE ENTRANCE OF THE CHAMBER. IF YOU'RE LOOKING TO TESTIFY VIRTUALLY PLEASE EMAIL OUR CENTRAL STAFF LIAISON CORA MENTIONED A CORA C 0RA DARK MONTCALM MO AND TR0 AND D BOSTON GOLF FOR THE LINK AND YOUR NAME WILL BE ADDED TO THE LIST. TODAY'S HEARING IS ON DOCKET 0704 ORDER FOR A HEARING TODAY AND TO MESSAGE AND ORDER A HEARING TO DISCUSS THE IMPACT OF RESTRICTIVE DEEDS, PROPERTY OWNERSHIP AND TRANSFER INCLUDING BOTH NEGATIVE POSITIVE EFFECTS STRATEGIES TO PROMOTE GENERATIONAL WEALTH CREATION. THIS MATTER WAS SPONSORED BY COUNCILOR FERNANDEZ ANDERSON AND WAS REFERRED TO THE COMMITTEE ON APRIL 10TH, 2024.  TODAY I AM JOINED BY MY COLLEAGUES IN ORDER OF ARRIVAL MYSELF TANYA FERNANDEZ ANDERSON ,COUNCILOR PEPEN AND COUNCILOR HERE AND I WILL NOW ASK THE LEAD SPONSOR FOR A SHORT OPENING STATEMENT AND THEN WILL GO TO THE PANEL OR IF ANY OF MY COLLEAGUES WISH TO MAKE PLEASE LET ME KNOW I DO HAVE A CONSTITUENT AND AS ANDERSON YOU HAVE THE CHAIR AND I WILL START THE CLOCK AND GOOD MORNING EVERYONE THANK YOU FOR BEING HERE AND TO ALL OF THE CONSTITUENTS SITTING IN THE AUDIENCE, I REALLY APPRECIATE YOU INVESTING YOUR TIME IN THIS HEARING THIS IMPORTANT HEARING AND LOOKING FORWARD TO YOUR FEEDBACK, YOUR INPUT AND HOPEFULLY HAVING A ROBUST CONVERSATION WHERE WE CAN GET TO SOME SORT OF MODERATION OR SOLUTIONS FOR THIS HEARING ORDER.  AGAIN, THANK YOU TO MY COLLEAGUES FOR BEING HERE. THIS HEARING HAS BEEN A LONG TIME COMING FOR THOSE OF YOU WHO DON'T KNOW EVERY ADDED RESTRICTION LIMITS THE SALE OF HOME TO INCOME ELIGIBLE BORROWERS AT AN AFFORDABLE PRICE BUYERS OF DEED RESTRICTED PROPERTIES ARE TYPICALLY ALLOWED TO RETAIN SOME BUT NOT ALL OF THE APPRECIATED HOME PRICE. THIS RESTRICTION MAY LAST ANYWHERE FROM 20 YEARS OR EVEN IN EXCESS TO 50 YEARS AS OF 2022 THERE WERE 2921 DEED RESTRICTED AFFORDABLE HOMEOWNERSHIP UNITS IN BOSTON AND OR 3% OF THE CITY'S TOTAL HOMEOWNERSHIP STOCK.  MOST OF THESE UNITS ARE IN ROXBURY, DORCHESTER, THE SOUTH END AND CHINATOWN AS A MEANS OF GETTING LOW INCOME FAMILIES INTO LONG TERM HOUSING DUE TO RESTRICTIONS SHOWS SOME PROMISE HOWEVER, AS A MEANS OF BUILDING EQUITY BOTH FISCAL AND SOCIAL EQUITY, THESE RESTRICTIONS FALL A BIT SHORT AS IT STANDS RIGHT NOW BUT BY NOT ALLOWING FAMILIES TO CAPITALIZE AS MUCH AS THEY COULD TO ACCRUE VALUE ON THEIR HOME. I HOPE WE CAN TALK IN WALK OR FROM THIS CONVERSATION WALK AWAY FROM THIS CONVERSATION WITH A BETTER UNDERSTANDING OF DEED RESTRICTIONS.  I KNOW THAT I HAVE MUCH TO LEARN.  I STILL HAVE MORE TO LEARN ON THIS AND IN COLLABORATION WITH THE ADMINISTRATION AND I KNOW THE ADMINISTRATION IS INTERESTED IN FINDING SOLUTIONS THAT DOESN'T DISPLACE OUR FAMILIES RIGHT BECAUSE WE DON'T WANT TO VASTLY BEGIN TO GENTRIFY OR OR PERPETUATE MORE GENTRIFICATION BY WAY OF UNRESTRICTED TOTALLY.  BUT AGAIN, HOPEFULLY WE CAN FIND A MODERATE SOLUTION THAT WORKS FOR SOME OF US. WE MAY NOT FIND THE PERFECT SOLUTION BECAUSE WE HAVE TO WORK WITH WHAT WE CAN IN TERMS OF AFFORDABILITY AND SO FORTH AND CREATING OPPORTUNITIES FOR HOME OWNERSHIP FOR OTHER FAMILIES THAT ARE INTERESTED IN PURCHASING. BUT HOPEFULLY AGAIN SOMETHING THAT IS IS BETTER THAN WHAT WE HAVE TODAY. THANK YOU MADAM CHAIR. THANK YOU. COUNCILOR SANDERSON, ANYONE OF MY COLLEAGUES WE'VE BEEN JOINED BY COUNCILOR FLYNN AND COUNCILOR FITZGERALD AND ANY OTHER OF MY COLLEAGUES WISH TO MAKE AN OPENING STATEMENT HAPPEN. HAPPEN? YOU HAVE THE FLOOR. THANK YOU, MADAM CHAIR. AND GOOD MORNING, EVERYONE. IT'S GOOD TO SEE THE CHAMBER FILLED WITH RESIDENTS IN THE BACK SO THANK YOU SO MUCH FOR SHOWING UP. I WAS REALLY INTERESTED IN JOINING THIS HEARING AND THANKFUL TO COUNCILOR FERNANDA ANDERSON FOR FOR COAST FOR SPONSORING IT BECAUSE YOU KNOW AS IN MY DISTRICT OF DISTRICT FIVE THAT'S MATTAPAN HIGH PARK AND ROSLINDALE I WANT TO MAKE SURE THAT AS NEW HOMEOWNERSHIP OPPORTUNITIES COME IN I WANT TO KNOW WHAT HOW DO THE DEED RESTRICTIONS IMPACT THOSE NEW HOMEOWNERSHIP OPPORTUNITIES ESPECIALLY IN THE MATTAPAN BORDER WHERE I REPRESENT YOU KNOW THERE ARE SOME NEW HOMEOWNERSHIP OPPORTUNITIES GOING TO COME IN HIGHWAY AND MULTIPLE LOTS. SO I JUST WANT TO BE AS EDUCATED AS POSSIBLE SO THAT I CAN MAKE SURE I'M ADVOCATING FOR THE RESIDENTS AND LEARNING WHAT CAN WE DO TO WORK TOGETHER TO MAKE SURE THAT THEY'RE GETTING THE BEST BANG OUT OF THEIR BUCK.  BUT THANK YOU SO MUCH FOR HAVING MEJIA I AM HERE THE REST OF MY TIME.  THANK YOU. COUNCILOR PEPEN CONSIDER MEJIA YOU HAVE THE FLOOR. THANK YOU, MADAM CHAIR.  AND THANK YOU TO COUNCILOR ANDERSON FOR HER LEADERSHIP IN THIS SPACE.  I ALWAYS KNOW WHEN I'M WORKING IN COLLABORATION WITH SOMEONE WHO IS A TRUE ORGANIZER BECAUSE THIS CHAMBER IS FULL OF PEOPLE WHO ARE HERE TO SPEAK ON BEHALF OF THE PEOPLE. AND SO I JUST WANT TO THANK COUNCILOR ANDERSON FOR HER LEADERSHIP IN ORGANIZING AND MAKING SURE THAT WE HAVE A TURN OUT BECAUSE OFTENTIMES WE HAVE THESE DISCUSSIONS AND THE CHAMBER IS NOT AS FULL AS IT IS TODAY. AND SO MY HOPE IS IS THAT YOUR VOICES WILL BE HEARD AND WHAT WE HEAR TODAY WILL INFORM HOW WE DECIDE TO MOVE FORWARD. SO I JUST WANT TO ACKNOWLEDGE THE ORGANIZING EFFORTS THAT WENT INTO HAVING YOU HERE TODAY. AND I ALSO WOULD JUST LIKE TO SAY THAT FOR ME AS MANY OF YOU KNOW, I BECAME HOMEOWNER I BELIEVE IN 2017 I GOT MY MOM OUT OF SECTION EIGHT BECAUSE THE APARTMENT THAT SHE LIVED IN WAS SOLD AND WHEN IT WAS SOLD THE PRICE WENT UP TO A POINT WHERE MY MOM WAS NOT GOING TO BE ABLE TO STAY EVEN WITH HER SECTION EIGHT VOUCHER. AND AT THE TIME I DIDN'T EVEN KNOW WHAT MY CREDIT SCORE WAS OR HOW I WAS GOING TO MAKE IT HAPPEN. BUT TOGETHER AS A FAMILY WE WERE ABLE TO PURCHASE A TWO FAMILY HOME HERE IN THE CITY OF BOSTON.  IT IS A DEED RESTRICTED A TWO FAMILY. MY BROTHER AND I WITH OUR KIDS SHARE ONE SIDE AND MY MOM IS ON THE OTHER BUT THAT WAS THE ONLY WAY WE WERE ABLE TO STAY HERE. SO I UNDERSTAND THE GREAT THE TOOLS THAT EXIST. AND I ALSO UNDERSTAND AS A HOMEOWNER SOME OF THE LIMITATIONS THAT I HAVE. AND SO WHAT I'M HOPING FOR THIS DISCUSSION HERE IS MAKING SURE THAT WHATEVER WE DECIDE TO DO DOES NOT HAVE UNINTENDED CONSEQUENCES. BECAUSE I BELIEVE THAT WE OFTEN OFTENTIMES WHEN WE'RE POLICY MAKING HERE IS THAT WE HAVE BIG IDEAS. BUT IF THE DEVIL'S ALWAYS ON THE DETAILS HERE SO I THINK IT'S REALLY IMPORTANT FOR US TO HAVE THIS CONVERSATION AND WE ALL THE PROS AND CONS TO MAKE SURE THAT WE'RE STABILIZING THE CITY OF BOSTON, THAT WE'RE NOT CAUSING OUR FOLKS WHO HAVE GROWN UP HERE TO BE MOVED OUT. AND I ALSO WANT TO MAKE SURE THAT WE DO THIS IN A WAY THAT PEOPLE ARE ABLE TO BUILD WEALTH. IT IS TRYING TO FIND THAT HAPPY MEDIUM IS WHAT I'M HOPING THIS CONVERSATION WILL GIVE US THE OPPORTUNITY TO DO. THANK YOU FOR BEING HERE. THANK YOU.  COMES FROM HERE. COUNCILOR FLYNN, YOU HAVE THIS YOU HAVE THE.  THANK YOU COUNCILOR BREADON AND THANK YOU FOR SHARING THIS MEETING.  THANK YOU, COUNCILOR TANYA FERNANDEZ ANDERSON FOR BRINGING THIS FORWARD AN IMPORTANT DISCUSSION TO THE ADMINISTRATION TEAM FOR BEING HERE AS WELL. LIKE COUNCILOR MAGEE HAS SAID, I'M HERE TO LEARN AS MUCH AS I CAN ABOUT THIS SUBJECT AND I KNOW IT'S IMPACTING MY DISTRICT AS WELL, ESPECIALLY IN CHINATOWN. SO WE WANT TO LEARN FROM THE ADMINISTRATION TEAM BUT ALSO WANT TO LEARN FROM THE FROM THE RESIDENTS AS WELL MANY ROXBURY AND SOUTH END PEOPLE. SO HERE I LISTEN HERE TO LEARN IN COUNCIL FOR A NAME IS INNOCENT THANKS FOR WORKING ON THIS IMPORTANT SUBJECT. THANK YOU MADAM CHAIR.  THANK YOU.  ABLE TO DO THAT FOR ME ? THANK YOU. BEFORE WE PROCEED, I ALSO WANT TO READ A LETTER OF ABSENCE AN APOLOGY FROM SENATOR AND NOT SENATOR SORRY . SANTANA AND HENRY SANTANA.  SEPTEMBER 19TH DEAR CHAIR BREADON AND COLLEAGUES OF THE COMMITTEE ON HOUSING AND COMMUNITY DEVELOPMENT I REGRET TO INFORM YOU THAT DUE TO A PRIOR COMMITMENT IN THE COMMUNITY I'M UNABLE TO ATTEND TODAY'S HEARING ON DOCKET 0704 TO DISCUSS THE IMPACT OF DEED RESTRICTED DEEDS ON PROPERTY OWNERSHIP AND TRANSFER INCLUDING STRATEGIES TO PROMOTE GENERATIONAL WEALTH AND CREATE CREATION BARRIERS TO HOMEOWNERSHIP. ONE OF THE MOST CRITICAL AREAS TO ADDRESS IN BOSTON AS WE WORK TO MAKE THE CITY MORE AFFORDABLE FOR OUR RESIDENTS.  THIS IS A NUANCED ISSUE AND ONE WITHOUT OBVIOUS ANSWERS AS MANY PROGRAMS WHICH CAN ASSIST FIRST TIME BUYERS AND HISTORICALLY MARGINALIZED COMMUNITIES ALSO COME WITH RESTRICTIVE RESTRICTIONS THAT LIMIT OPPORTUNITIES TO GROW WEALTH THROUGH PROPERTY OWNERSHIP. WHILE I CAN MAINTAIN AFFORDABILITY FOR THE NEXT HOMEOWNER TO COME, IT CAN UNDERMINE OUR LARGER GOALS TO END GENERATIONAL POVERTY AND CREATE ECONOMIC MOBILITY. I AM GRATEFUL TO THE SPONSOR AND CHAIR FOR HOLDING THIS HEARING AND EXPLORING WAYS TO BALANCE THE PROS AND CONS OF RESTRICTED DEEDS AND AFFORDABLE HOUSING. I HOPE I HOPE THE DISCUSSION PROVES VALUABLE. PROVIDES VALUABLE INSIGHTS AND RECOMMENDATIONS THAT CAN GIVE US A GUIDE TO OUR FUTURE POLICIES. I LOOK FORWARD TO REVIEWING THE COMMITTEE'S REPORT AND RECOMMEND AND RECOMMEND IT FOR NEXT STEPS.  SINCERELY HENRY SANTANA.  OKAY SO NEXT WE WILL GO TO THE FIRST PANEL WHICH IS I'VE JUST BEEN JOINED BY COUNSELOR WEBER FOR COUNSELOR WEBER, DO YOU HAVE AN OPENING STATEMENT OR WOULD YOU JUST UM I KNOW YOU'VE BARELY SAT DOWN BUT I DON'T.  OKAY, VERY GOOD. THANK YOU TO YOU.  OKAY. SO GOOD.  I KNOW I. I, I DID THE PREVIOUS TIME.  OH, RIGHT. OKAY. SO THE FIRST PANEL IS THE ADMINISTRATION PANEL. IT'S SHEILA DILLON, CHIEF OF THE MAYOR'S OFFICE OF HOUSING. KAREN ROSA, DIRECTOR OF THE BOSTON HOME CENTER AND KATRINA OLIVER MILCHAN DIRECTOR OF THE MAYOR'S OFFICE OF HOUSING POLICY DEVELOPMENT AND RESEARCH . UM, I'M GOING TO ALLOW YOU ALL TO MAKE BRIEF STATEMENTS. I UNDERSTAND YOU ALSO HAVE A PRESENTATION AND THEN WE WILL FOLLOW UP WITH A ROUND OF QUESTIONS FROM OUR COUNSELORS SO CHIEF DILLON, YOU HAVE THE FLOOR. SURE. AND THANK YOU VERY MUCH AND THANK YOU TO THE SPONSOR FERNANDEZ ANDERSON AND AND CHAIR BREADON FOR HOLDING THIS IMPORTANT HEARING AND AND I REALLY DO WANT TO RECOGNIZE AND THANK THE CONSTITUENTS THAT ARE HERE TODAY TO THIS HAS BEEN THIS IS REALLY AN IMPORTANT ISSUE AND WE ALL WANT WHAT IS BEST FOR BOSTON I KNOW THAT IN MY HEART SO REALLY LOOK FORWARD TO TO THE CONVERSATION AFTER THIS. SO WE WILL BE BRIEF. I'M GOING TO GO OVER AND JUST SET THE WHAT WE OWN RIGHT NOW,  WHAT WE HAVE FUNDED AND WHAT IS OUT THERE RIGHT NOW THE BASICS OF THE PROGRAM. KARINA IS GOING TO GO OVER SOME AFTER LOTS OF DISCUSSION, SOME OF THE CHANGES THAT WE'RE PROPOSING OR WE HAVE MADE ON SOME OF THE NEWER PROJECTS AND KAREN'S GOING TO BRING IT HOME VERY QUICKLY JUST LETTING THE PUBLIC KNOW WHAT IS AVAILABLE TO THEM IF THEY WANT TO BUY A HOME IN BOSTON. SO LET'S GET INTO IT. WE WILL BE BRIEF.  OKAY. SO VERY QUICKLY AN OVERVIEW OF BOSTON'S AFFORDABLE HOMEOWNERSHIP PROGRAM IN OUR OBJECTIVES WITH THE PROGRAM AND THE MONEY THAT WE SPEND ON IT. WE ARE WHEN WE BUILD AFFORDABLE UNITS, AFFORDABLE HOMEOWNERSHIP UNITS FIRST AND FOREMOST WE ARE VERY INTERESTED IN PROVIDING HOUSING STABILITY FOR OUR RESIDENTS AS WAS MENTIONED BY COUNCILOR MEJIA, OFTENTIMES WHEN PEOPLE BUY A DEED RESTRICTED HOME THEY HAVE BEEN BOUNCING AROUND, THEY HAVE LOST THEIR THEIR RENTAL UNIT MANY, MANY, MANY TIMES RENTS HAVE GONE UP.  SO FAMILIES STABILITY IS FIRST AND FOREMOST IT ALSO AND PRESERVES STABILITY IN OUR NEIGHBORHOODS HAVING UNITS,  HAVING HOMES THAT PEOPLE CAN AFFORD TO BUY PROVIDES NEIGHBORHOOD STABILITY ESPECIALLY AS WE SEE OUR NEIGHBORHOODS CHURN WITH A LOT OF RENTERS HAVING TO LEAVE AND MOVE AROUND THE CITY TO FIND SOMETHING THAT THEY CAN AFFORD. SOMETIMES IN SOME NEIGHBORHOODS THIS IS THE ONLY THESE DEED RESTRICTED HOMES ARE THE ONLY HOMES THAT THEY CAN AFFORD TO BUY GIVEN GIVEN THE PRICES IN THE MARKET.  AND OF COURSE WE WANT FAMILIES TO BE ABLE TO BUILD EQUITY BOTH BY PAYING DOWN THEIR EXISTING MORTGAGES AND REALIZING THE LIMITED EQUITY THAT THAT IS DUE TO THEM ON SALE.  KAREN IS GOING TO TALK MORE ABOUT THIS SO I WON'T I WON'T DWELL ON IT BUT WE DO USE WE DO HAVE A LOT OF TOOLS IN THE CITY TO HELP PEOPLE THAT WANT TO BUY AND STAY IN THE CITY WE'RE INVESTING AND WE HAVE A VERY,  VERY LARGE PIPELINE OF NEW AFFORDABLE HOMEOWNERSHIP PROJECTS.  WE'RE PROVIDING DOWNPAYMENT ASSISTANCE OF COURSE AND WE'RE WRITING DOWN MORTGAGES. I WAS VERY HAPPY TO SEE THE FEDS BRINGING DOWN MORTGAGE RATES LIKE YESTERDAY BY NOT MORTGAGE RATES BUT THE THE INTEREST RATES BY 50 BASIS POINTS WHICH WILL CERTAINLY HELP. AND ONCE ONCE HOMEOWNERS BUY AND THEY'RE IN THEIR UNITS, WE HAVE A PRETTY SIGNIFICANT UNIT THAT IS HELPING WITH HOME REPAIRS, SENIOR HOME REPAIRS AND FORECLOSURE PREVENTION. SO WE DON'T WE DON'T SIGN OFF WHEN SOMEONE'S IN A HOME.  WE WORK VERY, VERY HARD TO MAKE SURE THAT THEY STAY IN THEIR HOMES AS AS WAS MENTIONED EARLIER AND I'LL JUST REINFORCE HERE THERE ARE ONLY 2945 INCOME RESTRICTED HOMEOWNERSHIP UNITS IN THE CITY.  I'M SURE YOU'VE HEARD THE TERM WE'VE GOT ABOUT 300,000 LIVABLE UNITS IN THE CITY.  SO IT'S A VERY SMALL PERCENTAGE. IT'S ONLY 5% OF OUR INCOME RESTRICTED UNITS AND 3% OF OUR HOMEOWNERSHIP UNIT. SO IT'S A VERY SMALL VERY IMPORTANT BUT VERY, VERY SMALL PIECE OF THE PUZZLE THAT WE WOULD LIKE TO EXPAND. THE VAST MAJORITY OF INCOME RESTRICTED HOUSING IS RENTAL 55,000 UNITS WHICH WE'RE VERY, VERY PLEASED TO HAVE. IT'S KEEPING A LOT OF OUR FAMILIES IN THE CITY. BUT WE HAVE OVER THE DECADES BUILT MUCH MORE AFFORDABLE RENTAL HOUSING THAN WE HAVE HOMEOWNERSHIP HOUSING THAT IS AFFORDABLE AND REMAINS AFFORDABLE JUST TO DRIVE HOME WHAT YOU ALREADY KNOW IT IS VERY, VERY HARD TO BUY A HOME IN BOSTON LAST YEAR 2023 THE MEDIAN SALES PRICE THE MIDPOINT WAS $765,000 AND IT REQUIRED AN INCOME OF $223,000 TO BUY A HOME IN BOSTON WHICH IS WHICH IS JUST TOO HARD FOR TWO TOO MANY HOUSEHOLDS. THE MEDIAN PRICE OF AN INCOME RESTRICTED UNIT IN 2023 AND WE SOLD MANY WAS 269,000 AND THAT WAS POSSIBLE BECAUSE THE CITY AND THE STATE PUT IN A SIGNIFICANT AMOUNT OF SUBSIDY TO WRITE DOWN THE DEVELOPMENT COSTS SO WE COULD OFFER IT AT THAT LOW PRICE AND THE MEDIAN INCOME NEEDED ALTHOUGH WE ARE SERVING WITH LARGER DOWN PAYMENTS EVEN LOWER INCOME FAMILIES THE MEDIAN INCOME NEEDED WAS 89,000. BUT WE I'VE SAID CAUSE I SIGNED OFF ON THEM WE ARE WE ARE REALLY SERVING AND ABLE TO REACH LOWER INCOME HOUSEHOLDS THAN THAT SO THERE REALLY IS A STARK DIFFERENCE BETWEEN WHAT THE MARKET'S PROVIDING AND WHAT WE ARE ABLE TO PROVIDE THROUGH THE PROGRAM.  SO IT'S A IT'S A SMALL BUT MIGHTY PROGRAM, ONE THAT ONE THAT WE FEEL GOOD ABOUT.  BUT THERE IS ALWAYS THERE'S ALWAYS THE NEED FOR COMMUNITY VOICE IN IMPROVEMENT. SO I'M GOING TO HAND IT OVER TO KARINA TO TALK ABOUT THE PROCESS AND US WHAT THE NEW AFFORDABLE HOMEOWNERSHIP AND WHAT THOSE RESTRICTIONS LOOK LIKE NOW. ALL RIGHT. THANK YOU, CHIEF DILLON AND THANK YOU FOR HAVING US HERE TODAY. I'M GOING TO TALK A LITTLE BIT ABOUT CHANGES WE'VE MADE TO OUR DEED RESTRICTION OVER THE PAST YEAR IN RESPONSE TO WHAT WE'VE BEEN HEARING FROM COMMUNITY AND I DO JUST WANT TO HIGHLIGHT THAT THE DEED RESTRICTION OUR INCOME RESTRICTED HOMEOWNERSHIP UNITS ARE ONE PIECE OF OUR AFFORDABLE HOMEOWNERSHIP STRATEGY AND I WANT TO HIGHLIGHT WE REALLY DO WANT TO SUPPORT WEALTH BUILDING AMONGST COMMUNITY AND THERE'S LIMITED EQUITY BUILDING THROUGH THESE INCOME RESTRICTED UNITS BUT THERE'S ALSO A LOT OF WORK THAT KAREN WE'LL TALK ABOUT IN TERMS OF HELPING LOWER INCOME AND MODERATE INCOME HOUSEHOLDS ACCESS MARKET RATE HOMEOWNERSHIP OPPORTUNITIES WITH UNLIMITED EQUITY BUILDING . SO LAST SPRING WE LAUNCHED AN EFFORT TO EVALUATE SOME POTENTIAL CHANGES TO OUR DEED RESTRICTION AND THE FIRST STEP OF THAT PROCESS WAS TALKING TO PEOPLE AND SO WE DID A QUESTIONNAIRE WE HELD A SERIES OF THREE DISCUSSION GROUPS WITH VERY VARIED STAKEHOLDERS INVITED TO TELL US THEIR THOUGHTS ON OUR DEED RESTRICTION. SO WE SPOKE TO DOZENS AND DOZENS OF PEOPLE I THINK MORE THAN THREE DOZEN PEOPLE INCLUDING AFFORDABLE HOUSING ADVOCATES, A LOT OF COMMUNITY DEVELOPMENT CORPORATIONS, COMMUNITY LAND TRUSTS, COMMUNITY ORGANIZERS, SOME PROFESSORS AT LOCAL INSTITUTIONS WHO BRING ACADEMIC EXPERTISE ON THE SUBJECT FUNDERS AND LENDERS AND STAFF FROM POOR CITIES ACROSS THE COUNTRY WHO HAVE THEIR OWN INCOME RESTRICTED HOMEOWNERSHIP PROGRAMS AND COULD TALK TO US ABOUT LESSONS LEARNED.  THERE WERE A COUPLE OF KEY THEMES THAT WE HEARD VERY LOUD AND CLEAR FROM THIS ENGAGEMENT. THE FIRST WAS APPRECIATION FOR THIS MULTIPRONGED AFFORDABLE HOMEOWNERSHIP STRATEGY BOTH THE INCOME RESTRICTED HOMEOWNERSHIP BUT ALSO DOWN PAYMENT ASSISTANCE AND OTHER FINANCIAL ASSISTANCE TO HELP LOW TO MODERATE INCOME HOUSEHOLDS BUY BUY HOMES NOT JUST INCOME RESTRICTED BUT ALSO MARKET RATE. WE HEARD A LOT BACK AND FORTH ABOUT THE CHALLENGE OF BALANCING LONG TERM NEIGHBORHOOD AFFORDABILITY AND HOUSING STABILITY WITH WEALTH BUILDING OPPORTUNITIES.  THESE THINGS ARE NOT ALWAYS COMPATIBLE. IT'S HARD TO PRESERVE AFFORDABILITY IN NEIGHBORHOODS WHERE COSTS ARE RAPIDLY RISING AND ALLOW PEOPLE TO BUILD UNLIMITED EQUITY.  WE ALSO HEARD FEEDBACK THAT TIGHT RESTRICTIONS NEED TO BE RESPECTFULLY IMPLEMENTED SO WE WANT TO FOCUS ON CUSTOMER SERVICE TO THE HOMEOWNERS THAT WE'RE WORKING WITH AND KIND OF IMPLEMENTING THE RESTRICTIONS IN A WAY THAT DEMONSTRATES THE RESPECT TO THE HOMEOWNER.  WE ALSO HEARD VERY SPECIFIC FEEDBACK THAT DID RESTRICTION SHOULD BE LESS RESTRICTIVE IN TERMS OF HOMEOWNERS ABILITY TO TRANSFER THESE UNITS TO FAMILY AND I'LL TALK ABOUT THAT A LITTLE BIT MORE BECAUSE WE DID MAKE CHANGES THERE AND THEN WE HEARD FEEDBACK THAT THERE NEEDS TO BE HOME BUYER EDUCATION, MORE HOMEBUYER EDUCATION THAN WE WERE CURRENTLY DOING TO MAKE SURE THAT PEOPLE REALLY UNDERSTOOD THE BENEFITS AND RESTRICTIONS OF INCOME RESTRICTED HOMEOWNERSHIP.  AND FINALLY THERE WAS A LOT OF CONSENSUS AMONGST THESE STAKEHOLDERS THAT THE RESTRICTION SHOULD BE CAPPED, THAT IT SHOULDN'T BE SHORTENED AND THAT THEY REALLY DID WANT TO AVOID LOSING AFFORDABILITY IN THESE NEIGHBORHOODS WHERE THIS LIMITED SUPPLY OF HOMEOWNERSHIP HOUSING EXISTS . SO THE NEXT STEP WE TOOK WAS TO RESEARCH BEST PRACTICES AND SO WE TALKED TO A NUMBER OF DIFFERENT CITIES ACROSS THE COUNTRY AND WE COMPARED OUR DEED RESTRICTION TO THEIRS. AND WHAT WE FOUND WAS THAT OURS EVEN OUR DEED RESTRICTION THAT WE HAD AT THE TIME IS SHORTER THAN ANY OF THEIR DEED RESTRICTIONS. SO THAT WAS NEW YORK CITY, DENVER, SEATTLE, DTC, SAN FRANCISCO, CAMBRIDGE, NEW AND PORTLAND AND SOMERVILLE. MOST OF THOSE CITIES HAVE DID RESTRICTIONS THAT ARE FOREVER IN PERPETUITY FOR THE LIFE OF THE PROJECT. NEW YORK CITY HAS 20 TO 40 YEARS. WE HAD 30 YEARS AND DENVER HAS 99 YEARS. SEATTLE HAS 50 YEARS BUT THE CITY HAS THE OPTION TO EXTEND IT FOREVER SO VERY LONG TERM AFFORDABLE RESTRICTIONS.  SO BASED ON THIS WORK THE ENGAGEMENT, THE RESEARCH WE'VE DECIDED TO MAKE CHANGES TO OUR RESTRICTION AND WE'VE ALREADY IMPLEMENTED THESE CHANGE AS THEY WILL APPLY TO ALL NEW HOME OWNERSHIP DEED RESTRICTION UNITS GOING FORWARD. AND I'M GOING TO HIGHLIGHT SOME OF THE MOST SUBSTANTIVE CHANGES WE'VE MADE. THE FIRST IS THAT THE OLD DEED WRITER WAS A 30 YEAR TERM OF RESTRICTION WITH AN OPTION FOR THE CITY TO EXTEND IT FOR AN ADDITIONAL 20 YEARS. THE NEW DEED RESTRICTION IS JUST FOR 30 YEARS NO OPTION TO EXTEND AND SO WE WERE AIMING TO TRY TO BALANCE LONG TERM NEIGHBORHOOD AFFORDABILITY WITH THE OPPORTUNITY FOR HOMEOWNERS TO SELL THESE ON THE OPEN MARKET SOONER THAN THE ORIGINAL 50 YEAR TERM ALLOWED. WE ALSO CHANGED THE ACCRETION DEPRECIATION CAP SO IT WAS 3% AND WE INCREASED IT TO 5% OF PURCHASE PRICE PER YEAR OF OWNERSHIP.  WE ALSO LOOKED AT WHAT KIND OF CAPITAL IMPROVEMENTS WERE ALLOWED TO BE FACTORED IN. IT WAS 1% OF PURCHASE PRICE PER YEAR OF OWNERSHIP AND WE INCREASED THAT TO 3%. SO ANOTHER SIGNIFICANT INCREASE AND THE LAST BIG CHANGE WAS CHANGING THE RESTRICTIONS FROM BEING ABLE TO TRANSFER THE HOME TO IMMEDIATE FAMILY PROVIDED THAT THEY OCCUPIED THE UNIT AND WERE INCOME ELIGIBLE UNDER THE NEW RESTRICTION. WE CHANGED THE DEFINITION OF FAMILY SO IT'S NOT JUST IMMEDIATE IT CAN BE RELATED BY BLOOD MARRIAGE OR ADOPTION AND THERE'S NO REQUIREMENT FOR A REQUIREMENT FOR INCOME ELIGIBILITY. SO IF YOU WANT TO TRANSFER YOUR UNIT TO A FAMILY YOU CAN IT DOESN'T MATTER WHAT THEIR INCOME LEVEL IS.  WE ALSO MADE SOME CHANGES NOT JUST TO THE TERMS OF THE DEED RESTRICTION BUT THE DEED RESTRICTION ITSELF INCLUDING THE LANGUAGE THE LANGUAGE WITH WHICH IT'S WRITTEN. WE WANTED IT TO BE READABLE. WE WANTED PEOPLE TO UNDERSTAND THE TERMS. SO THE NEW RESTRICTION IS SHORTER. WE'RE WORKING TO MAKE IT SHORTER, WE'RE WORKING TO PUT IT IN MORE PLAIN LANGUAGE SO THERE'S, YOU KNOW, GREAT FLAHERTY.  THE SECOND IS WE'RE WORKING TO PROVIDE MORE EDUCATION TO THE HOME BUYERS WE'RE WORKING WITH ABOUT THE TERMS OF THE NEW RESTRICTION AND SO WE'LL BE ROLLING OUT SOME NEW EDUCATIONAL MATERIALS WILL BE MARKETING THE DEED RESTRICTION IN NEW WAYS SO THAT PEOPLE BETTER UNDERSTAND THE BENEFITS AND THE RESTRICTIONS OF THE DEED. RIGHT. ARE GOING FORWARD.  GOING FORWARD WE'RE ALSO WORKING ON MORE STREAMLINED MONITORING AND THIS HAS TO DO WITH IMPLEMENTING THE FEEDBACK WE GOT IN IMPLEMENTING THE DEED WRITER IN A RESPECTFUL WAY TO HOMEOWNERS.  SO RATHER THAN REQUIRING HOMEOWNERS TO PROVIDE PROOF OF OCCUPANCY AS THE DEED WRITER THE ORIGINAL DEED WRITER SAID ON AN ANNUAL BASIS FIRST OUR STAFF CHECKS RESIDENTIAL TAX EXEMPTIONS WHICH PROVES OCCUPANCY AND THEN WE'LL ONLY REACH OUT TO THE HOMEOWNER IF THEY HAVEN'T FILED FOR THAT TAX EXEMPTION WE'LL LET THEM KNOW ABOUT THE OPPORTUNITY TO FILE FOR THAT TAX EXEMPTION AND REQUEST PROOF OF OCCUPANCY AND THE OTHER CHANGE IS LOOKING AT OUR OLD DEED WRITER WHICH IS THAT 30 YEAR TERM WITH THE OPTION TO EXTEND FOR 20 AND COMING UP WITH A POLICY THAT OFFERS A LOT OF FLAHERTY FOR WHEN THE CITY WOULD OR WOULD NOT EXERCISE THAT OPTION TO EXTEND BASED ON, YOU KNOW, PRIORITY COMPETING PRIORITIES OF NEIGHBORHOOD AFFORDABILITY, PRESERVING AFFORDABLE CITY IN HIGHER COST AREAS AND RELEASING LONG TERM HOMEOWNERS WHO HAVE BEEN IN THEIR HOME FOR A WHILE AND SHOULD HAVE THE OPPORTUNITY TO SELL ON THE MARKET.  AND WITH THAT I'M GOING TO PASS IT TO KAREN ROSA TO HIGHLIGHT SOME OF THE OTHER ASPECTS OF OUR HOMEOWNERSHIP STRATEGY. GOOD MORNING EVERYONE AND THANK YOU FOR BEING HERE TODAY. I'M REALLY EXCITED TO SHARE WITH YOU THE IMPACTFUL PROGRAMS OFFERED BY THE BUS HOME CENTER WHICH PLAYED A VITAL ROLE IN SUPPORTING OUR COMMUNITY WITH HOUSING NEEDS TO THE BOSTON HOME CENTER IS REALLY DEDICATED TO PROMOTING SUSTAINABLE HOMEOWNERSHIP AND AFFORDABLE HOUSING IN OUR CITY AND IT SERVES AS A RESOURCE FOR BOTH HOMEOWNERS AND THOSE ASPIRING TO OWN OUR HOME OFFERING GUIDANCE AND SUPPORT TAILORED TO OUR KIDS CHALLENGES SO I'M GOING TO TALK ABOUT OUR KEY PROGRAMS AND WE DO OFFER DOWNPAYMENT ASSISTANCE. WE UNDERSTAND THAT SAVING FOR A DOWN PAYMENT CAN BE A SIGNIFICANT BARRIER IN THE BOSTON HOME CENTER OFFERS DOWNPAYMENT ASSISTANCE PROGRAMS HELPING ELIGIBLE RESIDENTS OVERCOME FINANCIAL HARDSHIPS TO ACHIEVE THEIR DREAM OF HOMEOWNERSHIP. WE GO FROM OUR TRADITIONAL HOME BUYING FINANCIAL ASSISTANCE. AS YOU KNOW WE REALLY PROUD ABOUT OUR ONE PLUS BOSTON PROGRAM WHERE WE OFFER A VERY HEAVILY DISCOUNTED INTEREST RATE WITH DOWN PAYMENT AND CLOSING COST. THIS INTEREST RATE COULD BE ANYWHERE FROM 1 TO 2 POINTS DISCOUNT WITH FAMILIES WITH INCOME BELOW 100% OF RMI EVEN WITH THE HIGH INTEREST RATE WE LEARNED THAT THERE WERE FAMILIES THAT QUIT CURRENT INTEREST RATE MARKET UNDER THIS PROGRAM THEY WERE BEING UNDER VERY SLIGHTLY UNDER 4% WHICH IS REALLY GREAT TO HEAR AS THIS IS PART OF THE AFFORDABLE BEING HAVING AN AFFORDABLE MORTGAGE. WE ALSO ARE WORKING VERY CLOSELY WILL BE ON THE BOSTON HOUSING AUTHORITY FIRST HOME PROGRAM. WE HAD A VERY GREAT EXPERIENCE AND CELEBRATED THIS PROGRAM NOT TOO LONG AGO A COUPLE OF DAYS AGO THIS PROGRAM GRANTS UP TO $75,000 TO HELP VHA RESIDENTS TO PURCHASE THIS FIRST HOME AND WE UNDERSTAND THERE IS MORE WITH CHALLENGES OF BUYING A HOME. SO WE DO HAVE A CREDIT BOOSTER PROGRAM AND IT'S BASICALLY COUNSELING REPAIR FOR LOW TO MODERATE INCOME RESIDENTS SUPPORT QUALIFY FOR AN AFFORDABLE MORTGAGE THAT IS ONE OF OUR GOALS IS REALLY MAKING SURE THAT WE WANT TO GO THROUGH OUR PROGRAMS ARE INTO AN AFFORDABLE MORTGAGE PRODUCT. WE PROVIDE AS KARINA SAID, WE PROVIDE GUIDANCE THROUGH THE LOTTERY AND AFFORDABLE HOMEBUYING PROCESS. WE UNDERSTAND THAT THAT'S VERY IMPORTANT FOR OUR RESIDENTS TO UNDERSTAND EVERYTHING THAT IT TAKES OWNING AN AFFORDABLE HOME AND WE ALSO PARTNERED WITH THE HOME BUYER WITH OUR NONPROFITS AND REALLY TEACH FOR SOME HOMEBUYER CLASSES IN PERSON PURCHASE EDUCATION.  BUT THE WORK DOESN'T REALLY END THERE. THE BOSTON HOME CENTER ALSO SERVES OUR CURRENT HOMEOWNERS WITH FORECLOSURE PREVENTION WHERE WE PROVIDE RESOURCES FOR HOMEOWNERS FACING FINANCIAL DIFFICULTIES THROUGH COUNSELING AND SUPPORT. WE HAVE HOME REPAIR PROGRAMS FOR THAT ASSIST WITH THE NECESSARY RE REPAIR AND IMPROVEMENTS. THIS IS NOT ONLY ENHANCING PROPERTY VALUE BUT ALSO ENSURES HOME REMAINS SAVED IN LIFE AND LIVABLE FOR OUR RESIDENTS AND WE DO HAVE A LOVE WE HELP OUR LOW INCOME SENIOR HOUSEHOLDS TO SELL EFFICIENT HEATING UNITS THROUGH GRANTS UP TO $8,000 ON THEIR OUR SENIORS SAFE PROGRAM AND WE UNDERSTAND THE IMPACT OF LEAD.  SO WE DO HAVE A PROGRAM FOR LOW-INCOME HOMEOWNERS AND RENTERS WITH CHILDREN TO THE LEADING THROUGH NO INTEREST RE FOR A LOAN UP TO 10,000 THAT CONVERTS INTO A GRANT AFTER AFTER THREE YEARS AND THIS IS THROUGH OUR LET'S SAY PROGRAM SO ALL OF THESE PROGRAMS WILL BE FINE AND I JUST WANT TO HIGHLIGHT OUR WEBSITE AND PHONE NUMBER AND A QR CODE FOR THOSE THAT ARE WATCHING US AND FOR THE RESIDENTS THAT ARE HERE BECAUSE IT IS REALLY IMPORTANT FOR US TO REALLY AND REACH AS MUCH AS RESIDENTS SO THEY CAN KNOW WHAT IS THE CITY DOING IN HELPING AND RESOURCES FOR HOMEOWNERSHIP AND HELP THROUGH OUR PROGRAMS.  BUT THE CENTER IS JUST MORE THAN THE BOSTON HOME CENTER IS MORE THAN JUST A RESOURCE.  IT'S A LIFETIME FOR MANY IN OUR COMMUNITY CURRENTLY WE'RE EXPLORING INNOVATIVE SOLUTIONS LIKE MULTIGENERATIONAL AND MULTIGENERATIONAL CO BUYING OPPORTUNITIES WHICH ENABLE RESOURCES TO FAMILIES TO PULL ANY BEST TOGETHER IN IN HOMEOWNERSHIP. AND WE'RE ALSO EXPLORING STRATEGIES TO SUPPORT SELLERS OF INCOME RESTRICTED OWNERSHIP UNITS LOOKING TO BUY SMART GRID HOMES INCLUDING COLLABORATION WITH LENDERS AND DOWNPAYMENT ASSISTANCE.  SO THIS IS JUST OUR WORK IS NOT THERE. WE'RE ALWAYS LOOKING FOR WAYS TO REALLY SUPPORT OUR RESIDENTS IN BOSTON CHANGING OUR PROGRAMS, ENHANCING THE PROGRAMS TO REALLY MAKE SURE THAT EVERYONE STAYS IN AN AFFORDABLE AND SAFE PLACE AND REALLY CREATE WEALTH THROUGH HOMEOWNERSHIP. THANK YOU.  THANK YOU.  WE'VE BEEN JOINED BY CONTROVERSIAL AND CONCERNED MURPHY AT THE TIME SENATOR JUST TO BACK AND THANK YOU ALL THAT'S WONDERFUL WHEN I MOVED TO QUESTIONS FROM COUNSELORS WE WILL START WITH THE LEAD SPONSOR CONSTRUCTION ON THIS ANDERSON AND WE'LL GO THROUGH THE LIST AND ORDER OF ARRIVAL AND WE'VE GOT 7 MINUTES AND I WILL SET THE CLOCK CONSTRUCTION AND SANDERSON YOU HAVE THE FLOOR.  THANK YOU, MADAM CHAIR. CHIEF, I WONDER I HEARD 100% AM I? BUT I WONDER IF THERE WAS A BREAKDOWN BY UNITS AND WHAT IF THE AMOUNT IS VARY? WAS IT ALWAYS 100%? BUT IT TYPICALLY AND THERE'S OLDER ONES THAT ARE ALL OVER ALL OVER THE MAP TYPICALLY AND OUR HOMEOWNERSHIP PROJECTS ARE SERVING THE INCOME RESTRICTIONS ARE APPROXIMATELY HALF AT 80% OF AM I HALF AT 100. THERE ARE SOME THAT GO HIGHER THAN THAT. BUT I THINK WE'RE HEARING FROM COMMUNITY THAT WHEN BECAUSE THE ARMS ARE SO HIGH IN BOSTON RIGHT NOW BECAUSE THEY YOU KNOW, THEY PULL IN FROM AS YOU ALL KNOW OTHER CITIES AND TOWNS THAT TO GO OVER 100% AM I REALLY IS NOT MAYBE SERVING WHO NEEDS TO BE SERVED BUT LIKE I SAID EARLIER COUNSELOR BECAUSE WE HAVE VERY SIGNIFICANT DOWN PAYMENT ASSISTANCE WE ARE REACHING LOWER ARMS WHICH WE'RE PRETTY HAPPY ABOUT YOU. THANK YOU. I HEARD THAT YOU HAVE MADE SOME CHANGES TO THE NEW PROPERTIES MOVING FORWARD.  WHAT ABOUT THE OLDER ONES AND ALSO HEARD LOUD AND CLEAR THAT YOU CAN TALK ABOUT MAKING IT MAKE SURE THAT THIS FLAHERTY AROUND THE POLICIES MOVING FORWARD BUT DO YOU HAVE HAVE YOU MADE ANY CHANGES? ARE YOU THINKING ABOUT MAKING ANY CHANGES TO THE OLDER PROPERTIES? NOT AT THIS TIME BUT WE ARE WE ARE CERTAINLY LOOKING AT THIS VERY CLOSELY AND I THOUGHT THIS QUESTION WOULD COME UP AND IT'S SORT OF A WORK IN PROGRESS. WE ARE LOOKING AT AREAS OF THE CITY WHERE THERE IS PROPERTIES THAT OUR RESIDENTS CAN BUY, RIGHT? ARE THEY IS IS THE AREA STILL AFFORDABLE? CAN THEY STILL BUY IN THIS NEIGHBORHOOD? SO WE'RE REALLY LOOKING AT THAT AND WE'RE LOOKING AT LIKE WHAT'S THE PERCENTAGE OF DEED RESTRICTED OF HOUSING GENERALLY IN THAT AREA WHILE WE MAKE SOME DECISIONS BUT A LOT OF THAT RESEARCH AND WORK IS IS ONGOING SO I DON'T HAVE ANYTHING DEFINITIVE TO REPORT TODAY BUT WE WILL IN THE NEAR FUTURE. SO THE WHITE KNIGHT IS IN THE RESEARCH. YEAH AND I AND I THINK YOU KNOW THERE IS THERE'S SOME HESITANCY OF OPENING UP DEED RESTRICTIONS ON 3000 UNITS ESPECIALLY THEY WERE SOLD WITH CERTAIN EXPECTATIONS FROM THE BUYER'S EXPECTATION FROM THE COMMUNITY THEY ALL HAVE LENDERS INVOLVED WITH THEM RIGHT.  SO THERE'S JUST THAT THE AMOUNT OF WORK WOULD BE WOULD BE AND ALSO TO IN SOME NEIGHBORHOODS IF WE BECAUSE SOME OF THESE HOMES ARE OLDER IF WE TERMINATED THE DEED RESTRICTIONS OR SHORTEN THEM GREATLY THERE GOES THE AFFORDABLE HOMEOWNERSHIP IN A PARTICULAR NEIGHBORHOOD.  SO IT'S REALLY IT'S ONE THAT WE REALLY JUST HAVE TO BE VERY, VERY CAREFUL.  THERE'S IT'S 3% OF THE STOCK I GUESS I'M WONDERING HOW DO YOU HOW DO YOU COME TO THE 30 YEAR MARK? HOW DO YOU HOW DID YOU DECIDE YOU KNOW WHAT THIS IS THIS IS A GOOD YEAR. THIS IS A GOOD AMOUNT OF TIME. YEAH. I MEAN I DON'T THINK IT'S THERE'S NO SCIENCE TO IT. IT'S TYPICALLY THE TERM OF A FIXED YEAR MORTGAGE.  AND SO AT THAT POINT YOU HAVE PAID OFF YOUR MORTGAGE AND IN MOST OF OUR BUYERS ARE I MEAN ALL OF OUR BUYERS ARE IN FACT BECAUSE WE DON'T ALLOW PEOPLE TO GET VARIABLES AND BAD MORTGAGE PRODUCTS ALL OF THEM ARE IN FIXED RATE MORTGAGES. SO YOU'VE YOU'VE YOU'VE STAYED IN YOU'VE STAYED IN THIS UNIT, YOU'VE PAID OFF YOUR MORTGAGE AND YOU HAVE YOU KNOW, PAID IT OFF. WE HAVE PROVIDED A LOT OF STABILITY TO A NEIGHBOR, A PARTICULAR NEIGHBORHOOD.  NOW YOU ARE SORT OF FREE TO TO SELL YOUR UNIT ON THE MARKET.  IT'S STILL CONTROVERSIAL WITH A LOT OF PEOPLE BEHIND ME BUT WE THINK THAT WAS SORT OF A FAIR A FAIR COMPROMISE. TELL ME THE RATIONALE BEHIND RAISING IT, THE APPRECIATION FROM 3% TO 5%. SO WHEN WE LOOKED AT THE APPRECIATE ATION AND WE SHOULD HAVE A SLIDE BUT I CAN GET IT OVER TO YOU LATER WHEN WE LOOKED AT THE APPRECIATION IN THE MARKET OVER TIME IT IS ROUGHLY IT EBBS IN FLOWS RIGHT? IT'S A CRAZY YEAR AND THEN WE SEE A DECREASE.  THE AVERAGE APPRECIATION HAS BEEN AROUND 5% SO THE WHAT WE'RE ALLOWING IS NEW BUYERS TO REALIZE THE APPRECIATION THAT THE MARKET IS IS WE'RE SEEING IN THE MARKET BUT IT IS IT IS TIED TO A LOWER SALES PRICE IT'S IT'S TIED TO THE PRICE THAT THE HOMEOWNER BOUGHT THE PROPERTY AT NOT THE VERY, VERY INFLATED SALES PRICE THAT PEOPLE THAT ARE BUYING IN THE MARKET. SO IT'S IT ROUGHLY MIRRORS THE MARKET APPRECIATION RATE.  OKAY THANK YOU. CAN THIS IS CAN THE CITY OF BOSTON CHANGE THE RESTRICTION ON YOUR PROPERTY EITHER TO ELIMINATE RESTRICTION BEFORE ITS FULL TIME HAS LAPSED OR TO ADD ADDITIONAL TIME BUT CURRENTLY CAN YOU REPEAT THAT? SORRY I'M JUST CAN CITY BOSTON CHANGE DUE THE RESTRICTION ON PROPERTY EITHER TO ELIMINATE THE RESTRICTION CAN YOU CAN YOU AT ANY POINT MAKE A DECISION ON ELIMINATING OR EXTENDING ADDING ADDITIONAL WE YES OR NO SO YES WE WE COULD WE CAN BUT WE WOULD NEED TO WE WOULD ALSO DEPENDING ON HOW THE PARTICULAR DEVELOPMENT WAS FINANCED WE WOULD NEED APPROVAL FROM WHAT OTHER LENDERS OR SO THE STATE WAS IN ON A PARTICULAR PROJECT THEY WOULD WANT TO WEIGH IN.  WE WOULD ALSO IF WE WERE GOING TO EXTEND A DEED RESTRICTION AND WE WOULD NEED TO LIKE BEYOND WHAT THE ORIGINAL TERM WAS WE WOULD NEED TO GET BACK IF THERE WAS A MORTGAGE COMPANY OR A BANK INVOLVED WE WOULD NEED WE WOULD NEED TO NOTIFY THEM AS WELL SO THERE'D BE ADDITIONAL PERMISSIONS WE WOULD NEED TO SECURE. THANK YOU SO MUCH THAT 3% HOW CAN WE INCREASE IT? THE STOCK HOW CAN WE INCREASE THE 3% MORE PROPERTIES SO WE HAVE INCREASED IT GOING FORWARD ? SORRY NOT I'M SORRY . OH THE AMOUNT SO SORRY 3.3%. RIGHT. SO WE'VE GOT A VERY, VERY, VERY HEALTHY PIPELINE RIGHT NOW OF AFFORDABLE HOMEOWNERSHIP IN PART BECAUSE OF THE CITY COUNCILORS WERE TO GIVE US A LOT OF ARPA FUNDING WHAT MAKES THE OUR HOMEOWNERSHIP DEVELOPMENTS DIFFICULT TO AND VERY TREASURED IS BECAUSE UNLIKE RENT AFFORDABLE RENTAL DEVELOPMENTS AND SO MANY OF YOU KNOW THIS YOU HAVE SO MANY SOURCES THAT CAN GO INTO MAKING THEM WHOLE. YOU'VE GOT LOW INCOME HOUSING TAX CREDITS, YOU'VE GOT STATE TAX CREDITS, YOU'VE GOT PERMANENT DEBT, YOU'VE GOT SOFT RESOURCES FROM THE STATE AND OTHER PLACES YOU'VE GOT FAT AND WITH HOMEOWNERSHIP YOU'VE GOT US AND IN SOME INSTANCES YOU'VE GOT THE STATE AND THERE'S SO THERE'S FEWER RESOURCES. SO I SAY ALL OF THAT IS WE PUT MORE THE CITY PUTS IN MORE FUNDING TO CREATE A UNIT OF AFFORDABLE HOMEOWNERSHIP THAN WE DO TO CREATE AN AFFORDABLE RENTAL UNIT. BUT WITH ALL OF THAT SAID, WE ARE WE ARE PUTTING FORWARD LAND CAREFULLY. WE ARE WORKING WITH A LOT OF FOR PROFITS AND NONPROFITS THAT ARE HAVE REALLY GOTTEN INTO CREATING ADDITIONAL AFFORDABLE HOUSING FOR OUR AFFORDABLE HOMEOWNERSHIP UNITS AND SO WE'RE SEEING THIS WHOLE INFRASTRUCTURE THAT REALLY WASN'T THERE BEFORE. PEOPLE ARE VERY EXCITED ABOUT THIS AND NOW WE'RE LOOKING AT EVERYTHING RIGHT?  WE'RE LOOKING AT OFFSITE TECHNOLOGIES, WE'RE LOOKING AT STARTER HOMES, WE'RE LOOKING AT WHAT MORE THE MARKET CAN DO AND NOT ONLY THAT WE DON'T HAVE TO FUND I REALLY THINK THERE IS A RENEWED INTEREST IN FIGURING OUT HOW TO GET MORE BOSTONIANS ABLE TO BUY A HOME. THANK YOU. THANK YOU, MADAM CHAIR.  COUNCILOR PEPEN, YOU HAVE THE FLOOR.  THANK YOU SO MUCH, MADAM CHAIR . MY QUESTION I HAVE TOOK SOME NOTES HERE WHILE YOU GUYS WERE KEEPING THE PRESENTATION OF QUESTIONABLE THE TAXES AS WELL. I IN YOUR SECTION YOU SAY THE WAGE FORCE CHECKS RESIDENTIAL TAX EXEMPTIONS VERIFY OCCUPANCY WHAT DO HOMEOWNERS OF THESE THESE HOMES ARE YOUR TAXES LOWER THAN THAN USUAL WHAT IS THE RATE THAT THEY'RE GETTING TAXED THAT I JUST WANT TO HAVE SOME FLAHERTY ON THAT. IT'S THE SAME RATE IT'S THE SAME RESIDENTIAL RATE, COUNCILOR BUT IT IS BASED ON THE ASSESSED VALUE THAT WHICH IS LOWER RIGHT?  SO IF WE'RE SELLING A NEW HOME FOR YOU KNOW, THIS TOWNHOME FOR $300,000, WHAT'S THE RESIDENTIAL RATE LIKE TEN OR $11 ON THE $300,000 ASSESSMENT? SO THE TAXES ARE PROPORTIONAL TO THE VALUE OF THE PROPERTY. THAT'S REALLY IMPORTANT IN THE CONDOMINIUM DEVELOPMENT WHERE THERE'S A MIX OF UNIT TYPES, A MARKET SOME SOME AFFORDABLE IT'S REALLY IMPORTANT THAT THE TAXES REFLECT THE VALUE BUT ALSO THE CONDO AND ALL THE ASSESSMENTS REFLECT THE LOWER VALUES. SO WE WORK VERY CLOSELY WITH ASSESSING ON THAT. OCCASIONALLY SOMEONE WILL GET A BILL AND IT WILL BE YOU KNOW, BASED ON LIKE THE ASSESSED VALUE OF A HOME IT MIGHT BE EIGHT $900,000 AND WE'RE LIKE NO, NO, NO. AND SO WE YOU KNOW, WE HAVE TO RUN OVER, GIVE THEM THE REAL ASSESSMENT SO TAXES ARE LOWER BUT THE RATE IS THE SAME. OKAY.  AND THEN IN CORRELATION WITH THAT YOU SAID THE INTEREST RATES THE FEDERAL GOVERNMENT BROUGHT DOWN THE INTEREST RATES BY 50 BASIS POINTS OF THAT IS THE RIGHT TERMINOLOGY. YES, SORRY THAT WAS JUST YESTERDAY. I WAS I WAS STILL CELEBRATING THE FEDERAL RESERVE BRINGING DOWN INTEREST RATES WHICH REALLY IS GOING TO HELP OUR BUYERS. NOW THAT'S REALLY GOOD TO KNOW. LET'S SAY IF SOMEONE BOUGHT A HOME LAST WEEK, ARE THEY ABLE TO REFINANCE THEIR MORTGAGE TO BE ABLE TO TO GET A LOWER MORTGAGE? YEAH, THERE ARE HANDS OVER TO KAREN BUT THEY ARE BUT THERE'S SO MANY FEES AS SO AS WE YOU KNOW WE'VE ALL BOUGHT HOMES AND YOU KNOW THERE'S FEES FOR EVERYTHING WHEN YOU BUY A HOME IT WOULD BE WORTH IT IF THEY'RE GOING TO STAY THERE FOR VERY LONG PERIODS OF TIME. BUT KAREN'S THE CURRENCY EXPERT. YEAH. SO WHAT WE I MEAN WE REALLY WANT HOMEOWNERS TO SEND A ONE POST BOSTON TO REALLY HAVE THE MORTGAGE THROUGH THE LIFE OF THE LOAN RIGHT BECAUSE IT'S A VERY AFFORDABLE WE ALREADY PROVIDING AN INTEREST RATE DISCOUNT WHICH IS A VERY HEAVILY DISCOUNT SO THE LIKELINESS OF SOMEBODY REFINANCING FOUR OUT OF THE ONE PLUS BOSTON PROGRAM WILL BE BECAUSE THEY'RE GETTING EITHER A ONE OR A TWO POINT DISCOUNT FROM WHAT THEIR CURRENT INTEREST RATE IS. SO THAT IS SOMETHING THAT WE REALLY ENCOURAGE HOMEOWNERS TO ,YOU KNOW, TALK TO US OR TALK TO THEIR LENDER, MAKE SURE THEY'RE UTILIZING A LENDER THAT IT'S IN OUR APPROVED LENDER LIST TO MAKE SURE THAT THEY'RE GETTING THIS THE RIGHT GUIDANCE FOR THEM TO BE ABLE TO, YOU KNOW, THE REASONS OF WHY THEY'RE REFINANCING AND MAKING SURE THAT IF THEY DO THEN THEY YOU KNOW, THEY'RE GETTING A BENEFIT OR A LOWER RATE OR TERM TO BETTER PAY THEIR HOME ON A FASTER TERMS.  OKAY. BUT WE MONITORED THAT. OKAY.  NO, THAT'S A GOOD FLAHERTY. THANK YOU SO MUCH FOR PROVIDING THAT. AND THEN MY LAST QUESTION FOR THE MOMENT IS BASED ON THE 30 YEARS THE RESTRICTION I WAS I'M NOT A HOMEOWNER YET BUT LET'S SAY I GET ONE OF THESE UNITS AND I'M ABLE TO PURCHASE IT AND I WANT TO SELL EVENTUALLY WHAT IS MY RETURN ON INVESTMENT AND WHAT IS THAT PROCESS LIKE? I WANT TO KNOW JUST WON'T BE IN THE SHOES OF SOMEONE THAT LIVES IN THESE ONE, YOU KNOW? SO IF YOU WERE TO BUY A HOME A DEED RESTRICTED HOME NOW YOU WOULD YOU WOULD CONTACT US AND WE WOULD DO A MAXIMUM RESALE PRICE BUT BASICALLY YOU'D BE GETTING 5% APPRECIATION ON ON YOUR ON YOUR PURCHASE YOU WE WOULD FACTOR IN YOUR BROKER'S FEES RIGHT WHERE YOU ARE WITHOUT THAT AND IF YOU'VE DONE SOME HOME IMPROVEMENT YOU WOULD BE ABLE TO REALIZE THAT WITHIN A FORMULA AND IF YOU HAD STAYED IN THE HOME FOR YOU KNOW AS WE ALL KNOW WHEN YOU WHEN YOU GET A MORTGAGE YOU'RE FOR YOU KNOW YOU PAY A LOT OF INTEREST IN THE BEGINNING AND THEN THAT YOU START PAYING MORE PRINCIPAL AS AS THE THE LONGER YOU HAVE THE LOAN YOU'D BE BUYING DOWN YOUR INTEREST YOU'D BE BUYING DOWN YOUR YOUR MORTGAGE. SO YOU KNOW IF AND I CAN I BROUGHT SOME EXAMPLES AND I AND I DIDN'T YOU KNOW YOU COULD WALK AWAY WITH A VERY A VERY VERY GOOD AMOUNT OF CASH AND A RESOURCE TO PURCHASE YOUR NEXT HOME. THE MAYOR HAS ASKED US AND KAREN IS MENTIONED THIS IS SOMETHING THAT WE'RE WORKING ON NOW IN THE MOST OF OUR PROGRAMS IN THE HOME CENTER ARE USED BY FIRST TIME HOMEBUYERS AND THE MAYOR HAS ASKED US TO LOOK AT WHEN YOU SELL WHEN YOU SELL A DEED RESTRICTED HOME THAT YOU CAN NOT ONLY REALIZE THE EQUITY THAT YOU THAT YOU'VE ACQUIRED BUT THAT YOU'RE ALSO ABLE AND ELIGIBLE TO GET OUR FIRST TIME HOMEBUYER PROGRAM. SO YOU COULD TAKE YOU KNOW, YOU SELL YOUR DEED RESTRICTION HOME YOU GET A $150,000 OF AND THEN YOU'RE ALSO ABLE TO GET DOWNPAYMENT ASSISTANCE AND A AND THE ONE PLUS MORTGAGE SO THAT YOU'RE VERY WELL SITUATED TO BUY A MARKET RATE HOME. OKAY I WAS ACTUALLY MY FOLLOW UP QUESTION SO THERE ISN'T ANY RESTRICTIONS IF YOU WANT TO BUY A MARKET VALUE AT HOME RIGHT.  WE SAY HERE THIS IS WHAT YOU CAN SELL YOUR HOME FOR. THEY THEY RESALES HAPPENED VERY IN MOST INSTANCES VERY EASY BECAUSE PEOPLE ARE DYING TO BUY THESE HOMES AND THEN YOU'RE YOU'RE WELL-SITUATED TO TO PURCHASE IN THE MARKET OKAY OKAY NO THANK YOU SO MUCH FOR THAT I AM I'M GOING TO USE THE REST OF MY TIME BUT I'M GOING TO CONTINUE TO LISTEN TO WHAT QUESTIONS MY COLLEAGUES UP. THANK YOU.  THANK YOU. COUNCILOR PEPEN, I JUST WANT TO ACKNOWLEDGE THE CONCERN DURKIN HAS JOINED US AND NEXT OH I DIDN'T ACKNOWLEDGE CUSTOMER YES I DID. YES COMES FROM HERE.  HAVE THE FLOOR. THANK YOU. OKAY SO I HAVE A LOT OF QUESTIONS I GUESS I WANT TO START OFF WITH WHAT ARE THE RESTRICTIONS ON MARKET UNIT RENT HOMES WHAT WHAT RESTRICTIONS THAT WE HAVE ON MARKET UNITS AND MARKET IF YOU IF YOU GO OUT AND YOU BUY IN THE MARKET THERE ARE NO RESTRICTIONS. SO THE ONLY RESTRICTIONS THAT EXIST ARE FOR LOW INCOME FOR FOR LOW INCOME THERE ARE OTHER THEY'RE NOT AS PREVALENT BUT THERE ARE THERE ARE SOME PROPERTIES IN BOSTON THAT HAVE AN OWNER OCCUPANCY RESTRICTION IF YOU WERE BUYING IN A CONDOMINIUM BUILDING YOU WOULD HAVE RESTRICTIONS THAT PROBABLY MORE ON MONETARY BUT THEY WOULD HAVE RESTRICTIONS ABOUT PETS AND OWNER OCCUPANCY AND YOU KNOW LIKE CONDOMINIUMS COME WITH LOTS OF RULES SOMETIMES.  SO THERE BE THERE'S DIFFERENT TYPES OF RESTRICTIONS THROUGHOUT THE CITY BUT THEY'RE TYPICALLY NOT MONETARY OKAY BECAUSE WHAT I AM TRYING TO UNDERSTAND IS IT SEEMS LIKE THE GOAL IS ALWAYS TO HELP SUPPORT LOW INCOME BLACK AND BROWN FOLKS TO BE ABLE TO CLOSE THAT WEALTH GAP THAT WE'VE BEEN TALKING ABOUT FOR DECADES.  AND IF PATHWAYS TO HOME OWNERSHIP IS A WAY TO DO THAT AND THERE ARE FOLKS WHO CAN BUY MARKET AND NOT HAVE TO WORRY ABOUT ANY RESTRICTIONS I'M THINKING FROM A EQUITY PERSPECTIVE THAT WE CAN FLIP THINGS AROUND A LITTLE BIT RIGHT FOR THOSE WHO HAVE TO PUT RESTRICTIONS ON THOSE WHO ALREADY HAVE A MASSIVE AMOUNT OF WEALTH AND THEN FLIP IT SO THAT THOSE FOLKS WHO ARE LOW INCOME DON'T HAVE TO HAVE THOSE RESTRICTIONS. I'M JUST CURIOUS FROM A EQUITY PERSPECTIVE HELP ME UNDERSTAND OR AT LEAST THOSE ARE TUNING IN AND KIND OF LIKE WHERE IS THAT ON BALANCE?  LIKE DOES IT MAKE SENSE OR AM I CRAZY TALK? I DON'T PLEASE I HANDED OVER TO AND I DON'T KNOW HOW WE WOULD RESTRICT MARKET RATE UNITS AND I DON'T KNOW HOW WE WOULD DO THAT I'M I DID I DON'T KNOW HOW WE WOULD DO THAT. I WILL SAY I JUST I JUST WANT TO JUST REINFORCE TO A LOT OF OUR DEED RESTRICTED HOMES THAT WE HAVE BEEN BUILDING OVER THE ESPECIALLY THE LAST LIKE TEN YEARS HAVE BEEN VERY MUCH IN NEIGHBORHOODS THAT ARE DOWNTOWN NEIGHBORHOODS THROUGH THE ICI PROGRAM. SO WE WE'RE VERY I'M VERY, VERY WORRIED ABOUT LOSING THOSE BECAUSE THOSE ARE SOME OF THE ONLY AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES IS IN PARTICULAR DOWNTOWN NEIGHBORHOODS. BUT I DON'T KNOW IF YOU VISIT YEAH WOULD SAY ON THE INCOME RESTRICTED UNITS THAT THE CITY INVESTS IN I MEAN WE PUT A LOT OF MONEY AND LAND AND RESOURCES TO CREATE THOSE UNITS LIKE DEVELOPERS DON'T DO IT ON THEIR OWN AND SO WE PUT THESE RESTRICTIONS ON IT TO SORT OF ENSURE THAT THE COMMUNITY DERIVES VALUE FROM THESE UNITS OVER TIME IN ADDITION TO THE INDIVIDUAL HOMEOWNERS.  BUT WITH MARKET RATE UNITS WE WE DON'T PUT ANY INVESTMENT IN THEM.  WE DON'T HAVE ANY AUTHORITY TO REGULATE THEM FROM AN EQUITY PERSPECTIVE THOUGH, I THINK IT'S IMPORTANT TO REMEMBER THAT INCOME RESTRICTED HOMEOWNERSHIP IS ONLY ONE TOOL THAT WE HAVE. WE'RE ALSO VERY FOCUSED ON HELPING LOWER AND MODERATE INCOME HOUSEHOLDS IN PARTICULAR BIPOC HOUSEHOLDS BY MARKET RATE HOMES. AND SO A LOT OF WHAT THE BOSTON HOME CENTER DOES IS PROVIDE THAT KIND OF FINANCIAL ASSISTANCE A HUGE PROPORTION OF THE PEOPLE THE BOSTON HOMES AND OUR WORK WORKS WITH BUY ON THE MARKET NOT ONLY INCOME RESTRICTED YOU KNOW AND I APPRECIATE THAT I GUESS THE POINT THAT I'M REALLY TRYING TO UNDERSTAND HERE IS WE CONTINUE TO HAVE THESE CONVERSATIONS IS THAT THESE UNINTENDED CONFLICT ALWAYS TEND TO IMPACT LOW INCOME COMMUNITIES OF COLOR WHEN WE'RE TRYING TO DO WELL OFTENTIMES WE'RE NOT REALLY MEETING THE MOMENT. AND SO, YOU KNOW, IF THERE WAS A WAY FOR US TO REVISE OUR FORMULA AND LOOK AT HOW WE CAN MAKE THINGS A LITTLE BIT MORE EQUITABLE IS KIND OF WHERE I WAS GOING WITH THAT QUESTION. I'M SURE IF YOU'RE SHAKING YOUR HEAD YOU AGREE WITH ME THAT THERE IS DEFINITELY AN ISSUE OF EQUITY HERE AS IT RELATES TO THIS CONVERSATION.  SO I'M JUST CURIOUS CAN YOU JUST TALK TO US A LITTLE BIT ABOUT HOW THE SURROUNDING HOME AND THE PROPERTY VALUES IMPACT LIKE LET'S SAY FOR INSTANCE THERE IS LIKE FOUR HOUSES ON A BLOCK BUT A DEED RESTRICTED BUT EVERY BODY AROUND YOU IS NOW ABLE TO WITH THE WITH THE REAL ESTATE BOOM RIGHT NOW EVERYONE'S PROPERTY VALUES ARE GOING UP BUT THE PROPERTY VALUES FOR THOSE FOLKS WHO ARE INDEED RESTRICTIONS NOT SO MUCH SO SO CAN YOU TALK TO US A LITTLE BIT ABOUT THAT TENSION THAT EXISTS AND AND HOW THE CITY IS CLOSING THAT GAP FOR FOLKS THAT I'M NOT I'M NOT AWARE OF ANY TENSION IN NEIGHBORHOODS CERTAINLY THERE MAY BE I'M JUST NOT AWARE OF THEM THE THE VALUES THE VALUES OF YOU'RE ABSOLUTELY RIGHT. I MEAN THE VALUES CONTINUE TO GO UP IN THE CITY AND IT'S ESPECIALLY WITH MARKET RATE HOUSING THE THE VALUES OF DEED RESTRICTED HOMES ARE GOING ONLY GOING UP BY WHAT WAS SOMETIMES FIVE, SOMETIMES THREE. BUT NOW FIVE AGAIN AND THE OTHER ONES ARE GOING UP BY HOW MUCH BECAUSE THIS IS WHAT I THINK IS REALLY IMPORTANT IN TERMS OF KIND OF LIKE WHAT OUR RESEARCH HAS SHOWN AND I AND I WOULD GET THIS OVER TO YOU COUNCILOR THE APPRECIATION HAS BEEN ABOUT 5% GENERALLY ACROSS ACROSS OVER MANY YEARS AND AND SO NOW THE OUR OUR DEED RESTRICTIONS ARE NOW PEGGED AT FIVE BUT THE BUT WHERE THEY'RE STARTING AT IS LOWER BUT WHAT ABOUT THE OTHER FOLKS WHERE THEY LIKE JUST THE FOLKS WHO BUY ON THE OPEN MARKET ON RESTRICTED HOMES THEIR HOMES TEND TO APPRECIATE ABOUT 5% ANNUALLY AND THE FOLKS WHO ARE BUYING INCOME RESTRICTED HOMEOWNERSHIP UNITS COVERED BY THE NEW RESTRICTION ALSO ACHIEVE ABOUT 5% ANNUAL APPRECIATION.  THE DIFFERENCE IS THAT THE VALUE OF THE HOME IS LESS BECAUSE YOU'RE BUYING IT AT A MUCH MORE AFFORDABLE PRICE POINT. THE FOLKS WHO CAN AFFORD A MARKET RATE HOME SORRY CAN AFFORD AN INCOME RESTRICTED HOME CAN'T AFFORD A MARKET RATE HOME SO IT'S NOT LIKE THEY CAN CHOOSE WITHOUT THE INCOME RESTRICTED HOMEOWNERSHIP OPPORTUNITY THEY'D BE RENTING SO IF WE KNOW THAT THE AM I MAINLY FOR A BOSTON RESIDENCE IS BETWEEN 30 TO LIKE 60, WHY ARE WE BUILDING AFFORDABLE UNITS AT A FAR FOR YOU KNOW FURTHER AWAY FROM THAT LIKE WHAT IS WHAT WHAT ARE WE DOING TO GRAPPLE WITH THAT YEAH A PART PART IS IT'S ECONOMICS RIGHT WE'RE WE'RE RIGHT NOW SELLING CONDOMINIUMS IN THE TWOS AND IT'S COSTING US A LOT MORE THAN THAT TO BUILD THEM. SO IT'S JUST HOW MUCH SUBSIDY HAVE TO ACTUALLY PUT IN PUT IN UNITS SO AND WE ARE WE ARE THERE IS I MEAN EVEN THOUGH YOU'RE RIGHT THAT THERE'S YOU KNOW CERTAINLY A LOT OF BOSTON RESIDENTS ARE IN THAT 30 TO 60% AMI BRACKET WE DO HAVE RESIDENTS WHO ACTUALLY COMPLAIN ABOUT THE 80 TO 100 SAYING THAT THEY'RE THERE, THAT THEY CAN'T ACCESS THE PROGRAMS BECAUSE OVER INCOME SO WE NEVER HAVE A SHORTAGE OF BOSTON RESIDENTS THAT WANT TO BUY THE 80 TO 100 I KNOW I KNOW AND BE I DON'T WANT TO BE REPEAT MYSELF BUT WITH WITH THE LOWER SALES PRICE AND THE ONE PLUS MORTGAGE AND VERY VERY HEALTHY DOWN PAYMENTS THAT HAVE BEEN CLOSE TO $50,000 WE ARE REACHING A MUCH LOWER INCOME POPULATION WITH THESE PROGRAMS WHICH WE'RE VERY PLEASED ABOUT. THANK YOU FOR THE REST OF MY TIME. I HAVE NO TIME TO STICK AROUND. COUNCILOR FLYNN, YOU HAVE THE FLOOR.  THANK YOU, MADAM CHAIR. THANK YOU TO THE PANEL.  SHEILA, IT'S GOOD TO SEE YOU AND THE OTHERS AS WELL.  MY MY FIRST QUESTION IS ARE YOU STILL OFFERING EDUCATION TIONAL FORUMS TECHNICAL SUPPORT IN THE COMMUNITY ABOUT THE ONE PLUS BOSTON AFFORDABLE AFFORDABLE HOMES?  I WOULD LIKE TO ASK FOR SOME IN THE SOUTH AND IN OTHER AREAS BUT IS THIS SOMETHING YOU'RE STILL DOING? YEAH AND I'M GOING TO DEFER TO KAREN HERE BECAUSE YOU KNOW THEY'RE THEY'RE OUT A LOT LATELY WHICH IS GREAT. THERE'S SO MANY FESTIVALS AND FAIRS AND BUT KAREN TO CHAT ABOUT THAT YES SO WE ARE ALL AROUND THE CITY AND ALL COMMUNITY EVENTS REALLY PROMOTING THE ONE PLUS BOSTON AND THIS IS ALSO IN CONJUNCTION WITH OUR NONPROFIT PARTNER AGENCIES AS THEY ALSO DO THAT AS WELL. FOR EXAMPLE MAHA OR VONAGE. SO WE MAKE SURE THAT THIS IS AN ALL EDUCATION PIECES WHERE WE CAN REALLY TALK ABOUT THAT PROGRAM AND ALSO FROM OUR LENDERS. SO WE DO THAT IN EVERY NEIGHBORHOOD.  YEAH THANK YOU. I'LL I'LL TOUCH BASE WITH THE WALL. FINE. I'D LIKE TO SEE IF I'M ABLE TO SCHEDULE ONE IN MY IN MY DISTRICT.  SO SHEILA IS THE IS THE CONVERSATION OF THE DISCUSSION ABOUT IF IF THE DEED RESTRICTION RESTRICTED IS TAKEN OFF THE MARKET TO BUILD GENERATE GENERATIONAL WEALTH I JUST WANT TO MAKE SURE I HAVE THIS TO BUILD GENERATIONAL WEALTH WHICH WHICH WE ALL SUPPORT BUT BUT ON THE OTHER HAND IS THAT TAKING AN AFFORDABLE UNIT OUT OF THE STOCK OF HOUSING OPTIONS FOR FOR SOMEONE ALSO LOOKING FOR A AFFORDABLE UNIT IS THAT IS THAT THE ARGUMENT THAT THAT IS THE QUANDARY THAT IS OUR DILEMMA RIGHT AND SO WE'VE TRIED TO STRIKE A BALANCE BETWEEN ALLOWING A HOMEOWNER OF A RESTRICTED UNIT TO REALIZE EQUITY, REALIZE THE PERCENTAGE EQUITY THAT THERE BUT WE'RE SEEING IN THE MARKET BUT AT THE SAME TIME IF THEY WANT TO SELL IN TEN, 15, 20 LIKE THAT THEY CAN SELL TO ANOTHER QUALIFIED HOMEOWNER. SO AND AS I MENTIONED IN MY OPENING REMARKS LIKE SOMETIMES THESE ARE THE ONLY HOMES IN A NEIGHBORHOOD NOW THAT ARE AFFORDABLE TO OUR LOW AND MODERATE INCOME FAMILIES AND THEY ARE WHEN THEY'RE PUT UP FOR SALE THEY ARE BOUGHT AND THERE'S IT'S A VERY SMALL PERCENTAGE. SO WE REALLY CONTINUING WANT TO HELP PEOPLE BUY IN THE MARKET IF THAT'S WHAT THEY WANT. BUT THIS IS A VERY, VERY SMALL PERCENTAGE OF OUR HOUSING STOCK. BUT IT'S IMPORTANT BECAUSE IT DOES ALLOW PEOPLE TO GET IN THE FIRST RUNG OF HOMEOWNERSHIP IT NOW IF IF THE OWNER DOES WANT TO SELL THAT UNIT TO SOMEONE THAT WOULD ALSO LIKE TO BUY AN AFFORDABLE AFFORDABLE UNIT AND IF THAT PERSON IS A FAMILY MEMBER, DOES THAT FAMILY MEMBER HAVE TO GO THROUGH THE CITY PROGRAM TO BE KIND OF QUALIFIED IN AND IN CHECK THEIR INCOME? YEAH. SO NOT SO WE THAT WAS ONE THING WE HEARD LOUD AND CLEAR PEOPLE WANT TO LEAVE YOU KNOW THEY THEY HAVE THE PARENTS THEIR ADULT DAUGHTER LIVES WITH THEM. THEY WANT TO HAND THIS UNIT OVER TO THEIR ADULT DAUGHTER AND IT WAS VERY GOOD INPUT. WE DON'T NEED TO INCOME THE THE DAUGHTER SHE SHOULD BE ABLE TO JUST STEP INTO THE SHOES OF HOMEOWNERSHIP AS LONG AS SHE WANTS TO LIVE THERE.  WE DON'T WANT THESE TO BE INVESTOR UNITS. SO AS LONG AS SHE WANTS TO LIVE THERE SHE CAN CERTAINLY PURCHASE OR GET THE PROPERTY TRANSFERRED. NOW THE THE OLDER DEED RESTRICTIONS THERE THERE I THINK WE HAVE PEOPLE COME FORWARD SAYING MY DEED RESTRICTION DOESN'T SAY THAT BUT POLICY WE'RE ALLOWING THAT LIKE A LOT.  SHEILA I ALSO KNOW I'M FRIENDS WITH AN ELDERLY ELDERLY WOMAN IN THE SOUTH AND SHE'S LIVING IN A BUILDING I DON'T KNOW HOW MANY UNITS IT IS MAYBE 20 AND MAYBE 30 AND SHE HAS A DEED RESTRICTED UNIT BUT HER PROPERTY TAX IS IS GOING UP SIGNIFICANTLY AS IS ALL THE OTHER RESIDENTS IN THE BUILDING AND THIS ELDERLY WOMAN IS NOT ABLE TO COMPETE OR PAY FOR THAT HIGH PROPERTY TAX. WHAT IS YOUR MESSAGE OF WHAT WHAT DO WE OFFER THIS ELDERLY WOMAN?  SHE SHOULD FIRST I THINK I MAY KNOW WHO YOU'RE TALKING ABOUT BUT BUT I THINK WITHOUT NAMING NAMES OR ADDRESS WE'VE HELPED HER WITH SOME SPECIAL ASSESSMENTS. I IT WOULD BE VERY GOOD FOR HER TO REACH OUT SO WE CAN MAKE SURE THAT SHE'S PAYING THE RIGHT TAX. OKAY. BECAUSE IT SHOULD REALLY BE TIED TO THE THE DEED RESTRICTION PRICE AND NOT THE OTHER UNITS IN THE SOUTH END. YOU CAN IMAGINE WHAT THEIR WHAT THEIR TAX BILL IS. SO SHE SHOULD REACH OUT TO US SO WE CAN MAKE SURE THERE ARE NOT PROGRAMS TO OFFSET THAT ONE'S TAX BILLS EXCEPT FOR WORK YOU KNOW VOLUNTEERING AT CITY HALL AND OTHER THINGS LIKE THAT. AND WE HAVE FILED LEGISLATION AS YOU KNOW MOST RECENTLY A HOME RULE PETITION THAT WOULD THAT WOULD THAT WOULD PROVIDE LARGER BENEFITS AND EXEMPTIONS AND DISCOUNTS TO OUR SENIORS ON THEIR TAX BILLS AND THAT HAS NOT ADVANCE THE STATE HOUSE. SO WE NEED TO KEEP DOING THAT. OKAY, SHEILA, IF SOMEONE RECEIVED A $75,000 DOWN PAYMENT TO ASSIST THEM WITH THE DOWN PAYMENT FOR A HOUSE, YOU KNOW IT'S A DEED RESTRICTED HOUSE HOW WAS THAT $75,000 IMPACTED IF AT ALL WHEN THAT PERSON DOES WANT TO SELL IT IN IF THEY ARE ABLE TO SELL IT. SO IF IF THEY THEY RECEIVED THEY RECEIVED 75 FROM US. YEAH SO THAT IS EQUITY THESE ARE GRANTS NOW SO STAFF AND THE COMMUNITY WERE VERY CLEAR THAT THE THE THE PROGRAM THE DOWN PAYMENT PROGRAM THAT WE HAVE SHOULD BE GRANTS NOT LOANS SO IF IF SOMEONE BOUGHT A A $300,000 DEED RESTRICTED HOME AND THEY GET 75,000 FROM US TO PURCHASE THIS HOME WHEN THEY TURN AROUND AND SELL IT, THE 5% APPRECIATION IS BASED ON THE THREE BUT THEY'RE ALREADY AHEAD OF THE GAME BECAUSE 75,000 OF THAT HAS BEEN PAID OFF SO THAT ALONG WITH APPRECIATION ALONG WITH WHAT YOU'VE PAID DOWN ON YOUR MORTGAGE YOU ARE IN A GOOD POSITION TO BUY IN THE MARKET OR OR YOU KNOW, CASH OUT AND RETIRE AND YOU KNOW, DO OTHER. BUT KAREN, I DON'T KNOW IF THERE'S ANYTHING YOU WANT TO ADD. NO YOU DID DID IT WE WE USUALLY START WITH THE 5% DOWN PAYMENT SO WE MAKE SURE THAT AT LEAST 5% REALLY GOES INTO THE EQUITY OF THE HOME THAT'S PART OF OUR DOWN PAYMENT. SO LIKE SHEILA MENTIONED, THEY REALLY START WITH A LEAST 5% OF EQUITY THAT'S YOU KNOW, WE'RE FINANCIALS INSTANCES AGAIN THANK YOU FOR ANSWERING MY QUESTIONS.  THANK YOU MADAM CHAIR. THANK YOU CONSTANCE OFTEN A COUNSELOR FITZGERALD THANK YOU, MADAM CHAIR.  SO THE NUMBER THE 223,000 JUST TO JUST TO BE ABLE TO AFFORD A HOME BUT FOR NOT BEING HOUSING BURDENED IT'S A RATHER INSANE NUMBER I AND I THINK WE ALL AGREE FOR SOMEONE TO GET I KNOW I COULDN'T GET THERE BUT WITH THE OTHER PROGRAMS WE HAVE LIKE FIRST TIME HOMEBUYER PROGRAM AND ALL THE OTHER STUFF WHAT DO YOU THINK THAT NUMBER COMES DOWN TO ON AVERAGE OR ARE WE ARE WE STILL JUST PUTTING MORE HOUSING BURDENED STOCK RIGHT ON THE MARKET? RIGHT. SO IT'S NOT LIKE WE ARE HELPING FOLKS ABLE TO OBTAIN HOUSING AND THAT'S THE MOST IMPORTANT PART. BUT AT THE SAME TIME THEY'LL STILL FALL UNDER THE CATEGORY OF BEING HOUSING BURDENED GOING FORWARD IF THAT'S STILL THE NUMBER THAT THAT'S NEEDED. DO YOU MEAN IT THAT IF YOU'RE BUYING IN THE MARKET YOU ARE STRETCHING SO MUCH YOUR HOUSING BURDENED? IS THAT WHAT YOU MEAN BY THE WELL I JUST THE NUMBER SAID THAT YOU WOULD NEED TO EVEN TO NOT BE HOUSING BURDEN TO AFFORD A HOME ON THE MARKET RIGHT IS THAT THE 223,000 RIGHT BUT WITH OTHER PROGRAMS NOT JUST NECESSARILY FOR AFFORDABLE UNITS BUT FOR MARKET RATE UNITS AS WELL THAT YOU PROVIDE WHAT WOULD THAT WHAT LIKE WHAT IS THE WHAT DO WE BRING IN THAT DOES GO FROM 223 TO 200 OR DOES IT GO TO YOU KNOW OR EVEN PERCENTAGE WISE IF YOU KNOW SO THE STATE RIGHT NOW IS A LITTLE OUT OF MONEY AND THEIR HOME BUT WE EXPECT THE HOUSING BOND BILL TO HELP BUT JUST IF WE ARE IF WE ARE PUTTING IN 50 I COULD DO I DON'T HAVE A CALCULATION YOU NOW BUT BUT WE CAN GET THAT IT'S IT'S EASY TO DO IF WE'RE PUTTING IN 50 AND THE STATE'S MATCHING THAT 50 AND SOMEONE'S GOT 100,000 AND INTEREST RATES NOW ARE AT THREE OR FOUR THAT 2 TO 23 IS GOING TO COME SIGNIFICANT DOWN AND WE'LL DO SOME MODELING AND SEND IT OVER ALSO TO JUST TO TO NOTE ON THAT THAT NUMBER THAT'S THE MEDIAN PRICE. SO THERE ARE THINGS THAT THAT ARE LOWER THAN 765. YOU CAN STILL YOU KNOW IF YOU CAN BUY IN THE MARKET FOR FIVE OR 600 A SMALL SINGLE OR A CONDOMINIUM THAT YOU KNOW, WE ARE REACHING WE ARE HELPING FOLKS WITH LESS THAN 223 GETTING GETTING INTO HOMEOWNERSHIP IN THE MARKET. SO UNDERSTOOD. THANK YOU. HOW MANY OF THE THE THAT 3% OF HOMEOWNERSHIP AFFORDABLE UNITS THAT WE HAVE THAT THAT MAKE UP THE AFFORDABLE UNITS ACROSS THE BOARD WITH 3% OF HOMEOWNERSHIP RIGHT HOW MANY OF THOSE COME ONLINE EACH YEAR LIKE WHAT IS THE TURNOVER OF THAT 3% BECAUSE I KNOW THAT THAT'S A AND I KNOW THESE ARE KIND OF TOUGH QUESTIONS SO I APOLOGIZE I, I I'M GOING TO GET YOUR EXACT NUMBER I THINK IT'S ABOUT BETWEEN 50 AND 62. I DON'T KNOW THAT EXACT NUMBER. I THINK ON AVERAGE HOMEOWNERS TEND TO STAY IN THESE UNITS SOMEWHERE BETWEEN FOUR AND SEVEN YEARS IN THE IN THE YOU KNOW, IN THE HOMEOWNERSHIP AFFORDABLE UNITS I IMAGINE THEY TRY AND STAY THERE AS LONG AS THEY CAN. AND THAT'S WHY I'VE GOT TO WONDER LIKE WHAT IS THE TYPICAL TURNOVER? IT'S THAT IT'S SHORTER FOR INCLUSIONARY DEVELOPMENT UNITS AND IT'S LONGER FOR MORE MORTGAGE SPONSORED. I'M GOING TO GET THAT TO YOU. I WANT TO SAY IT'S MORE LIKE 12 BUT WE'RE GOING TO GO BACK AND FORTH BUT WE'LL GET THAT NUMBER FOR YOU KNOW JUST INTERESTING ABOUT WE KNOW THE DEMAND IS THERE AND IF IT WAS ONLY IF IT IS A NUMBER LIKE 50 FAMILIES A YEAR GET IT? I CHECKED ON THIS MAYBE A YEAR AND A HALF AGO OR TWO YEARS AGO AND I THINK THAT THE YEAR THAT I WAS CHECKING THERE WERE JUST A LITTLE OVER 60 RESALES. BUT WE CAN GET THAT. I'M SURE SOME STAFF IS TEXTING ME RIGHT NOW WITH THE EXACT NUMBER BUT I'LL GET THAT TO YOU . THANK YOU. AND THE SUPPORTING THE SELLERS OF AFFORDABLE HOMES WITH BUYING ON THE MARKET THOUGH.  WELL YOU KNOW AT THE LAST PAGE YOU'RE SUPPORTING THINGS THAT YOU GUYS ARE NEW IDEAS YOU'RE PURSUING WHAT I KNOW THERE MUST BE HURDLES TO TRYING TO GET INTO THE MARKET RATE YOU SELL YOU'RE AFFORDABLE YOU'RE AT THAT SORT OF A FIXED RETURN ON THAT AND THEN WHAT YOU CAN AND SORT OF TO EDUCATE COUNCIL FLYNN'S POINT ABOUT SENIORS ARE NOT EVEN IF THEY'RE NOT IN AFFORDABLE SENIORS THAT WANT TO DOWNSIZE I COULD SELL MY PLACE NOW BUT WHAT AM I GETTING YOU KNOW SO IT'S SORT OF THAT SAME ISSUE I GUESS I'M PUTTING THAT RIGHT IS IS THE ISSUE OF AFFORDING ARE WE SEEING THAT AS A REAL HURDLE OF TRYING TO LIKE WHAT YOU CAN AFFORD AFTER TRYING TO LEAVE IN AFFORDABLE YOU? I CAN IMAGINE, RIGHT? SURE.  I THINK IT'S PROBABLY A IT VARIES RIGHT DEPENDS ON WHETHER SOMEONE'S INCOME HAS INCREASED HOW LONG HAVE BEEN IN THE AFFORDABLE UNIT, HOW MUCH EQUITY DO THEY HAVE, WHAT IS THE MARKET DOING, WHAT ARE INTEREST RATES DOING? YOU KNOW THIS IT'S A PUZZLE CERTAINLY AND WE ARE I JUST GOING TO SAY IT'S COMPLICATED IT FOR ANY OF US TO FIGURE OUT ESPECIALLY WHEN YOU'RE LEAVING A DEED RESTRICTED AND YOU'RE LOOKING AT ALL THESE PROGRAMS AND STATE HAS PROGRAMS WE HAVE PROGRAMS.  BUT I REALLY WOULD ENCOURAGE ANYONE WHO SAID YOU KNOW, I'VE BEEN IN MY UNIT, IT'S BEEN GREAT BUT I'D LIKE TO BUY IN THE MARKET NOW TO CALL THE HOME CENTER AND PUT THE PIECES TOGETHER, PUT THE PUZZLE PIECES TOGETHER. THANK YOU.  YOU SAID THERE'S A HEALTHY PIPELINE OF OF THE FOR YOU.  WHAT'S GOING WITH THAT? WE CAN'T WAIT FOR THOSE TO GET GOING AGAIN BUT DO WE KNOW HOW THE NEIGHBORHOODS AND I JUST KNOW THIS FROM MY TIME AT THE BPA AND GOING OUT AND THESE COMMUNITY MEETINGS THAT THERE ARE A LOT OF PLACES THAT YOU WOULD THINK WHERE THE NEED FOR AFFORDABLE HOUSING IS GREATEST. THEY SAY THERE ARE FOLKS THAT PUSH BACK AND SAY WE HAVE ENOUGH, WE WANT MORE MARKET RATE AND ARE WE SEEING THAT WITH THIS HEALTHY PIPELINE COMING ON? IS THAT THAT STRUGGLE STILL THERE? I'VE BEEN OUT OF THE GAME A BIT SO NO AND I MY EXPERIENCE HAS BEEN AND THINGS CHANGE OVER TIME. MY EXPERIENCE AND I'M OUT A LOT IN AFFORDABLE HOUSING. MY EXPERIENCE HAS BEEN THAT COMMUNITIES ARE SAYING THIS MARKET RIGHT HOUSING WE CAN'T AFFORD IT AND WE WANT TO SEE MORE AFFORDABLE UNITS AND THERE ARE LOOKING FOR US TO PUT MORE RESOURCES TO CREATE AFFORDABLE HOUSING AND THEY'RE LOOKING FOR MORE DEED RESTRICTED UNITS ASSOCIATE IT WITH THE MARKET RATE HOUSING THROUGH THE ISAIH PROGRAM.  SO I'M HEARING THAT MORE THAN I'M HEARING. YOU KNOW, THERE'S STILL CERTAIN TYPES OF HOUSING THAT ARE MORE DIFFICULT TO CITE BUT HOME AFFORDABLE HOMEOWNERSHIP THAT IS MY EXPERIENCE THAT THAT HAS BEEN WELCOME GREAT. JUST A FINAL QUESTION AS WE'RE WINDING DOWN HERE THE THE RESTRICTED USE THAT CAME THROUGH THE BPA IS THAT DOES THAT FALL UNDER NOW WANTED INTO THE PLAN BUT WAS IT WAS SEPARATE BECAUSE I KNOW THERE WAS ALWAYS THE RESALES OF THOSE AND I THINK IT WAS LIKE TWO AND A HALF PERCENT OR IT USED TO BE RIGHT AND AGAIN I COULD BE DATE MYSELF THERE RIGHT BUT THAT'S WHAT SO THAT THAT'S WHAT THAT 3% IS NOW. YEAH IT'S THE SO AS AS SOME OF YOU KNOW THE MAYOR BECAUSE THERE WERE TWO DEPARTMENTS WORKING ON AFFORDABLE HOMEOWNERSHIP PROGRAMS SO THAT PROGRAM HAS COME TO THE MAYOR'S OFFICE OF HOUSING WE DON'T NEGOTIATE WITH DEVELOPERS OF BPAS TO THE PLANNING DEPARTMENT IS STILL DOING THAT BUT WE ARE OVERSEEING THE UNITS ,THE RESALES, THE AGREEMENTS WITH DEVELOPERS CERTIFYING THE BUYERS. SO WE'RE NOW DOING ALL OF THAT AND THEY'RE THE THE ISEE DEED RESTRICTION RIGHT NOW IS STILL AT 30 AND 20 AND 3% AT THE YES OR NO QUESTION THIS IS THE THERE WAS A THE AGENCY GOT A WHENEVER THERE WAS A RESALE THERE WAS A 2% FEE OR SOMETHING RIGHT TO THE AGENCY THAT WOULD GO INTO A FUND THAT COULD HELP SUPPORT MORE HOUSING DOES THAT NOW WITH THE SWITCH DOES THAT STILL EXIST THAT'S STILL THAT'S STILL EXISTS.  THANK YOU. SORRY . THANK YOU. THANK YOU. IT'S JOHN FITZGERALD. NEXT UP IS CONSIDERING WHETHER YOU HAVE THE FLOOR.  THANK YOU. THANK YOU, CHAIR.  AND THANK YOU FOR YOUR TESTIMONY. TO EVERYONE.  I GUESS SHE'S DEALING. I GUESS SO. LIKE A FIFTH GRADE LEVEL. WHY WHY DO CITIES LIKE BOSTON WHY HAVE A RESTRICTION LIKE IN CAMBRIDGE THAT GOES ON IN PERPETUITY OR IN NEW YORK? LIKE WHAT?  WHAT IS WHAT'S THE YOU KNOW,  WHY HAVE THINGS THAT GO ON SO LONG? WHY WOULD THEY HAVE IT GO ON SO LONG? WHY WOULD THE AS YOU KNOW, CAMBRIDGE IS EVEN LESS AFFORDABLE THAN BOSTON RIGHT NOW. SO THERE CAMBRIDGE IS PUTTING EVEN WHEN WE LOOK AT THEIR NUMBERS, THEIR DEVELOPMENT NUMBERS, WHAT THEY'RE PUTTING IN TO CREATE AN AFFORDABLE UNIT, IT'S EVEN GREATER THAN BOSTON AND I'M ASSUMING I DON'T KNOW I'M NOT SPEAKING FOR CAMBRIDGE. I HAVEN'T WE'VE TALKED TO THEM ABOUT THEIR PROGRAM BUT NOT THEIR MOTIVATIONS. I THINK THEY'RE VERY, VERY CONCERNED ABOUT CAMBRIDGE BECOMING LESS AND LESS AFFORDABLE.  THEY DON'T HAVE AS MUCH D RESTRICTED HOUSING AS BOSTON DOES TO SO THEY REALLY ARE SEEING MASSIVE AMOUNTS OF DISPLACEMENT.  SO THEY'VE MADE THE DECISION AND WITH THEIR WITH THEIR HOUSING DEPARTMENT AND CITY COUNCIL AND CITIZENS THAT THEY WANT TO KEEP THIS OPPORTUNITY AVAILABLE IN PERPETUITY.  YEAH I KNOW I'M JUST IN TERMS OF THE COST TO TO BOSTON TO HAVE SHORTER OR TIED RESTRICTIONS I MEAN SO I I UNDERSTAND THAT YOU'RE LOSING AFFORDABLE HOUSING STOCK. IS THERE IS THERE ANYTHING ELSE THAT WE'RE WE'RE NOT TALKING ABOUT OR THAT WE SHOULD BE THINKING ABOUT WAS THAT THE MEAN THAT'S THAT'S THE MAIN THING I GUESS WHAT I'M TALKING SO WELL WE'RE TALKING ABOUT HELPING PEOPLE GET INTO HOUSING, MAKING THEM HAVE LIKE LET'S SAY A PLACE THAT ON THE MARKET WOULD BE 700,000 MAKE IT AVAILABLE FOR 250. YOU KNOW, IS THERE A COST TO THE CITY FROM OTHER THAN JUST LOSING THAT AFFORDABLE HOUSING TO MAKING THAT MARKET RATE YOU KNOW YEAH I MEAN I THINK THIS IS AN EQUITY QUESTION COUNCILOR MADE HIS POINT EARLIER WE KNOW THERE'S MAJOR INCOME DISPARITIES BY REASONING RACE AND ETHNICITY IN BOSTON AND A LOT OF WHAT IS AFFORDABLE TO LOWER INCOME HOUSEHOLDS IS THAT INCOME RESTRICTED, YOU KNOW AND SO IF WE LOSE THOSE AFTER 15 YEARS, THE NEXT PERSON TO BUY IN AT A MARKET RATE PRICE WILL YOU KNOW MAY NOT BE A PERSON OF COLOR AND WE WILL LOSE DIVERSITY IN OUR COMMUNITY IS WE WILL SEE DISPLACEMENT OF OUR COMMUNITIES OF COLOR.  SO I THINK WE SEE THIS AS A SMALL A SMALL SUPPLY BUT A REALLY KEY SUPPLY TO MAINTAIN ACCESS FOR LOWER INCOME HOUSEHOLDS WHO ARE OFTEN HOUSED FAMILIES OF COLOR TO THESE NEIGHBORHOODS THAT ARE BECOMING LESS AND LESS AFFORDABLE AND ACCESSIBLE. SO I THINK THAT'S SORT OF THE FLIP SIDE OF THAT EQUITY QUESTION THAT CONCILOR MEJIA HAD RAISED EARLIER. OKAY. YEAH. AND WE'VE TALKED ABOUT DOWN PAYMENT ASSISTANCE. SO IF YOU GO RIGHT NOW YOU GET 75,000 IF YOU SELL THAT HOUSE IN TWO YEARS THAT YOU THE THE THE SELLER GETS THAT MONEY IS THAT ALWAYS BEEN THE CASE.  NO I WANT TO SAY FIVE YEARS AGO OR SO THEY WERE LOANS AND WE WE PROVIDED LOANS AND I THINK OVER THE LAST YOU KNOW I I SAY THREE OR FOUR YEARS WE HAVE HEARD FROM A LOT OF PEOPLE THAT TO BUILD EQUITY THEY SHOULD BE GRANTS. AND SO WE HAVE CHANGED OUR PROGRAMS AND POLICY. SO IF YOU BOUGHT WITH A LOAN THAT'S STILL THAT'S NOT EQUITY IS A RIGHT AND IT'S FOR PEOPLE GOING FORWARD THAT'S TRUE ALTHOUGH THERE ARE THERE ARE CERTAINLY CIRCUMSTANCES PEOPLE COME FORWARD AND THEY WANT TO DISCUSS IT AND WE DISCUSS ON A CASE BY CASE. OKAY. AND THEN SO RIGHT NOW WITH THE NEW DIRECTOR AND I GUESS COULD YOU JUST EXPLAIN LIKE WHAT WHAT IS WHAT DID YOUR OFFICE HAVE TO DO TO CHANGE THE DEEDS OR YOU KNOW RIGHT. SO WE HAVEN'T CHANGED THE DEEDS THAT ARE ALREADY IN PLACE AND RECORDED AND PEOPLE HAVE BOUGHT THESE THE THE THE THE NEW DEEDS WHICH WERE EVEN REVISING MORE TO TO TO MAKE THE LANGUAGE BETTER AND CLEAR THE NEW DEEDS HAVE BEEN IN EFFECT FOR ABOUT A YEAR I WANT TO SAY ROUGHLY MAYBE A LITTLE LESS THAN THAT ON NEW PROJECTS THAT ARE BEING FUNDED BY US AND THE STATE. OKAY. AND JUST A COUPLE QUESTIONS ABOUT THAT. SO NOW IT'S A 30 YEAR DEED RESTRICTION IF YOU SELL THE SELL AFTER FIVE YEARS IS THAT IT IS IS 30 YEAR START OVER AGAIN FOR THE NEW BUYER?  YES. OKAY. YES. OKAY. AND THEN FIVE 5% APPRECIATION IS THAT ARE ARE YOU DOING A CALCULATION EVERY YEAR JUST IS IT 5% IT'S 5% COMPOUNDED. OKAY.  SO WE HAVE A HOUSING CREDIT IN A REAL ESTATE BUST AND THE THE HOMES ARE NOT APPRECIATING THE ARE PEOPLE IN THESE HOMES STILL GOING TO GET FIVE? YES. 5% YES. WHEN WE'VE SEEN CORRECTIONS IN THE MARKET BEFORE YOU KNOW, IN THE PAST PEOPLE ARE STILL ABLE TO SELL THEIR DEED RESTRICTED HOMES BECAUSE THEY'RE YOU KNOW, THEY'VE STARTED AT SUCH A LOWER PRICE POINT.  YES. OKAY. SO A COUPLE MORE QUESTIONS. SO CHANGING THE THE THE TRANSFER I GUESS IF YOU IF YOU TRANSFER THE HOME TO A RELATIVE NOW IT'S EXPANDED FROM THE MEDIA TO TO ANYONE RELATED BY BLOOD MARRIAGE OR ADOPTION,  DOES THAT RESTART THE CLOCK IF YOU TRANSFER A NO I MEAN YOU CAN TRANSFER TO A FAMILY MEMBER WITH THAT DEFINITION AND THE AND THERE'S NO RESTRICTION ON THAT. OKAY. RESTRICTION YEAH BUT THE CLOCK CONTINUES IT DOESN'T START OVER THEY INHERENT THE ORIGINAL RESTRICTION.  OKAY AND JUST EXPLAIN TO ME WHAT HAPPENS IF THE HOMEOWNER GOES INTO BANKRUPTCY OR HAS AN ISSUE WITH THAT WHAT HOW DOES THAT IMPACT SO KAREENA'S STAFF MONITORS FORECLOSURES IN BOSTON.  SO TYPICALLY A FAMILY WOULD GO INTO BANKRUPTCY IF THEY'RE IF THEY ARE TRYING THEY'RE PUTTING THE PAUSE WHILE THEY FIGURE OUT A POTENTIAL FORECLOSURE. AND SO WE MONITOR FORECLOSURES GENERALLY IN THE CITY OF BOSTON AND REACH OUT TO ANY HOMEOWNER IN BOSTON. THAT'S EXPERIENCE THAT WE SEE IN THE PAPERS IS A BANK ACTIVITY AND WE ARE ESPECIALLY ATTUNED TO THOSE WHO HAVE DEED RESTRICTIONS. SO WE'RE REACHING OUT AND CARE AND WE'RE SO KARINA STAFF IS MONITORING AND CARE AND STAFF IS REACHING OUT AND REALLY TRYING TO WORK WITH THE BANKS,  DOING EVERYTHING WE CAN TO PRESERVE THE UNIT.  AND WE'VE HAD A COUPLE OF SITUATIONS RECENTLY WHERE THERE WAS A FORECLOSURE PRESENT TO FORECLOSURE AND BOUGHT THE UNIT AND WE'RE GOING TO RESELL IT TO ANOTHER. IT WAS IN THE SOUTH END WE COULD NOT LOSE THAT UNIT. WE'RE GOING TO RESELL IT. THERE'S A UNIT RIGHT NOW IN JAMAICA PLAIN WHERE SOMEONE WHERE WE'RE WORKING WITH THE NONPROFIT AND THE AND WE'RE GOING TO POTENTIALLY STEP IN AND PURCHASE AND RESTRUCTURE BUT WE'RE FIRST AND FOREMOST REALLY WANT TO WORK WITH THAT WITH THAT BUYER, WITH THAT FAMILY TO MAKE SURE THEY CAN STAY. SO WE'RE WE'RE REALLY THAT ISSUE.  I CAN'T THINK OF I CAN'T THINK OF A SITUATION WHERE WE HAVE ALLOWED AN AFFORDABLE UNIT TO BE FORECLOSED ON IN LOST.  OKAY. THANK YOU. THANK YOU, CHAIR. THANK YOU, CONSTABLE WEBER. CONSTABLE MORRELL, YOU HAVE THE FLOOR.  THANK YOU CHAIR AND THANK YOU TO THE ADMINISTRATION FOR BEING HERE.  I'M EXCITED ABOUT ALL THE NEW HOMEOWNERSHIP OPPORTUNITIES AND PROGRAMS THAT YOU GUYS HAVE STOOD UP OVER THE PAST COUPLE OF YEARS. I THINK THAT THAT'S ANOTHER OPPORTUNITY FOR HOMEBUYERS HERE AND OF CITY OF BOSTON TO BUY IN THE REAL ESTATE MARKET WITHOUT A RESTRICTIVE DEED.  AND I THINK SCALING THOSE UP ARE PROBABLY AN ANSWER TO YOU KNOW THE A LOT OF THE PROBLEMS ARE TOPICS AROUND THIS CONVERSATION I DO BELIEVE THIS THIS INVENTORY IS VERY IMPORTANT TO KEEP IN COMMUNITIES AND PEOPLE OF COLOR INSIDE THE CITY OF BOSTON JUST BECAUSE AT THE PRICE POINT AT WHICH THEY'RE BUYING AT AND ALSO THE MEDIUM INCOME LEVEL. SO TO THAT POINT I KNOW OTHER COUNSELORS HAVE TALKED ABOUT THIS BUT DO WE KNOW THE AMOUNT OF AFFORDABLE HOMEOWNERSHIP UNITS THAT ARE COMING ONLINE OVER THE NEXT 2 TO 3 YEARS? I I KNOW WE HAVE WELCOME HOME BOSTON. I KNOW THERE'S 30,000 PERMITTED BUT ON UNBUILT PROPERTY IN THE PIPELINE BUT I THINK ONLY 5000 OF THOSE UNITS ARE FOR HOMEOWNERSHIP OPPORTUNITIES AND IF I DID MY MATH ON THE 13% I THINK THAT'S ONLY LIKE 650 COMING FROM THAT PIPELINE. BUT DO YOU GUYS HAVE AND A LOT OF THAT PIPE AND A LOT OF THAT PIPELINE IS RENTAL A LOT RIGHT . RIGHT. I WANT TO SAY AND I GET I WILL GET YOU THE EXACT NUMBER I KNOW IN OUR PIPELINE OUR FUNDED PIPELINE THERE'S JUST OVER THE NEXT THREE YEARS THERE'S OVER 500 UNITS THAT ARE IN OUR PIPELINE 500 500 THAT WE KNOW OF THAT WE ARE WITH THAT WE KNOW DEVELOPERS FOR PROFITS AND NONPROFITS ARE ALWAYS TALKING TO COMMUNITY.  THEY'VE IDENTIFIED A SITE THEY'RE INTO US HAVING CONVERSATIONS ABOUT BUDGETS AND MONEY SO I'LL GET YOU THE EXACT NUMBER BUT I KNOW IT'S OVER 500 NEXT SEVERAL YEARS. AWESOME. AND THEN I'LL JUST TAKEN A LOOK AT RENT OVER YOU KNOW FROM 2019 UP UNTIL NOW SEEING THAT A ONE STUDIO IN 2019 WAS GOING FOR LIKE ALMOST 1800 DOLLARS AND RIGHT NOW I THINK IT WAS A LITTLE EARLIER IN THE YEAR WE'RE LOOKING AT A STUDIO APARTMENT AT AROUND 2000 AND SOME CHANGE. HAS THERE BEEN AN ANALYSIS RIGHT TO KIND OF SHOW THE COST SAVINGS BETWEEN RENTAL VERSUS AFFORDABLE HOMEOWNERSHIP?  BECAUSE IF WE'RE TALKING ABOUT SAVING MONEY, RIGHT, YOU'RE NOT IN A HOME YOU LIVED YOU PROBABLY LIVE IN SOMEWHERE, RIGHT. AND IF IT'S NOT HOMEOWNERSHIP YOU PROBABLY RENTED HAVE WE DID THAT ANALYSIS TO SEE WHAT THE DIFFERENCE WE HAVE AND I DIDN'T BRING IT WITH ME BUT IT'S IT'S EYE POPPING IF IF YOU LOOK AT WHAT A WHAT JUST YOU KNOW, LOOKING AT RENTS AND WHAT THEY'VE DONE OVER TIME AND WHERE SOMEONE IN A IN A DEED RESTRICTED UNIT HAVE WHAT THEY WOULD BE PAYING IN RENT AND THE STABILITY OF THEIR HOMEOWNERSHIP COSTS WHAT THE WHAT THE DELTA IS IT'S IT'S A VERY SO YOU TAKE THAT WHAT THEY'VE SAVED ON RENT PLUS THE APPRECIATION PLUS WHAT THEY'VE PAID DOWN ON THEIR MORTGAGE AND IT'S A VERY SIGNIFICANT NUMBER AND I WISH I BROUGHT IT I DIDN'T THINK ABOUT IT UNTIL YOU MENTIONED IT. WE HAVE DONE THAT ANALYSIS AND I I WILL GET IT OVER TO YOU ALL. IT WAS IT WAS HEARTENING TO SEE THAT REALLY A FAMILY GETTING INTO A DEED RESTRICTED UNIT IS SO MUCH BETTER OFF THAN REMAINING IN THE MARKET OF THE RENTAL MARKET. YEAH, WE'D LOVE TO SEE THAT INFORMATION AND I THINK IT'S IMPORTANT FOR THE PUBLIC TO SEE THAT INFORMATION AS WELL. SO IF IT'S NOT ONLY SHARED WITH THAT BUT I THINK IT SHOULD BE SOMETHING THAT YOU GUYS ADVERTISE YOU KNOW PUBLICLY. YEAH IT REALLY AND KNOWING WHAT KNOWING WHAT INTERESTS YOU YOU WOULD REALLY LIKE THIS THAT YOU'D REALLY LIKE THIS MAP IT'S IT WAS IT WAS WELL DONE SO I'LL GET IT OVER AWESOME AND UNDERSTAND THAT YOU KNOW 30 TO 6% AM I IS WHERE A BULK OF OUR RESIDENTS CURRENTLY RESIDE IN INCOME LEVEL WHAT IT'S I'M ASSUMING RIGHT THAT THERE'S A LARGE WAITLIST FOR WHEN ONE OF THESE AFFORDABLE HOMEOWNERSHIP UNITS HIT THE MARKET. Q CAN YOU JUST TALK TO US ABOUT WHAT THAT WAITLIST LOOKS LIKE? IS IT IN THE HUNDREDS HOW MANY PEOPLE ARE SIGNING UP FOR THESE PROPERTIES? KAREN YOU WANT TO TALK ABOUT THE LOTTERY AND YES, WE'RE WORKING WITH SO WE GET HUNDREDS OF LOTTERY SITES. THERE IS IT'S NOT A FIRST COME FIRST SERVE SO IN THAT CASE FOR EVERY PROJECT THAT WE MARKET THERE IS A LOTTERY ONE OF OUR PROGRAMS FROM A NEIGHBORHOOD HOME INITIATIVE WHAT WE DO IS THAT WE MARKET THE PROGRAM AND WHEN LOTTERIES COME IN ARE LOTTERIES WHO STAY WITH US.  THEIR NUMBER OF STAYS WITH US FOR ABOUT A YEAR AND THEN WE PUT IN THE SAME LIST OF HOMEOWNERS AND TO MAKE SURE THAT EVERYONE GETS INTO THE LOTTERY UNDER THE NEIGHBORHOOD HOME INITIATIVE.  SO BUT YES, YOUR QUESTION WE DO GET HUNDREDS OF APPLICATIONS FROM THE LOTTERIES TO THE ONE PLUS BOSTON PROGRAM.  SO I MEAN ONE OF THE BENEFITS THAT I WANT TO REALLY HIGHLIGHT ABOUT THE ONE PLUS BOSTON BECAUSE I KNOW I HAVE BEEN HEARING A LOT ABOUT CREATION OF WEALTH AND THE WEALTH GAP IS THAT HAVING AN AFFORDABLE MORTGAGE IS SO IMPORTANT FOR THIS END IN ADDITION. RIGHT BECAUSE YOU NOT ONLY YOU'RE PAYING A SUCH A LOW INTEREST RATE THAT OPENS IT'S YOUR YOUR CORNERSTONE THAT OPENS TO HELP YOU REALLY BUILD WEALTH IN OTHER AREAS BECAUSE NOW YOU HAVE A MUCH LOWER INTEREST RATE FOR 30 YEARS AND IT'S A FIXED RATE.  SO THAT IS ANOTHER WAY THAT WE'RE REALLY PUSHING FOR THIS PROGRAM TO BE USED IN AFFORDABLE. SO NOT ONLY HAVE AN AFFORDABLE HOME BUT NOW YOU HAVE AN ADDITION THAT MORTGAGE PRODUCT THAT GIVE YOU A PURCHASING POWER IN A LOWER MORTGAGE RATE TO KIND OF LIKE BUILD ANOTHER AND CREATE GENERATIONAL WEALTH OR WEALTH IN OTHER AREAS OF YOUR FINANCES.  SO WE ARE REALLY PUSHING AND ALL OF IT THAT AND ALSO YOU KNOW WITH THE LOTTERIES WE MAKE SURE THAT WE SEE IT IN CONTACT WITH ALL THE APPLICANTS AND DO THE PROPER MARKETING TO MAKE SURE THAT WE ATTRACT ALL THE LOW AND MODERATE INCOME FAMILIES IN BOSTON.  AWESOME. AND KIND OF ON THAT POINT KNOWING THAT THESE HOMEBUYERS HAVE BOUGHT A RESTRICTED PROPERTY ARE THEY ELIGIBLE FOR FIRST TIME HOMEBUYER ASSISTANCE IF THEY WERE LOOKING TO BUY IN THE MARKET?  THAT IS A CHANGE THE MAYOR HAS ASKED US TO MAKE IN THE PAST THEY WERE NOT BECAUSE THEY WEREN'T FIRST TIME HOMEBUYERS ANYMORE. RIGHT. BUT SHE HAS SAID VERY, VERY STRONGLY THAT SHE WOULD LIKE OF PEOPLE THAT ARE SELLING DEED RESTRICTED UNITS TO BE ABLE TO GET DOWN PAYMENT IN ONE PLACE BOSTON MORTGAGE PRODUCTS TO GIVE THEM MORE BUYING POWER IN THE MARKET. LOVE TO HEAR THAT.  THANK YOU. THANK YOU. CONSTABLE WORRELL,  COUNCILOR MURPHY, THANK YOU.  THANK YOU FOR BEING HERE AND SOMETIMES I THINK COLLEAGUES LIKE TO GO FIRST BUT I LIKE WHEN YOU COME LATER I'M USUALLY THE FIRST ONE IN HERE BUT I LIKED ALL THE QUESTIONS AND SO SOME OF MINE ARE KIND OF TOUCHING BACK ON THINGS THAT I THOUGHT WERE GOOD POINTS AND I HAVE A FEW MORE QUESTIONS ON IT. SO THE ONE BOSTON AND THE OUTREACH AND THE EDUCATION I DO I SEE YOU OUT THERE AT THE EVENTS AT YOUR TABLE. PEOPLE HAVE LOTS OF QUESTIONS I'M THINKING ABOUT YOU KNOW, ARE WE TARGETING OUR HIGH SCHOOL AGE KIDS? ARE WE WORKING ALONGSIDE SIDE LIKE CITY KIDS IN THE BASE AND OTHER NONPROFITS TO DO A REALLY GOOD JOB OF TEACHING FINANCIAL LITERACY? WE KNOW THAT PUBLIC EDUCATION NOT JUST HERE IN BOSTON ACROSS THE COUNTRY DOES NOT DO A GOOD JOB AT ALL ABOUT TEACHING OUR KIDS ABOUT FINANCIAL LITERACY AND WHAT INTERGENERATIONAL WEALTH MEANS. AND IF WE'RE WAITING UNTIL YOU'RE 2530, YOU KNOW ALREADY MAYBE IN SOME SORT OF WORK NOT MAKING ENOUGH MONEY TO STAY HERE ARE WE BEHIND THE EIGHT BALL? SO THE TEACHER IN ME IS WONDERING LIKE CAN WE FOCUS ON GOING INTO OUR SCHOOLS AND REALLY TEACHING KIDS AT A YOUNGER AGE ABOUT THESE PROGRAMS AND HOW TO GET RIGHT INTO THEM SO THAT THERE IS AN OPPORTUNITY THERE STARTING RIGHT OFF. SO I HAVE HAD THE OPPORTUNITY TO ATTEND THIS BOSTON HIGH SCHOOL AND TALK ABOUT KIDS.  THEY WORK WITH CITY KIDS. YES, THEY DO A GREAT JOB. YEAH. SO IT WAS A GREAT EXPERIENCE AS A MOTHER OF TWO YOUNG ADULTS AND VERY CONCERNED ABOUT, YOU KNOW, LIVING IN BOSTON AND NOW I HAVE MY ENTIRE KIDS IN MY HOME AND YOU KNOW, VERY CONCERNED ABOUT THEM BEING ABLE TO PURCHASE AND WORKING THROUGH COLLEGE AND YOU KNOW, HELPING THEM. I THINK THAT'S THAT IS ONE OF MY PASSIONS EDUCATION, FINANCIAL LITERACY AND AND I THINK THAT WE DO NEED TO START AND THAT'S SOMETHING THAT THE BOSTON CENTER IS ACTUALLY WORKING ON THAT AND HOW DO WE START AND SPREAD THE WORD WE ARE ONE OF THE AGENCIES THAT REALLY HOST HIGH SCHOOL STUDENTS TO REALLY LEARN ABOUT OUR PROGRAMS DURING THE SUMMER WE STARTED LAST YEAR AND WE HAVE 2 TO 3 HIGH SCHOOL STUDENTS AND WE LEARN FROM THEM AND WE REALLY HEAR OF THE NEEDS OF FINANCIAL LITERACY SO THAT IS SOMETHING THAT WE DEFINITELY ARE WORKING ON. GREAT AND I LIKE THAT IT'S NOT JUST THE OVERALL FINANCIAL LITERACY BUT THE SPECIFIC WHAT BOSTON AND IT CHANGES I MEAN EVEN SINCE THE LAST COUPLE OF YEARS YOU'RE TALKING ABOUT DIFFERENT PROGRAMS AND WHAT DIFFERENT ADMINISTRATIONS WANT TO FOCUS ON SO THAT'S GOOD TO HEAR AND I WOULD BE A BIG SUPPORTER OF EXPANDING THAT AND MAKING SURE THE OTHER ONE SHEILA, WE TALKED YOU MENTIONED THE POSSIBILITY NOW LIKE IF SOMEONE WANTS TO TRANSFER OVER THEIR HOME SAY TO THEIR DAUGHTER OR SOMEONE IN THE FAMILY WHO DOES NOT HAVE TO GO THROUGH AN INCOME RESTRICTION, CORRECT. THEN HOW LONG WOULD THEY HAVE TO LIVE? BECAUSE ONE OF THE THINGS YOU MENTIONED IS YOU DON'T WANT IT TO THEN TURN INTO THESE INVESTMENT PROPERTIES WHERE YOU TRANSFER IT TO SOMEONE WHO'S MAKING MAYBE YOU KNOW, $500,000 AND NOW OWNS AN INCOME RESTRICTED. SO WE WOULD SO THEY WOULD THEY WOULD ASSUME THE EXISTING TERMS RIGHT WE WOULD NOT RESTART THE CLOCK.  SO IF THE TERM WAS 30 YEARS AND THE MOM WANTED TO HAND THIS PROPERTY OVER TO HER DAUGHTER AND SHE ALREADY LIVED IN THE PROPERTY FOR 15 YEARS, THE REMAINING TERM WOULD BE 15 WE'RE NOT GOING TO INCOME CERTIFY BUT WE ARE GOING TO ASK THE DAUGHTER TO LIVE IN THE HOME AND NOT AND NOT RENT IT OUT. AND WHAT TYPE OF LIKE REQUIREMENTS THOUGH I KNOW WE'RE EXPECTING LIKE IF SHE CHOOSES TO LEAVE LIKE IS THERE THEN SOME PENALTY FINANCIALLY? NO BUT IF IF THE THE MOM AND THE DAUGHTER DECIDE THAT THEY HATE THE CLIMATE AND THEY BOTH WANT TO MOVE TO A WARMER STATE THEN WE'RE GOING TO PROVIDE THEM A MAXIMUM RESALE PRICE. THEY'RE GOING TO HAVE TO SELL.  OKAY. THAT'S THAT'S GOOD TO KNOW.  THE ALSO WHEN WE TALKED ABOUT THE SWITCH FROM LOANS TO GRANTS SO IT'S AN ACTUAL GIFT LIKE IT'S NOT SOMETHING YOU ROLL BACK WHICH IS WONDERFUL BUT AS WE ALL KNOW THESE PAST FEW YEARS AND I'M HAPPY THAT YOUR DEPARTMENT BENEFITED THE MOST FROM ALL THIS OPERA FUNDS IT WAS VERY NECESSARY BUT AND THAT'S GOING TO END LIKE WHAT'S THE PLAN WHEN THE OPERA FUNDS ARE GONE AND WE CAN'T GIVE PEOPLE $75,000 FOR A DOWN PAYMENT. SO LIKE MY COLLEAGUES HAVE SAID ,THEY'RE NOT FORCED TO, YOU KNOW, BE IN A RESTRICTED DEED THEY CAN ACTUALLY AFFORD THE MORTGAGE NOW LIKE ARE WE PLANNING AHEAD BECAUSE I MEAN IT SEEMS LIKE THIS GROUP OF PEOPLE AND THE LAST COUPLE OF YEARS AND MAYBE I MEAN AND HOW LONG DO YOU FEEL HAVE YOU REALLY LOOKED AT HOW LONG YOU THINK THIS WILL LAST FOR US THAT WE CAN BE GIVING THE MONEY OUT? RIGHT. THE ARPA THE ARPA WAS JUST SO HELPFUL. IT WAS SO NICE TO BE ABLE TO SAY YES TO EVERYTHING YOU KNOW FOR FOR SEVERAL YEARS AND WE WE'RE HOPING THE TRANSFER YOU KNOW WE ARE HOPING THE TRANSFER FEE PASSED AND IT DIDN'T AND WE'LL HAVE TO ALL TALK AGAIN ABOUT HOW TO GET THAT VERY VERY LARGE INFUSION OF MONEY BACK INTO OUR HOUSING PROGRAMS.  BUT AND THANK YOU ALL WE HAVE A GOOD LINE ITEM IN THIS YEAR'S CITY COUNCIL BUDGET AND WE WILL ALSO BE APPLYING TO CPA FOR HOUSING A COMMUNITY PRESERVATION ACT FOR OUR HOUSING PROGRAMS AND HAPPY TO SEE THE BOND BILL AT THE STATE PASSED AND IF THEY GET IF THEY GET ADDITIONAL DOWN PAYMENT MONEY WHICH IS IN THERE THEN WE WILL COMBINE FORCES AGAIN AND WE WORK VERY CLOSELY WITH THEM. SO IT'S IT'S IT'S NOT LIKE JUST ARPA, IT'S MORE OF A PATCHWORK BUT WE'RE GOING TO CONTINUE TO TO SERVE AS MANY FAMILIES AS WE CAN AND ONE OTHER THING ON THE FORECLOSURES WHEN YOU MENTIONED IS THERE AN OPPORTUNITY IF YOU SEE SOMEONE WHO'S IN LIKE A 30 YEAR DEED RESTRICTED AND THEY'RE POSSIBLY ABOUT TO FORECLOSE, ARE THERE LENIENCY ON OFFERING FAMILY MEMBERS IN THOSE CASES TO BUY OR TO TAKE OVER OR WE WOULD WELCOME WELCOME THAT WOULD BE THE SAME NON INCOME RESTRICTED IF IF SOMEBODY IF A PARENT LOST THEIR JOB AND WAS HAVING DIFFICULTY BUT THEIR THEIR CHILD COULD ASSUME WE WOULDN'T WELCOME THAT AS A SOLUTION WHAT'S BEEN MORE DIFFICULT IS THE CITY STEPPING IN TO BUY BECAUSE YOU KNOW RESOURCES AND AND WE HAVE TO OWN AND AND THEN WORK WITH THAT WORK AT THE FAMILY ON A PLAN SO IF A FAMILY MEMBER WOULD STEP FORWARD THAT WOULD BE THE BEST OUTCOME AND LIKE YOU SAID YOU SCROLL THROUGH THOSE BANK NOTES SO YOU KNOW YOU REACH OUT, YOU DON'T WAIT. WE DO WE DO.  YEAH. YOU DO THAT AND YOU HAVE ENOUGH RESOURCES IN YOUR DEPARTMENT TO MAKE SURE YOU CAN KEEP UP WITH THAT. YEAH. YEAH. I THINK ONE THING I WOULD ADVOCATE FOR MORE RESOURCES IS THAT EDUCATION ACROSS WITH OUR HIGH SCHOOLS AND OUR STUDENTS. BUT AS LONG AS YOU HAVE ENOUGH RESOURCES TO MAKE SURE YOU'RE ABLE TO YOU KNOW, INDIVIDUALLY I'M LOOKING AT MY COLLEAGUES AND I THINK YOU SAY THEY COULD ALWAYS USE MORE RESOURCES.  YEAH KNOW WE DO ONE OF OUR GOALS IS REALLY TO HELP EVERY HOMEOWNER AND THAT THEY STAYED IN THEIR HOME THAT IS A PRIMARY GOAL AND THAT WE MADE IT WE MAKE THAT CLEAR TO THE LENDERS SO WE MAKE WE HAVE NO SHAME REACHING WHAT WE HAVE TO WHOEVER WE HAVE TO REACH TO MAKE THINGS HAPPEN AND PROVIDE RESOURCES AVAILABLE FOR FOR EVERYONE WHO NEEDS ANYTHING OF OUR PRODUCTS OR PROGRAMS ESPECIALLY WITH FORECLOSURE AND EDUCATION. IT'S IT'S ONE OF THE BIG COMPONENTS OF THE BUS OR HOME CENTER. GREAT. THANK YOU AND THANK YOU FOR ALL YOU DO.  THANK YOU. THANK YOU. THANK YOU FOR YOUR CONCERN. MURPHY CONCERT DURKIN SEEMS TO HAVE STEPPED OUT OKAY.  OH LOUIJEUNE WELCOME TO LOUIJEUNE YOU HAVE THE FLOOR AND 7 MINUTES. OKAY. THANK YOU. THANK YOU VERY MUCH. THANK YOU TO THE SPONSOR. THANK YOU TO MY COLLEAGUES AND TO THE CITY OF BOSTON AND TO ALL OF THE COMMUNITY MEMBERS AND ADVOCATES HERE IN THE HOUSE. THIS AFFECTS MY OFFICE PERSONALLY. ONE OF MY STAFFERS LIVES IN THE BACK OF THE HILL MISSION HILLS AREA THAT'S REALLY DEEPLY AFFECTED BY SOME OF THESE RESTRICTIVE MORTGAGES.  BUT I DO LOVE TO HEAR CHIEF DILLON, THE PROGRESS THAT WE'VE MADE. I DO KNOW THAT THAT WE'VE INCREASED THE AMOUNT OF APPRECIATED APPRECIATION THAT FOLKS CAN GET. SOME OF ONE OF MY QUESTIONS IS WHETHER WE'VE THOUGHT ABOUT SO IT SEEMS AS THOUGH ONE OF THE CHANGE THAT HAS BEEN MADE IS THAT AFTER A 30 YEAR PERIOD THOSE IN THE DISTRICT THAT HOMES WOULD BE ABLE TO SELL IT AT MARKET RATE. IS THAT IS THAT THE CORRECT INTERPRETATION ON A NEW DEED RESTRICTIONS? YES AND WE ARE LOOKING AT OFFERING THAT IN IN LIMITED AREAS OF THE CITY. AND HOW ARE YOU THANK YOU AND HOW ARE YOU CHANGING THE IS THE INHERITANCE RULES IN TERMS OF LIKE WHO CAN WHO CAN ASSUME THE DEED AND THE RIGHT SO IN THE PAST WE OF COURSE PEOPLE COULD SELL TO FAMILY MEMBERS BUT WE WOULD INCOME CERTIFY AND NOW WE HAVE EXPANDED THE DEFINITION OF FAMILY AND WE ARE NOT REQUIRING ANY INCOME CERTIFICATION. THE ONLY REQUIREMENT IS FOR A FAMILY MEMBER TO LIVE IN THE UNIT AND WHETHER WOULD THERE BE RESTRICTION ON THEM UPON SALE IF THEY ARE IF IT'S NOT INDEED IF IT'S ONE OF THE DEEDS FROM MY GUESS I YOU KNOW 15 YEARS AGO THEY BOUGHT A DEED RESTRICTED PROPERTY SORRY WOULD THERE BE A RESTRICTION ON THE SALE. RIGHT SO IT'S AN INCOME SO YOU DIDN'T CERTIFY THE INCOME OF WHOEVER IS INHERITING THE PROPERTY BUT THEN WHEN THEY GO ON AND SELL. YEAH YES. UNLESS UNLESS THE TERM UNLESS THE TERM IS UP YES. SO THEY WOULD ASSUME THE RESTRICTIONS AND SO THAT HAS GONE FROM 3 TO 5. WAS THERE A AND I'M HAPPY ABOUT THE INCREASE AND IF YOU COULD EXPLAIN IS IT INCREASED JUST A 5% BIT? WHAT CAN YOU EXPLAIN WHAT THE 5% NUMBER IS OF SOMEONE WHAT IS WHAT IS THE MATH OF THAT 5%? SURE. THE APPRECIATION YES. SO SO INSTEAD OF YOU SO YOU YOU BUY A UNIT FOR $200,000 AND YEAR ONE YOU'RE WE RECOGNIZE WE REALIZE INSTEAD OF A 3% APPRECIATION ON SOME OF THE OLDER ONES YOU GET 5%. OKAY SO IT'S ON AN ANNUAL BASIS IT'S ON AN ANNUAL BASIS. IT'S COMPOUND AND IT ANNUALLY SO IT'S NOT JUST FIVE AT THE END IT'S IN YEAR TWO WOULD BE 5% ON 2010 AND THAT'S HOW IT IS NOW. YES, WE COMPOUND YEAH A LOT OF HOMES JUST WE'VE SEEN SO MUCH APPRECIATION IN HOMES SO BEING ABLE TO CAPTURE EVEN A LITTLE BIT MORE I DO KNOW OF COURSE IS A TRADE OFF. THE TRADE OFF IS HOW DO WE HOUSE EVERY PERSON AND HOW DO WE MAKE SURE THAT AFFORDABLE HOMEOWNERSHIP IS AS A MEMBER WERE ABLE TO ACHIEVE AND HOW DO WE BUILD WEALTH? THERE'S TENSION THERE. THERE IS GOING TO BE TENSION. THERE ARE WE TRY TO ACHIEVE BOTH HOMEOWNERSHIP IS NOT IS A IS A FORM OF WEALTH CREATION AND IT'S A FORM OF RENT CONTROL. I THINK COUNCILOR BREADON SAID THAT WHEN WE WERE IN DORCHESTER ON MONDAY WHEN WE WERE TALKING ABOUT THE $7 MILLION INVESTMENT. SO THERE IS GOING TO BE AN INHERENT TENSION THERE BUT I LIKE THE IDEA I LIKE THAT WE'VE INCREASED THE CAP HOW WE THOUGHT ABOUT DOING IT LIKE IN A MORE GRADUATED FASHION SO DOING LIKE A JUST LIKE A 5% THINKING ABOUT INCREASING THOSE STEPS OVER TIME THE LONGER THAT SOMEONE LIVES THERE THAT PERCENTAGE WE HAVE I THINK I THINK WITH YOU KNOW WE'RE ALWAYS LOOKING AT WHAT WHAT WE HEAR IS THAT EVEN IT IS HARD TO BUY A DEED RESTRICTED HOME FOR A LOT OF OUR FAMILIES. SO THE THE MORE WE INCREASE THE APPRECIATION, THE FEWER FAMILIES ARE GOING TO BE ABLE TO BUY AND GO INTO THAT FIRST STEP. SO IT IS YOU'RE RIGHT IT IS ALWAYS A TRADEOFF AND WE'VE JUST TRIED TO TO FIND A MIDDLE GROUND QUESTION ABOUT WHETHER BECAUSE YOU KNOW, 30 YEARS IS IS IS MUCH BETTER THAN WHAT WE HAVE RIGHT NOW.  BUT IT ALSO THERE'S STILL THAT LIKE WHAT HAPPENS IS SOMEONE WHO HAS LIKE A MEDICAL EMERGENCY AT THE AT YOUR 25 SO HAVE YOU THOUGHT ABOUT A GRADUATED IN THAT SENSE IS WELL THINKING ABOUT OKAY IF YOU SELL IT AT YEAR 25 THERE WOULD BE LESS EQUITY OR OR SOME OTHER SORT OF GRADUATED STUFF IF YOU'RE SELLING IN YEAR 25 AND I AND I WILL GET OVER SOME GOOD EXAMPLES FI 5% APPRECIATION IN ADDITION TO BUYING DOWN YOUR YOUR MORTGAGE WHICH I THINK SOMETIMES WE FORGET ABOUT IN THESE THESE CONVERSATIONS SO YOU'RE BUYING DOWN THE MORTGAGE YOU'VE GOT COMPOUNDED APPRECIATION AND AND YOU HAVEN'T BEEN ABLE TO PAY RENT IN A RIDICULOUS MARKET THAT THE EQUITY THAT YOU'RE WALKING AWAY WITH IS SUBSTANTIAL IT'S SUBSTANTIAL TO BUY ANOTHER UNIT, IT'S SUBSTANTIAL TO LEAVE AND GO INTO A SENIOR COMPLEX. IT IS A SUBSTANTIAL AMOUNT OF RESOURCE. SO I THINK YOU KNOW, I'M ALWAYS SORT OF SURPRISED WHEN SOMETIMES I SEE RESALES AND THEY'RE LIKE YOU KNOW PEOPLE ARE MAKING TWO THREE PLUS HUNDRED THOUSAND DOLLARS SO THEY'RE REALLY YOU REALLY CAN MAKE A SUBSTANTIAL AMOUNT OF MONEY ESPECIALLY IF YOU PAY DOWN YOUR MORTGAGE. THANK YOU. ONE ANOTHER QUESTION IS ABOUT THE ABILITY OF PEOPLE TO TAKE OUT LINES OF LIKE HOME EQUITY LOANS. HAVE THERE BEEN PROVISIONS AROUND THE ABILITY TO DO THAT? YEAH. SO WE DO ALLOW IT. KAREN, DO YOU WANT TO TALK ABOUT THE THE WHAT WE HOW WE EVALUATE THOSE? YEAH SO WE DO ALLOW THAT AND WE ALSO WORK WITH LENDERS TO MAKE SURE THAT THEY DO HAVE AN AFFORDABLE EQUITY LOAN INTEREST RATE. OUR CONCERN IS THAT WE DON'T WANT TO PUT ANY HOMEOWNER IN RISK SO WE REALLY IT'S NOT THAT WE DON'T ALLOW THEM WE JUST WANT TO MAKE SURE THAT THEY ARE UNDER THE RIGHT PROGRAM THAT ALSO, YOU KNOW, WORKING WITH LENDERS NOT ONLY ON EQUITY LOANS IS LIKE REALLY WORKING WITH THEM AND CREATING A SPECIAL CREDIT PURPOSE PROGRAMS WHICH IS YOU KNOW, HOME EQUITY LOANS WILL BE ONE WAY OF DOING THAT. SO I HAVE BEEN VERY ACTIVE AND IN IN WITH THE STAKEHOLDERS INTERACTING AND HOW WE CAN CREATE PROGRAMS THAT ARE ALIGNED WITH CREATING RESOURCES FOR GENERATIONAL WEALTH AND REALLY CORRECTING THE WRONGDOING FROM FROM LENDING INDUSTRY AS WELL. SO THAT IS SOMETHING THAT WE'RE WE'RE WORKING ON IT VERY HIGHLY TO MAKE SURE THAT THEY EVERYONE IS NEEDED IF THEY'RE APPROACHING A LENDING THEY HAVE AN AFFORDABLE PRODUCT. I THINK YOU ACHIEVE DYLAN JUST CAN YOU REMIND ME WITH LINKAGE WHAT HOW MUCH ARE WE NETTING WITH LINKAGE EVERY YEAR AND IS THAT A SPLIT BETWEEN I KNOW THAT THERE'S A IT'S A SUPERMAJORITY IS FOR HOUSING AND THERE'S THERE'S SOME SOME THAT'S ALLOCATED TOWARDS JOB THE JOBS TRUST ME CAN YOU REMIND ME HOW MUCH ARE WE NETTING EVERY YEAR VIA FROM LINKAGE IF THERE'S SOME FLUCTUATION YOU CAN YEAH AND THEN WHAT IS THE BREAKDOWN BETWEEN THAT LINKAGE MONEY THAT WE GET FROM COMMERCIAL DEVELOPMENT? WHAT IS A BREAKDOWN BETWEEN MONEY THAT'S ALLOCATED TOWARDS HOME OWNERSHIP? I MEAN IF YOU DON'T KNOW IT OFF THE TOP OF YOUR HEAD I'M GOING TO I THINK WHEN YOU'RE TALKING ABOUT TRANSFER FEES AND ALL OF THESE I'M THINKING ABOUT OKAY, WE DO HAVE THIS OTHER AND LIKE HOW IS HOW IS YOU KNOW IS IT DO YOU SEE IT AS I'M NOT GOING TO I KNOW YOU GOING TO REJECT THIS BUT YOU SEE IT AS NEGLIGIBLE COMPARED TO THE OTHER SOURCES OF SO LINKAGE BECAUSE THE OLDER PROGRAM PAID IN OVER SEVEN YEARS IT HAS BEEN KIND OF A STEADY, STEADY SOURCE. I WANT TO SAY WE GET ABOUT $1,012 MILLION A YEAR FOR HOUSING BUT I WANT TO CHECK THAT NUMBER.  IT'S AN IMPORTANT RESOURCE THE THE THE AM I RESTRICTION IS 80% OF AM I SO WE REALLY WE HAVE USE IT TO FUND OUR MORE AFFORDABLE HOMEOWNERSHIP PROGRAMS BUT LET ME GET YOU THE LAST 510 YEARS AND HOW MUCH WE'VE REALIZED IN LINKAGE AND YOU'RE RIGHT THERE'S A SMALLER PERCENTAGE THAT GOES TO THE JOBS BUT UNLESS SOMEONE CAN TEXT IT TO ME NOW BUT SOME OF THE STAFF OUT THERE WATCHING BUT I WANT TO SAY IT'S IT'S AROUND TEN OR $12 MILLION A YEAR BUT I MAY BE OFF THANK YOU OUT MY TIME IS UP I RESERVE TO MY QUESTIONS FOR ROUND TWO OKAY THANK YOU COUNSELOR FERNANDEZ ANDERSON YOU HAD A TERRIFYING QUESTION YOU'D LIKE TO ASK. GIVE YOU 2 MINUTES. THANK YOU.  THANK YOU, CHIEF. I JUST I JUST WANTED TO ASK ABOUT THE REQUIREMENT FOR DOWN PAYMENT IS IT IS IT NECESSARY LIKE DO WE DO WE HAVE TO REQUIRE A DOWN PAYMENT ON DEED RESTRICTION UNITS DEED RESTRICTED UNIT SO IT IS A BENEFIT IT IS A GRANT.  SO I WILL IT'S IT'S NOT A REQUIREMENT WE'RE DON'T REALLY REQUIRE THEM TO FOR THEM TO APPLY FOR THE DOWN PAYMENT ASSISTANCE BUT IT IS A BENEFIT THAT THEY'RE GETTING IN THERE IS REALLY NOT RESTRICTIONS IF YOU APPLY FOR A DOWN PAYMENT ASSISTANCE IS REALLY A GRANT SO IT'S FREE MONEY YOU COME IN WITH THE 5% EQUITY ON YOUR HOME IF YOU GET DOWNPAYMENT ASSISTANCE I GUESS I'M TRYING TO FIGURE OUT WHAT DOES THE BANK REQUIRE YET SO THE BANK'S GOING TO OH SO THE BANKS GET TO REQUIRE SOMETHING LESS SO WE ARE THOUGH I MEAN JUST AS AN EXAMPLE WE'RE WORKING AND SOMETIMES OUR HOMEBUYERS GET A KNOCK ALONE RIGHT? AND THAT IS 100% OF THE PURCHASE PRICE AND THEY WANT OUR MONEY TO BUY THE INTEREST RATES DOWN EVEN FURTHER. SO IT'S IT'S A IT'S THE LENDER REQUIREMENT ON WHETHER OR NOT WE REQUIRE A DOWN PAYMENT ASSISTANCE. SO IT'S ALMOST SUPPLEMENTAL LIKE YOU'RE BUYING A THREE UNIT OR SOMETHING. AND SO IS THERE A WAY OR HAVE WE THOUGHT ABOUT WAYS TO MAKE THEM MORE ASSESSABLE IN TERMS OF LIKE YOU KNOW, IF THERE IS A REQUIREMENT CAN WE GO ANY HIGHER?  CAN WE HAVE WE LOOKED AT THOSE NUMBERS OBVIOUSLY YEAH I BECAUSE WE'RE MOST OF OUR BUYERS ARE USING THE ONE PLUS BOSTON PROGRAM FOR LOWER INTEREST RATES THERE'S NO PMI THE DOWN PAYMENT IS LIKE ONE AND ONE AND A HALF ONE AND A HALF PERCENT WHICH IS REALLY QUITE LOW EVEN THAT THERE I MEAN IT'S THERE'S A LOT OF WAYS TO GET AROUND THAT. SO IF YOU WANT TO BUY A HOME AND I THINK THE BIGGEST BARRIERS NOT SO MUCH THE DOWN PAYMENT BECAUSE IT'S LIKE 1% NOW AND IT'S CREDIT SCORES. YEAH AND I JUST WANT TO HIGHLIGHT THAT THERE ARE OTHER WAYS THAT THEY CAN GET THAT 3% OR ONE AND A HALF PERCENT FOR EXAMPLE THROUGH THE GENERATION OR THE FIRST GEN PROGRAM THEY CAN USE THAT MATCHING SAVINGS AS PART OF THE DOWN PAYMENT PORTION OF THEIR DOWN PAYMENT IN ADDITION TO OUR DOWN PAYMENT ASSISTANCE. SO THAT'S WHY WE ALWAYS SAY THAT IT'S IMPORTANT FOR HOMEOWNER FOR SOMEONE THAT IS LOOKING TO BUY A HOME TO CONTACT THE BOSTON HOME CENTER SO WE CAN REALLY GUIDE THEM AND AND REALLY SEE HOW WE CAN START SETTING UP THOSE THOSE FINANCIAL ASPECTS FOR THAT CLARIFYING QUESTION IS SO THE FAIR MARKET ACT REQUIRES THAT WE PLACE THE THE CITY PLACES DEED RESTRICTIONS ON ALL UNITS AND SO TO THE MARKET RATE UNITS . QUESTION THAT COUNCILOR MEJIA HAD I JUST WANTED TO CLARIFY IF YOU CAN CLARIFY EXACTLY LIKE HOW ARE WE DECIDING BECAUSE IT FEELS LIKE YOU ARE RESTRICTING AFFORDABLE AFFORDABILITY AND WHICH ARE NOT RESTRICTING PEOPLE BUYING, YOU KNOW, MARKET RATE IN THAT IN ITSELF IS SYSTEMICALLY OPPRESSIVE. RIGHT. AND DISCRIMINATORY BECAUSE YOU'RE LOOKING AT PEOPLE THAT CAN AFFORD IT TO BUY WITH RESTRICTIONS AND BUT YOU'RE LOOKING AT CERTAIN PEOPLE THAT CAN AFFORD MARKET WITH NO RESTRICTION AND SO THEY BUILD EQUITY AND OR MORE EQUITY VAST MORE THAN THE OTHER SIDE. SO I THINK SYSTEMICALLY THERE'S WE HAVE TO LOOK AT THAT HOW DO WE HOW IS THAT EQUITABLE RIGHT LIKE IF YOU CAN AFFORD IT YOU DON'T HAVE RESTRICTIONS BUT THE FAIR MARKET ACT REQUIRES THAT WE PLACE RESTRICTIONS ON ALL OF THEM.  I WISH THERE WAS A WAY THAT I MEAN I WISH THERE WAS A WAY THAT ANYONE WHO EVERYONE WHO WANT TO BUY IN ANY NEIGHBORHOOD ,ANY TYPE OF UNIT WAS WAS POSSIBLE. BUT I, I DON'T I DON'T KNOW HOW TO MAKE MARKET MORE EQUITABLE. I DON'T KNOW HOW TO DO THAT AND IF WE HAD CAMBRIDGE PROVIDES DOWN PAYMENT I'M NOT AN EXPERT IN THIS BUT THEY PROVIDE DOWN PAYMENTS THAT ARE THREE 400,000 SAN FRANCISCO'S SOMETIMES PROVIDING DOWN PAYMENTS OF $500,000 FOR PEOPLE TO BUY IN THE MARKET. I MEAN CAMBRIDGE PUT A DEED RESTRICTION ON IT IF THAT HAPPENS WE DON'T HAVE THOSE KIND OF RESOURCES HERE IN BOSTON JUST GIVEN THE VOLUME THAT WE WANT TO DO. SO I DON'T KNOW HOW TO MAKE THE MARKET MORE EQUITABLE. I JUST DON'T WITHOUT MASSIVE AMOUNTS OF DOWN PAYMENT THERE'S NO WAY THAT OUR LOW AND MODERATE INCOME BUYERS OR FAMILIES CAN BUY IN THE MARKET COMES FROM ASSUMPTION I'M GOOD YEAH I MEAN I THINK IT'S I THINK THAT'S ON US RIGHT I THINK THAT'S A THAT'S A POLICY CONVERSATION WORKSHOP THAT'S THAT'S ON ALL OF US AS A CITY THAT THAT THAT LIKE WE ALWAYS TALK ABOUT SYSTEMIC RACISM WHEN WE TALK ABOUT YOU KNOW ISSUES WITH THE SYSTEM WE PRIOR TO YOUR TIME PRIOR TO ALL OF US HOWEVER STILL HERE PERPETUATING OPPRESSIVE PRACTICES BUT WHEN YOU SEE IT CLEARLY THEN YOU KNOW WHAT I MEAN THEN IS THERE A WAY TO MAKING IT IS IT IS THERE SOME EQUITY THAT WE COULD BUILD BY PLACING RESTRICTIONS ON THE MARKET RATES AND THEN SORT OF USING THAT AS SUPPLEMENTARY TO THE DEED RESTRICTED LOW INCOME AFFORDABLE UNITS TO BUILDING MORE EQUITY. SO CAN WE MOVE MONEY AROUND TO MAKING TO BUILDING THAT EQUITY? I JUST SAW A SIGN OF RCC AND IT WAS LIKE EQUITY AND IT WAS A SCALE AND LIKE THERE WAS LIKE THE SHORT KID AND WITH THEY HAD LIKE BOOKS ON TOP RIGHT?  SO SO IT FEELS LIKE THAT LIKE CAN WE PLACE MARKET RESTRICTIONS ON THE MARKET AND THEN BRING THIS MONEY OVER HERE TO BUILD MORE EQUITY FOR THE PEOPLE THAT NEED IT AS OPPOSED TO MAKING THE RICH RICHER AND RESTRICTING LOW INCOME PEOPLE? THANK YOU SO MUCH. THANK YOU. THANK YOU ALL.  I JUST WANT TO BRIEFLY ASK A FEW QUESTIONS A LOT OF MY COLLEAGUES HAVE ASKED THE QUESTIONS I'D ASK ALREADY IN TERMS OF NEIGHBORHOODS. I'D START THE CLOCK FOR MYSELF IN TERMS OF NEIGHBORHOOD DISTRIBUTION KNOW I KNOW FROM JUST THINKING ABOUT ALLSTON AND MISSION HILL THOSE TWO NEIGHBORHOODS HAVE THE LOWEST LEVEL OF HOMEOWNERSHIP IN THE WHOLE CITY HOVERING AROUND TEN OR 11% AND I THINK THAT'S A DIRECT RESULT OF SPECULATIVE INVESTMENT BY INVESTORS WHO COME IN AND BUY UP HOMES AND,  RENT THEM TO STUDENTS AND YOUNG PROFESSIONALS WHO WORK YOU KNOW AND ALLSTON ESPECIALLY WE HAVE LOTS OF OFF CAMPUS HOUSING FOR STUDENTS AND MISSION HILL I THINK WE HAVE AND MEDICAL INSTITUTIONS AND OFF CAMPUS HOUSING FOR STUDENTS AS WELL AND AND THAT MONEY IS IS INVESTORS WHO COME IN WITH CASH AND HOW HOW DO YOU SEE YOUR PROGRAM ADDRESSING THAT THE INCREDIBLE PRESSURE ON OUR HOUSING STOCK BY SNATCHING UP WHAT'S AVAILABLE BY INVESTORS ONCE AGAINST THE THE MARKET YOU KNOW WE DID WE DID HAVE A PROGRAM IN BRIGHTON AND I THINK WE NEED TO CIRCLE BACK AND THINK ABOUT IT WAS ALLSTON RIGHT BY HARVARD WHERE THE CDC WAS BUYING PROPERTIES AND THEY WERE PUTTING OWNER OCCUPANCY RESTRICTIONS ON IT NOT DEED RESTRICTIONS ALTHOUGH THEY THINK IN WAYS IT HAD BEEN MORE COSTLY I THINK THAN THEY HAD ORIGINALLY MODELED BUT IT'S JUST REALLY HARD TO TAME THE MARKET ESPECIALLY WITH THE STRONG STUDENT POPULATION AND YOU AND YOU BRING UP ALLSTON BRIGHTON AND MISSION HILL WHERE THERE IS JUST AN ENORMOUS PRESSURE AND THE STUDENT HOUSING REPORT BEARS IT OUT AGAIN ALTHOUGH IT SEEMS LIKE STUDENTS ARE ARE KIND OF MOVING AROUND THE CITY A LITTLE BIT MORE THAN THEY HAVE IN THE PAST. BUT THESE ARE THESE ARE THESE PROPERTIES WHICH WERE ONCE HOME OWNERS FOR WORKING CLASS ARE NOW STUDENTS CONTINUING TO BE THREE OR FOUR PEOPLE IN A UNIT. SO THERE'S WAY THAT WE CAN RESTRICT THE MARKET. I MEAN WE DON'T HAVE THE AUTHORITY THE LEGAL AUTHORITY. I THINK THOUGH WE NEED TO CONTINUE TO REALLY PUT PRESSURE THROUGH THE INSTITUTIONAL MASTER PLAN PROCESS ONE INSTITUTION MASTER PLAN PROCESS TO MAKE SURE THAT THEY'RE HOUSING MORE OF THEIR STUDENTS AND THROUGH THE ARTICLE 80 AND ALL OF THE OVERSIGHT OF MARKET RATE HOUSING THAT WE SEE MORE HOMEOWNERSHIP AND I KNOW THAT THAT YOU AND YOUR COLLEAGUES AND A LOT OF PEOPLE IN ALLSTON BRIGHTON IF THEY'RE NOT GOING OUT TALKING ABOUT HOMEOWNERSHIP HAVING HELPED THEM.  RIGHT. I MEAN YOU REALLY HAVE BEEN PUSHING FOR MORE HOMEOWNERSHIP. I IT'S THOSE INFLUENCES OF THE CITY THAT WHAT THE CITY HAS SOME CONTROL OVER BUT DECIDING WHO BUYS AN EXISTING MARKET RATE UNIT THERE IS NO WE HAVE NO LEGAL AUTHORITY AND I THINK THE OTHER THE OTHER FACTOR THAT WE'RE DEALING WITH IS THAT LAST YEAR ACROSS MASSACHUSETTS I THINK 20% OF HOMES THAT WERE SOLD IN MASSACHUSETTS REVIVED BY PRIVATE EQUITY AND AGAIN THAT'S THAT'S JUST A PROFIT MAKING ENTERPRISE THAT IS IS BUYING UP LOW INCOME HOMES AND AND GATEWAY COMMUNITIES AND SELLING RENTING THEM FOR A LOT MORE THAN THOSE FOLKS COULD HAVE BOUGHT THE HOME FOR A MORTGAGE. SO I THINK THERE'S A LOT OF PRESSURES ON OUR HOUSING AND THE OTHER CONCERN I HAVE AND I KNOW WE'VE TALKED ABOUT THIS BEFORE SHEILA IS WHEN YOU DO HAVE A DEVELOPER COMES IN AND YOU OFFER THEY'RE BUILDING HOMEOWNERSHIP SUPPOSED TO BE CONDOS THEY'RE BUILDING AND AS HOMEOWNERSHIP I KNOW THIS IS THIS IS I REALLY WISH WE HAD SOME TEETH IN HOLDING THOSE DEVELOPERS ACCOUNTABLE AND NOT JUST SAYING OKAY, WE'RE ALL DONE.  WE'RE NOT DOING HOMEOWNERSHIP AFTER THIS. WE'RE GOING TO RENT IT OUT AT MARKET RATE SO YOU KNOW, I THINK I DON'T KNOW THIS IS MAYBE NOT THE PLACE BUT I JUST SAY THAT, YOU KNOW, AS AN ADMINISTRATION WE REALLY NEED TO TRY TO PUT SOME SOME BARRIERS ON THIS THIS PATTERN THAT WE SEE BECAUSE THE COMMUNITIES AND YES, WE LOVE HOMEOWNERSHIP GO FOR IT AND THEN THE DEVELOPER TURN AROUND AND SAY OH NO, WE'RE JUST GOING TO DO RENTALS AND WE'RE NOT ANY FURTHER ALONG. YEAH, I'VE BEEN GIVING THAT SOME THOUGHT. I KNOW YOU'VE GOT A YOU'VE GOT A PROJECT ON CAMBRIDGE THAT WAS YOU KNOW SORT OF THE POSTER CHILD OF THAT AND I, I DO THINK MAYBE ONE QUESTION WE COULD ASK AN OWNER WHO WE THINK MAY DO A KIND OF PROJECT AND THEN RENT OUT EVERY CONDOMINIUM IS TO REALLY SEE THEIR MASTER DEEDS RIGHT. AND REALLY ENSURE THAT THEIR MASTER DEEDS IS ALLOWING A SMALL PERCENTAGE OF THOSE UNITS TO BE RENTED. SO I THINK NEXT TIME WE ENCOUNTER THIS WE PROBABLY NEED TO ASK QUESTION AND QUESTION BCD AND E NOT JUST AS A HOME OWNERSHIP.  YES, YES.  IN TERMS OF ONE THING THAT CONCERNS ME IS THAT IF WE HAVE DEED RESTRICTED HOMES THAT ARE ULTIMATELY SOLD IN THE MARKET THAT ULTIMATELY THOSE DEED RESTRICTED UNITS GO AWAY AND IT DECREASES THE OPPORTUNITY FOR US TO STABILIZE OUR COMMUNITIES AND IT WILL CHANGE THE DEMOGRAPHICS IN THE NEIGHBORHOOD. DO WE HAVE ANY METRICS ON ON THAT EVEN LOOKING AT OTHER OTHER CITIES OR YOU KNOW, I DON'T I DON'T THINK WE DO I MEAN WE KNOW GENERALLY WHAT FOR WHAT THE INCOMES ARE THAT BOUGHT THESE UNITS. WE CAN SPECULATE THAT YOU KNOW LIKE WHO'S GOING TO BUY THEM WHEN THEY SELL ON THE MARKET BECAUSE NOT ONLY I MEAN THE RESALES DON'T REQUIRE A OWNER TO BUY THEM EITHER THEY UNLESS THE CONDO ASSOCIATION DOES IT COULD ALSO BE SOLD TO AN INVESTOR SO WE DON'T WE COULD MAKE SOME OBSERVANT SOME OBSERVATIONS BUT JUST KEEP IN MIND THAT THERE ARE THAT IT'S A RELATIVELY SMALL SCREEN DIMENSIONS A RELATIVELY SMALL AMOUNT NUMBER OF UNITS VERY IMPORTANT TO ALL OF US BUT SO IT MAY NOT CHANGE THE DEMOGRAPHICS HUGELY. YEAH BUT WHAT IT WILL CHANGE IS THE ESPECIALLY IF IF A NEIGHBORHOOD LIKE THE YOU KNOW BRIGHTON OR ALSTON LOSES THOSE AND THEY DON'T THEY HAVE VERY VERY LOW PERCENTAGE OF OF HOMEOWNERS GENERALLY A BELOW THE CITYWIDE AVERAGE WHICH OFTEN BRIGHTON DOES THEN WE'LL JUST SEE THAT THAT YOU KNOW THAT NUMBER GO DOWN AS THEY AS THOSE CONVERT INTO RENTAL UNITS IF THEY DO THANK YOU I WILL YIELD THE REST OF MY TIME. AND COUNCILOR DURKIN, YOU'RE BACK WITH THIS WOULD YOU DO YOU HAVE ANY QUESTIONS?  YOU HAVE THE FLOOR. THANK YOU SO MUCH, CHAIR.  I HAVE A COUPLE QUESTIONS BUT I APPRECIATE FROM THIS JUST THE DELICATE BALANCE OF TRYING TO BOTH BUILD WEALTH AND THE CITY OF BOSTON AMONG THOSE THE MOST VULNERABLE BUT ALSO LEAVE THE DOOR OPEN FOR EVERYONE ELSE WHO COULD BENEFIT FROM THESE INCREDIBLE PROGRAMS AND UNITS THAT ALREADY EXIST.  AND OBVIOUSLY IN MY DISTRICT THERE'S A COUPLE OF PROJECTS THAT WE WANT TO EXTEND DEED RESTRICTIONS AND EXTEND AFFORDABILITY INCLUDING I KNOW CHIEF DOLAN YOU'VE DONE A LOT OF WORK WITH A LITTLE HOUSE BUT THAT'S PARTICULARLY ONE THAT YOU KNOW, I THINK WHAT I HEAR FROM THOSE WHO LIVE IN AFFORDABLE RENTAL UNITS AND THOSE WHO LIVE IN AFFORDABLE PROPERTIES IS THEY WANT TO EXTEND THOSE PERIODS OF TIME AND IT'S IT'S VERY DIFFERENT THAN I THINK HAVING DONE A LOT OF READING IN ADVANCE OF THIS HEARING. I THINK IT'S VERY CLEAR TO ME THAT PEOPLE HAVE DIFFERENT OBJECTIVES AND IT'S VERY CLEAR THAT BUILDING WEALTH IN THE CITY IS SOMETHING THAT THE CITY IS TOTALLY INVESTED IN. BUT TRYING TO FIGURE OUT HOW WE CAN ACTUALLY DELIVER ON THAT IS AND HOW WE CAN ALSO LEAVE THE DOOR OPEN FOR FOLKS WHO WHO NEED ACCESS TO THESE SAME RESOURCES.  SO IN THAT SAME VEIN, DOES THE MAYOR'S OFFICE OF HOUSING COLLECT RACIAL DATA DEMOGRAPHICS OF THOSE CURRENTLY IN OWNER OCCUPIED RESTRICTED UNITS AND IF SO, CAN YOU SHARE THOSE DEMOGRAPHICS IN SOMETHING THAT WE COLLECT ON A LIMITED BASIS BECAUSE THOSE QUESTIONS FOR OUR LOTTERY APPLICANTS IS OPTIONAL WE DON'T REQUIRE IT FOR FOR MANY REASONS. SO WE HAVE A VERY SMALL AMOUNT OF DATA ON THAT BUT THERE WAS A HEARING EARLIER THIS YEAR ABOUT HOW THE CITY IS PLANNING IMPROVING DATA COLLECTION SO WE CAN BETTER UNDERSTAND BOTH APPLICANTS AND HOUSING RESTRICTED HOUSING OCCUPANTS BY RACE, ETHNICITY AND OTHER DEMOGRAPHIC FEATURES. AND SO THAT IS A PROCESS THAT WE'VE BEEN WORKING ON FOR ABOUT THE PAST SIX MONTHS AND CONTINUE TO WORK ON. SO WE CAN SET UP A BETTER TOOL TO COLLECT THAT DATA THANKS TO COUNCILOR FERNANDEZ ANDERSON'S ORDER AND I THINK YOU KNOW, LIKE MINDED THINKING ON BEHALF OF THE ADMINISTRATION.  THANK YOU AND I THANK YOU,  ANDERSON FOR REQUESTING THAT INFORMATION. I THINK I REMEMBER I ATTENDED THAT LAST HEARING AND I WAS A LITTLE SLOW TO THE UPTAKE ON WHAT THE HEARING WAS ABOUT. BUT NOW I KNOW EXACTLY WHAT WE'RE TALKING ABOUT. SO I'M TRYING TO STAY GERMANE TO YOUR HEARING ORDER.  HOW WILL SIGNIFICANT HOW WILL SIGNIFICANTLY INCREASING MARKET RATE HOUSING SUPPLY THROUGHOUT THE CITY AFFECT THE VALUE OF DEED RESTRICTED UNITS?  IT WON'T BE BECAUSE OUR SET THEY'RE SET THEY'RE SET, THEY'RE SET YEAH I MEAN I THERE IS A LOT OF DEBATE AND A LOT OF FOLKS BEHIND US ARE ARE ALSO DEBATED ALL THE TIME IF WE INCREASE SUPPLY OF OF MARKET RATE HOUSING WHAT WILL IT DO TO PRICES RIGHT. WHAT WILL IT DO TO RENTAL PRICES? WHAT WILL IT DO TO HOMEOWNERSHIP PRICES? I THINK WE ALL I THINK A LOT OF US WOULD AGREE THAT WE NEED SUPPLY BUT WE NEED SUPPLY CERTAINLY ACROSS YOU KNOW, THAT'S SERVING A LOT OF DIFFERENT INCOME SETS AND FAMILY SIZES AND OUR SENIORS SO BUT TO ANSWER YOUR QUESTION NOT GO OFF ON A TANGENT IT WOULD NOT IMPACT THE DISTRICT OF UNITS AND THERE ARE A LOT OF ASPECTS OF BOTH DEED RESTRICTIONS AND PLAN DISPOSITION AGREEMENTS THAT CREATE SORT OF CERTAIN RESTRICTIONS ON WHAT CAN BE DONE ON THE PROPERTY. AND I WAS JUST CURIOUS AND MAYBE THIS IS JUST A WHOLE NOTHER CONVERSATION BY THE THE ASPECTS OF LIKE ENCOURAGING YOU IN ADDITION TO THE BUILDING OR BUILDING ON TOP OF PARKING. IS THAT SOMETHING THAT HAS BEEN CONSIDERED AS SOMETHING THAT MIGHT BE ABLE TO BUILD WEALTH ON THE PROPERTY AND SOMEHOW SUBDIVIDE THE PARCEL TO SAY LIKE OKAY THIS IS MINE BUT THIS IS YOURS OR AND I KNOW THIS IS A VERY COMPLICATED QUESTION I'M NOT ASKING IT IN THE MOST SERIOUS THERE'S ABSOLUTELY NO REASON THAT I CAN THINK OF AND I HAVEN'T THOUGHT ABOUT IT UNTIL THIS VERY SECOND BUT THERE IS NO REASON WHY AN OWNER IN THE DEED RESTRICTED UNIT CAN'T APPLY TO ALSO HAVE AN ADU ON THAT PROPERTY.  MANY OF THE MANY OF THE DEED RESTRICTED UNITS HAVE NICE SIDE YARDS THEY'VE GOT BACKYARDS THEY COULD DO I WANT TO THINK THIS TOO A LITTLE BIT BUT THEY COULD DO AN ADU LIKE IN THE BASEMENT SO THERE THERE'S THERE'S NO REASON LIKE WE COULDN'T EXPLORE THAT AND EVEN SOMETIMES THEY DO NEED SOME SORT OF OBVIOUSLY ZONING VARIANCE OR THIS OR THAT AND THAT CAN OBVIOUSLY BE INCREDIBLY COMPLICATED BUT I'M JUST THINKING OF CREATIVE WAYS THAT FOLKS COULD BUILD WEALTH ON THEIR PROPERTY OR CREATE SOME ASPECT THAT REALLY BUILDS WEALTH FOR THEM IS SOMETHING I THINK THE CITY COUNCIL I KNOW IS REALLY PASSIONATE ABOUT AND I'VE BEEN REALLY PASSIONATE ABOUT TO USE SINCE READING THE BACK BAY ZONING CODE BECAUSE IF YOU LOOK THROUGH THE BACK BAY AND YOU ARE WALKING THROUGH THE BACK BAY THERE ARE A LOT OF WAYS TO USE THAT WERE CREATED IN IN A VERY DIFFERENT ENVIRONMENT FOR FOLKS WHO WORKED FOR THE PEOPLE IN THE HOUSE REALLY UNCOMFORTABLE HISTORY BUT BUT TO USE WERE BY NATURE ALLOWED BECAUSE IT WAS WRITTEN INTO THE ZONING CODE THAT WAY AND SO YOU ACTUALLY SEE A LOT OF AREAS IN THE BACK BAY. SO I GUESS I'LL YIELD BACK MY QUESTIONS OR YIELD BACK MY TIME BUT I THAT IS SOMETHING THAT I HAVE BEEN SORT OF THINKING ABOUT IS HOW WE CAN ENCOURAGE OTHER TYPES OF WEALTH BUILDING OPPORTUNITIES ON THE PROPERTIES . THANK YOU. THANK YOU CONSTANTLY HERE YOU HAD ONE ONE ADDITIONAL QUESTION. KEEP IT KEEP IT BRIEF PLEASE. YES NOW I WILL AND THANK YOU FOR ALLOWING ME TO JUST ASK I'M JUST CURIOUS IT'S IN REGARDS TO THE THE TRANSFER TO FAMILY MEMBERS THAT DOES IT REQUIRE STARTING FROM 30 YEARS LIKE RESET OR IT'S JUST A TRANSFER AND THEN LET'S SAY CAN YOU JUST PROVIDE SOME INSIGHT AROUND THAT JUST BECAUSE I KNOW I BELIEVE MY RESTRICTION IS LIKE 30 THAT'S LIKE A LIFETIME LIKE ESPECIALLY FOR FOLKS WHO BOUGHT THEIR HOMES WHEN THEY WERE IN THEIR LATE AGE 30 YEARS. IT'S LIKE A LICENSING AND IT'S LIKE BY THE TIME YOU BUY THE TIME YOU DIE IT'S YOU PROBABLY HAVE ALREADY YOU'RE STILL OWING ON YOUR ON YOUR MORTGAGE. SO IT JUST FEELS LIKE 30 YEARS IS A LONG TIME. RIGHT. EVEN THOUGH YOU SAY THAT IN COMPARISON TO OTHER CITIES I JUST WANT TO KNOW THAT FOR THE RECORD THAT DEPENDING ON WHEN YOU BUY YOUR HOUSE IT JUST WILL FEEL LONGER THAN FOUR FOR OTHER FOLKS LONGER THAN OTHERS. BUT CAN YOU JUST TALK TO US A LITTLE BIT ABOUT THE TRANSFER TO A FAMILY MEMBER? DOES IT RESTART WE STATE CAN JUST KIND OF WALK ME THROUGH THOSE LOGISTICS SO IF THE HOMEOWNER CHOOSES TO TRANSFER THE INCOME RESTRICTED HOME TO A FAMILY MEMBER THAT FAMILY MEMBER ASSUMES THE REMAINING TERM OF THE RESTRICTION. SO IF THE HOMEOWNER HAS BEEN IN THE UNIT FOR 18 YEARS OR 15 YEARS TRANSFER TO A MEMBER OF THEIR FAMILY THAT WOULD BE REMAINING 15 YEARS LEFT ON THAT TERM AND THEN ONCE THAT TERM IS COMPLETE COMPLETE THEN THAT INDIVIDUAL IS ABLE TO THEN ALLEGEDLY BUILD WEALTH. WELL THEN THEY CAN BUILD UNLIMITED WEALTH BY SELLING IT ON THE MARKET. YEAH, BUT THERE WILL BEEN BUILDING EQUITY THE WHOLE TIME AT 5%. YEAH. SO I'M GOING TO SAY SOMETHING REALLY QUICK JUST BECAUSE I GREW UP DURING THE BUSSING ERA HERE IN THE CITY OF BOSTON AND I JUST FEEL LIKE I FEEL LIKE FOR SOME REASON I DON'T KNOW WHY I'M HAVING A TIME LAPSE HERE IS THAT GROWING UP IN THE CITY OF BOSTON NOBODY WANTED TO LIVE HERE. IN FACT PEOPLE WERE ACTUALLY BURNING THEIR HOMES SO THAT THEY CAN LEAVE. BUT ALL OF THOSE FOLKS DURING WHITE FLIGHT THEY LEFT THE CITY AND MOVED TO THE SUBURBS AND THEN THOSE APARTMENTS THAT THEY OWNED TURNED INTO, YOU KNOW, BEING PAID VOUCHERS AND IT SEEMS LIKE THEY WERE THEN ABLE TO BUILD WEALTH OFF THE BACKS OF PEOPLE WHO ARE LOW INCOME. RIGHT. AND I KNOW THIS IS NOT WHAT THIS PARTICULAR CONVERSATION IS ABOUT BUT THERE JUST SEEMS TO BE SOMETHING HERE THAT I'M STRUGGLING WITH AND JUST FEELS LIKE PEOPLE WHO ARE LOW INCOME WE'RE CONTINUOUSLY FINDING OURSELVES GETTING THE SHORT END OF THE STICK SOMEHOW AND I JUST I CAN'T PUT MY FINGER ON IT BUT I JUST HAD TO SPEAK IT BECAUSE I GREW UP DURING IT AND I HAVE SEEN THAT THOSE WHO LIVE IN THE SUBURBS ARE NOW THEY OWN HOMES THAT COST OVER MILLIONS OF DOLLARS AND NOW ARE RENTING THEM FOR 4 TO $5000 A MONTH AND THEY'RE GETTING A SUBSIDIZED SECTION EIGHT VOUCHER. SO IT JUST DOESN'T THERE'S SOMETHING HERE THAT THE WHOLE CONVERSATION IS JUST BRINGS ME BACK TO THERE'S A LOT OF WORK THAT WE NEED TO DO TO REPAIR THAT HISTORICAL HARM AND REDLINING IS LIKE DEED RESTRICTIONS AND I THINK IT FEELS LIKE IT'S THE NEW THE RESTRICTION IS STILL ANOTHER FORM OF REDLINING AND KEEPING PEOPLE IN LOW INCOME SPACES. THANK YOU. COME TO MY HEAD. THANK YOU.  ROSE ANY COMMENT ON THAT AND YOU CAN COMMENT ANYBODY IS CURIOUS ON I'M SORRY I SAID A LOT. YEAH. ANYTHING THAT YOU WANT TO REFLECT ON REFLECT I THINK YOU CONSIDER WHERE ELSE YOU HAD A QUESTION. YEAH, I'M JUST GOING TO TRY AND WIND UP YOUR REMAINING QUESTION TO 2 MINUTES. THANK YOU COUNSELOR.  GREAT. I'LL TRY TO KEEP IT QUICK. I JUST WANT A LITTLE BIT OF CLARIFICATION ON THE APPRECIATION IS STILL HAPPENING YEAR OVER YEAR.  ALSO YOU'RE ABLE TO USE A DOWN PAYMENT ASSISTANCE OR YOU KNOW BUY ONE OF THESE HOMES LIKE A SECTION EIGHT TO HOMEOWNERSHIP VOUCHER AND STILL WILL BE ABLE TO SELL IT AT YOU KNOW, WHATEVER 5% IN TEN YEARS IS. RIGHT. SO YOU GET TO $75,000 DOWN PAYMENT OR $25,000 DOWN PAYMENT. YOU'LL GET THAT BACK ONCE YOU SELL THE PROPERTY RIGHT YOU CAN YOU JUST ACTUALLY NEED TO HOMEOWNERSHIP TO BUY THESE HOMES BUT THEN YOU'LL STILL REAP THE WHOLE 5% OVER TEN YEARS. LET'S SAY THAT GOES UP FROM YOU BOUGHT SOMETHING FOR $300,000, YOU STAY IN IT FOR TEN YEARS, YOU RESELL IT AT 88 ALL THAT EQUITY IS COME TO YOU. ABSOLUTELY. OKAY. ABSOLUTELY THERE'S NOT THERE'S YOUR SECTION IF IF YOU ARE USING YOUR FEDERAL VOUCHER TO PAY THE MORTGAGE THAT DOESN'T PRECLUDE YOU FROM REALIZING THE EQUITY GOT IT RIGHT SO SO THEY ARE SO PEOPLE WHO ARE SELLING THEIR HOMES THAT ARE STILL MAKING MONEY OFF OF THESE PROPERTIES. OH YEAH. OKAY. ALL RIGHT. YES.  YEAH. 5% A YEAR AND RIGHT IN THE END ,YOU KNOW, THROUGH THE APPRECIATION THROUGH PAYING OFF THEIR MORTGAGE AND CERTAINLY REALIZING THE EQUITY THAT THEY'VE GOTTEN TO THE DOWN PAYMENT. ALL RIGHT. THANK YOU. THANK YOU. THANK YOU, LOUIJEUNE YOU HAD A QUESTION SO I'LL ONE MORE FOLLOW UP QUESTION. OH, I'D JUST LIKE ONE MORE FOLLOW UP. OKAY. OKAY. WELL OKAY, 2 MINUTES. OKAY. QUICKLY. DR. RIZZO WANTED TO FOLLOW UP ON WHAT YOU SAID ABOUT LENDERS STILL DISCRIMINATING AND I THINK THAT WE NEED TO THINK ABOUT MORTGAGE LENDING COMPANIES. I'VE HAD OTHER HEARINGS ABOUT THIS. WHAT WE'VE TALKED ABOUT IS THEY'RE TAKING THE LION'S SHARE BUT THEY DON'T HAVE THE SAME REQUIREMENTS IN THE COMMUNITY REINVESTMENT ACT TO OUR NEIGHBORHOODS. SO I THINK I THINK THERE IS WORK TO DO AROUND THE RESPONSIBILITIES OR WHAT WE HOLD THE MORTGAGE LENDING COMPANIES TO.  ONE OF THE ISSUES THAT I WANT TO RAISE THAT IS PROBLEMATIC IS THE MAYBE IS A ASYMMETRY OF INFORMATION OR NOT REAL UNDERSTANDING THE PROCESS AT THE FRONT END LIKE WHAT WE CAN DO ON THE FRONT END TO MAKE PEOPLE ESPECIALLY PEOPLE WHERE ENGLISH IS IN THEIR FIRST LANGUAGE MAYBE THEY HAVE A LAWYER BUT THE LAWYER DOESN'T TAKE THE TIME TO EXPLAIN EVERYTHING. I THINK THAT NEEDS TO BE EXPLAINED TO PIGGYBACKING OFF OF THE COUNCILOR AROUND THE DIRECTION OF HIS QUESTIONS WHEN YOU COUPLE THAT PLUS THE ADDITION OF SOMEONE DOES HAVE A RESTRICTIVE PROPERTY THAT THEY WILL THEN BE ABLE TO GO AND BE ABLE TO BUY FIRST USE FIRST TIME HOMEOWNER PROGRAMS FOR MARKET RATE HOUSING.  I THINK THAT IS A IS A NICE BALANCE. I DON'T KNOW IF ANYBODY TALKED ABOUT SHARED APPRECIATION MORTGAGE JUST THROWING OUT LIKE IDEAS.  I KNOW I KNOW IT'S SOMETHING THAT I'VE BEEN IN A LONG TIME AND IT'S OFTENTIMES WHEN IT'S A PRIVATE LENDER WE CONSIDER IT PREDATORY BUT THERE ARE WAYS THAT YOU CAN LOOK AT IT WITH COMMUNITY LAND TRUSTS WITH NONPROFIT DEVELOPERS WHERE YOU IF YOU'RE IF YOU HAVE A DIVISION PROPERTY AND YOU'RE SELLING IT AT MARKET RATE THAT THAT PART OF THE PART OF THE EQUITY GOES BACK TO THE COMMUNITY LAND TRUST GOES BACK TO THE NONPROFIT DEVELOPER. SO I KNOW THAT THERE ARE SOME CITIES THAT USE IT AND AGAIN WHEN THESE ARE PRIVATE LENDERS PREDATORY BUT SOMETHING FOR US TO LIKE JUST PUT ON THE TABLE YEAH YEAH I DON'T KNOW IF ANYBODY WOULD YEAH I KNOW WE'VE WE'VE TALKED LOT ABOUT SHARED EQUITY AND IF WE INCREASE IT RIGHT INSTEAD OF US BUYING DOWN DEVELOPMENT COSTS AND SELLING THINGS FOR MUCH LOWER PRICES IF WE GAVE PEOPLE MUCH LARGER DOWN PAYMENTS AND THEY BOUGHT IN THE MARKET AND THEN THEY SOLD IN THE MARKET WE COULD GET SOME OF THAT INVESTMENT BACK TO HELP THE NEXT BUYER WHICH I JUST BEEN VERY CONCERNED AFTER THE AFTER THE THE EXPERIENCE WITH SUN MORTGAGE AND HOW BUYERS AND PEOPLE LIKE PEOPLE FELT REALLY REALLY, REALLY UNCOMFORTABLE WITH SHARED MORTGAGE SO WE'D LOVE TO HAVE MORE CONVERSATIONS WITH AND YOU ABOUT SHARED ABOUT SHARED APPRECIATION. I'VE JUST BEEN HESITANT GIVEN THE NEGATIVE RESPONSE THAT WE WE'VE SEEN BECAUSE HAS WRITTEN DO I HAVE ONE? SURE. NO ONE SHOULD JUST HOW WOULD THE ABILITY TO EXTEND THE SO RIGHT NOW THIS IS A NEW POLICY BUT YOU EXTEND IS 30 YEARS AND THAT YOU COULD EXTEND IT 2420 MORE YEARS TO THE OLDER ONE THE PEOPLE ARE STILL UNDER THAT OLD ONE WHAT IS THE CRITERIA USED TO DETERMINE THAT THOSE 20 LIKE THE BECAUSE I THINK THERE'S ALSO SOME BLURRY LINES THERE BEFORE YEARS AGO WE WOULD EXTEND ROUTINELY AND THERE'S ALSO THERE'S A CITY COUNCIL ORDINANCE ACTUALLY THAT WAS SIGNED MANY MANY YEARS AGO THAT WE WOULD THAT WE WERE REQUIRED THAT MAYOR'S OFFICE WE ALL WERE REQUIRED TO TO REALIZE THE LARGEST THE LONGEST DEED RESTRICTION THAT WE COULD THROUGH LAW AND THROUGH DEED RESTRICTIONS. NOW WE ARE LOOKING WE DON'T HAVE SOMETHING TO REPORT TONIGHT BUT TODAY BUT WE ARE LOOKING AT UNDER WHAT CIRCUMSTANCES WOULD WE NOT EXTEND AND SOME FACTORS THAT WE'RE REVIEWING ARE HOW MUCH AFFORDABLE UNIT HOW MUCH AFFORDABLE HOUSING IS IN A PARTICULAR NEIGHBORHOOD IS ARE THERE OTHER AFFORDABLE THINGS THAT PEOPLE CAN BUY IN THAT THAT NEIGHBORHOOD BECAUSE THIS IS ABOUT THE HOMEOWNER BUT IT'S ALSO ABOUT THE COMMUNITY. SO WE ARE STARTING TO LOOK AT SOME OF THE VARIABLES.  THANK YOU. I LIKE THE KDKA'S THANK YOU PANEL. THANK YOU TO THE PANELISTS. THANK YOU SO MUCH.  THANK YOU. OH, WHAT I WHAT I PROMISE VERY QUICK THIS ONE IT'S A FOLLOW UP QUESTION TO COUNCILOR OHAD.  CAN WE IS THERE ARE THERE NUMBERS AVAILABLE ON WHAT THE INVESTMENT IT IS WHEN SOMEONE SELLS OUR HOME? I JUST I WANT TO SEE WHAT IS THE AVERAGE THAT WE CAN PROVIDE AND I AND I SHOULD HAVE COME WE SHOULD HAVE COME LIKE THAT IN A SLIDE BUT WE CAN SHOW YOU KNOW, AFTER FIVE YEARS, TEN YEARS, 15 YEARS, 20 YEARS, 30 WE CAN WE CAN PROVIDE THAT UNDER SOME SAMPLES. WE GLAD TO DO THAT. THANK YOU. AND YOU'RE LOOKING AT THE DEED RESTRICTION HOMES.  DEED RESTRICTION. OKAY. YES, WE WILL GET THAT. THANK YOU.  THANK YOU. THANK YOU. THANK YOU.  THANK YOU. THANK YOU. IT'S A IT'S A GOOD DISCUSSION. WELL WE SHOULD KEEP THEM HERE TOMORROW BUT DO YOU HAVE A I DO, I DO. SORRY I DO KNOW THIS THE LEAD SPONSORS SORRY . NO, YOU KNOW WHAT?  I WAS HOPING THAT WE COULD GO THROUGH IT AND THEN COME BACK EVERYBODY WAS ANOTHER ONE. I SPONSORED THIS THING. CAN I JUST ASK THIS ONE QUESTION, PLEASE? YES. MAY I? I APPRECIATE IT. I'M SORRY IT YOU KNOW, IN THINKING ABOUT MY COLLEAGUES QUESTIONS, YOU KNOW, YOU HAVE LIKE THROUGH EVERY RENEWAL DEVELOPMENTS, YOU KNOW, MADISON PARK, URBAN EDGE, CASTLE SQUARE ,PARTS OF ORCHARD GARDENS IN THAT WE KNOW THAT WE CAN ACTUALLY CONVERT THOSE UNITS INTO FROM RENTALS TO HOME OWNERSHIP AND WE'VE TALKED ABOUT THIS SHEILA WITH THE WHOLE RENT TO OWN THAT YOU WERE SO OPEN TO SUPPORTING AND WHEN WE YOU WROTE AFTER MY FILING I WONDER IF WE CAN WE CAN CONVERT THEM TO MAKE THEM AFFORDABLE IF WE CAN MAKE THEM RESTRICTED SO THAT WE CAN ACTUALLY INCREASE STOCK LIKE WE'RE TALKING ABOUT THERE'S NOT ENOUGH UNITS BUT WE HAVE A WHOLE BUNCH OF RENTALS AND THEY HAD ONCE PROMISED TO CONVERT THESE INTO HOMEOWNERSHIP. WE CAN MAKE THEM MORE AFFORDABLE FOR CURRENT RESIDENTS IF WE DID THAT WHY NOT PUSH THE KDKA'S TO DO THAT? YOU MEAN TAKE SOME SOME OF THE EXISTING RENTAL STOCK AND CONVERT IT TO AFFORDABLE HOMEOWNERSHIP? THAT'S RIGHT NOW AND I DO THERE WAS A THERE WAS SOME CDCS THAT WERE LOOKING AT THIS I THINK I THINK IT'S WORTH TALKING TO EVERY TIME WE'VE TALKED TO THEM THERE'S NO APPETITE THEY SAY BUT THEY DON'T ACTUALLY FOLLOW THROUGH AND IT'S BEEN YEARS.  IT'S BEEN DECADES AND IT'S NOT HAPPENING. I DO THINK THAT THIS WE COULD BE IN VIOLATION OF WE COULD BE IN VIOLATION HONESTLY IN TERMS OF DISCRIMINATORY PRACTICES FOR THE FAIR ACT LIKE WE ARE NOT THERE'S THERE'S A WAY OF THEY MADE A PROMISE THEY SAID WITHIN A FEW YEARS WE WILL CONVERT THESE TO HOMEOWNERSHIP AND THOSE DECADES HAVE PASSED. THEY DIDN'T COMPLY. I THINK WE ARE IN VIOLATION OF FAIR ACT AND AT SOME POINT WE HAVE TO HOLD THEM ACCOUNTABLE.  AND IF IF WE THINK THAT AND I MAYBE IT WAS JUST IT WAS SAID TO A COMMUNITY GROUP BUT IF WE THINK IF THAT IS MEMORIALIZED ANYWHERE WE COULD CERTAINLY RESEARCH IT RIGHT. SO IF YOU ABSOLUTELY AND THAT'S WHAT I MEANT BY THAT'S ON US WE SHOULD LOOK AT THAT WE SHOULD WORKSHOP WHAT WHAT DOES A FAIR ACT SAY AND SHOULD WE ONE BE PLACED IN RESTRICTIONS ON THE MARKET PRICES AND TO CREATE MORE EQUITY ON THE OTHER SIDE AND TWO SHOULD WE BE PUSHING AND SEEKS TO COMPLY WITH THE WORD THAT THEY GAVE DECADES AGO? THANK YOU. THANK YOU THANK THANK YOU ONCE AGAIN. THANK YOU. THANK YOU. PROMISE SO MUCH. TELL THEM AND I SHOULD SAY IF YOU'RE ABLE TO STAY THAT WOULD BE GREAT.  BUT JUST TAKE A LITTLE BIT OF SAY LITTLE IT'S NOT A CONVERSATION IF THEY DON'T SAY IT'S A ONE SIDED THING. SO I LOVE THEIR SWEATER JACKET . THEY'RE GOING TO STAY AND I'LL TRY IT. OKAY. THE NEXT PANEL IS THE ADVOCATES PANEL AND DAN WILKERSON, EXECUTIVE IN RESIDENCE AT THE GROVE HALL NEIGHBORHOOD DEVELOPMENT CORPORATION.  REGGIE STEWART'S A DORCHESTER RESIDENT, DANIELLE SUMMER CONSULTANT LEAD AFFIRMATIVE AFFIRMATIVELY FURTHERING FAIR ACTION FAIR HOUSING BOSTON TENANT COALITION AND JOHN SMITH, EXECUTIVE DIRECTOR OF THE DUDLEY STREET NEIGHBORHOOD INITIATIVE .  GOOD AFTERNOON.  GOOD AFTERNOON. WELCOME DIANE DO YOU LIKE TO LEAD OFF AND HAPPY TO DO SO. THANK YOU. GOOD AFTERNOON MADAM CHAIR. COUNCILOR FERNANDEZ ANDERSON, THE SPONSOR OF THE THE ORDER THE MEMBERS OF THE COUNCIL I WANT TO SAY THANK YOU NOT JUST FOR BEING HERE BUT FOR STAYING HERE BECAUSE THIS IS A LONG,  LONG DAY LONG HEARING. BUT WHEN I WROTE YOU AND SAID THAT THIS WAS ONE OF THE MOST CONSEQUENTIAL CITY COUNCIL HEARINGS THAT I THINK YOU MAY BE HAVING IN THIS YEAR, IT WAS NOT AN EXAGGERATION. WE WANT TO TELL YOU THE OTHER STORY.  BUT BEFORE I DO THAT I JUST WANT TO SAY I WAS THE COUNCILOR IN THE ACP VERSUS HUD LAWSUIT STILL THE LARGEST SETTLEMENT WITH HUD IN 1989 STILL STILL TO THIS DAY IN THE HISTORY $400 MILLION TO THE CITY OF BOSTON WHO BY THE WAY WASN'T EVEN A PARTY BECAUSE HUD CONTINUED TO FUND HOUSING PROGRAMS IN THIS CITY KNOWING ALL THE TIME THAT THE CITY THE CITY WAS NOT USING ANY OF THAT MONEY TO BUILD HOUSING FOR PEOPLE OF COLOR IN ROXBURY AND DORCHESTER AND MATTAPAN.  I WAS THE COUNCILOR FOR THE NAACP WHO SUED THE BOSTON HOUSING AUTHORITY FOR STEERING AND THE ONLY SETTLEMENT OF A PUBLIC HOUSING AUTHORITY WHERE THE 1900 BLACK LATINO AND ASIAN PLAINTIFFS GOT A FINANCIAL SETTLEMENT. THEY EACH GOT $5,000 WHEN I WAS THE COUNCILOR IN THE SECOND MORTGAGE SCAM THAT ROCKED BOSTON'S COMMUNITY SCENE TARGETED 9000 SENIORS AND ALMOST LOST THEIR HOMES IN 1990 AND ENDED UP ENDED UP HAVING TO HAVING TO UNDO ALMOST 700 FORECLOSURES OF OUR SENIORS. THERE ARE FAMILIES IN THIS CITY WHO I SEE NOW AND SAY YOU DON'T KNOW THIS BUT YOU SAVED MY FAMILY'S HOME.  I WAS THE AUTHOR OF THE 2004 STATE MASSACRE. IT'S A STATE ANTI PREDATORY LENDING LAW THAT IS ON THE BOOKS RIGHT NOW. I SAY ALL THAT BECAUSE I WANT YOU TO UNDERSTAND THE BONA FIDES IN WHICH I SIT HERE TODAY TO TALK TO YOU ABOUT WHAT'S HAPPENING IN THE HOUSING MARKET AND THE REALITY FOR THE COMMUNITIES OF COLOR IN BOSTON. COUNSELOR. MADAM PRESIDENT, I THINK SAID THAT HOUSING OWNERSHIP HOME OWNERSHIP WAS ONE OF THE WAYS TO GENERATE WEALTH. WELL, THERE ARE THREE AND IF YOU KNOW A FOURTH ONE FEEL FREE TO TELL US ONE IF YOU'RE A HIGH TECH PERSON AND YOU KNOW YOUR BUSINESS, YOU ARE MULTI MILLIONAIRE OVER AND OVER. THAT'S ONE WAY TO GENERATE, CREATE AND GENERATE WEALTH IN THIS COUNTRY TODAY.  SECOND INHERITANCE IF YOU'RE FORTUNATE ENOUGH TO HAVE A FAMILY WHO LEAVES YOU MONEY OR PROPERTY. AND THE THIRD IS HOME OWNERSHIP YOUR ABILITY TO LATCH ON TO A PIECE OF REAL ESTATE AND MAKE THAT REAL ESTATE WORK FOR YOU SO THAT YOU HAVE SOMETHING TO LEAVE YOUR YOUR FAMILY YOU HAVE SOMETHING TO DO THE THINGS THAT PEOPLE DO WHEN THEY PURCHASE A HOME. WE'VE TALKED ALL ABOUT THIS NOTION THAT HOMEOWNERSHIP IS TO STABILIZE NEIGHBORHOODS, AFFORDABLE HOUSING. HOMEOWNERSHIP IS HOMEOWNERSHIP EXCEPT IN BOSTON WHERE WE HAVE CREATED A SECOND CLASS OF HOMEOWNERSHIP FOR BLACK AND LATINO FAMILIES.  THE 2900 FAMILIES THAT THEY SPOKE OF TODAY THAT HAVE RESTRICTED HOMES MAY SOUND LIKE A SMALL NUMBER TO YOU, BUT IF BLACKS OWN HOMES IN THIS CITY 26% BLACK HOMEOWNERSHIP HOMEOWNERSHIP 3% IS MORE THAN 10%. THINK ABOUT THAT.  THINK ABOUT THAT BECAUSE THAT'S WHERE WE ARE THIS. THERE'S A WHOLE DIFFERENT REALITY THAN THE ONE THAT YOU ALL HAVE BEEN DISCUSSING AND IT'S JUST DIFFERENT BECAUSE IT IS THE LIFE THAT THE HOMEOWNERS ARE LIVING AND THE DEED RESTRICTION DON'T WANT TO CONFUSE THAT WITH RENTAL HOUSING PROPERTY BECAUSE IT'S VERY DIFFERENT REALITY. I WAS CONNECTED TO THESE 44 HOMEOWNERS THAT LIVE IN ROXBURY, MISSION HILL. IF YOU GO AROUND THE ROTARY UP STREET ONCE YOU TURN THAT ROTARY ALL THOSE HOUSES, THE TWO FAMILIES THAT DON'T LIVE SIDE BY SIDE WERE BUILT ON WHAT WAS A WIDE SWATH OF VACANT LAND BLIGHTED BY RIOTS AND LEFT VACANT WHEN THE CITY TOOK ALL THE HOUSES THAT BLACK PEOPLE OWNED AND THEY HAD LAND. SO THIS IS ONE OF THE VERY UNUSUAL REALITIES AND EXPERIENCES BECAUSE MOST OF THEIR DEED RESTRICTED UNITS ARE IN THESE TALL HIGH RISES. THERE MIGHT BE ONE OR TWO PEOPLE WHO NEVER KNOW EACH OTHER BUT THIS SITUATION PUT 44 HOMEOWNERS ALL TOGETHER ON HEATH STREET LAWN STREET, WENSLEY STREET, BICKFORD STREET IN THE CITY OF BOSTON AND THEY CAME TO ME A YEAR AGO BECAUSE THEY RECEIVED IN THE MAIL AND THE EMAIL THIS MASTER COVENANT THAT WAS SENT TO THEM BY THE CITY OF BOSTON'S MAYOR'S OFFICE OF HOUSING. AND THIS MASTER COVENANT WAS SENT TO THEM TO EXTEND WHAT WAS A 30 YEAR DEED RESTRICTION. 20 MORE YEARS TO 50 YEARS. SO I DON'T KNOW WHETHER A TIME OUT YEARS AGO THIS WAS LAST YEAR IF YOU AND YOU'RE GOING TO ASK THEM IS THEIRS THE IRONY IS IT'S 47 PAGES. IT'S SUPPOSED TO BE AN AMENDMENT.  FOR THOSE OF YOU YOU DON'T HAVE TO BE A LAWYER. BUT IF YOU ARE A LAWYER AND YOU KNOW IF THE ORIGINAL COVENANT IS 26 PAGES IN THE AMENDMENT IS 47 PAGES. THERE'S SOMETHING MORE GOING ON THAN THIS. THIS IS THE ORIGINAL COVENANT AND I HOPE THAT YOU WOULD SEE THIS. YOU GET THAT FROM FROM THE MAYOR'S OFFICE OF HOUSING BECAUSE IT IS SIGNIFICANT TO THE REALITY OF WHAT IS HAPPENING TODAY. THE CITY OF BOSTON'S HOUSING POLICIES HAVE BECOME THE MAJOR OBSTRUCTION TO THE GROWTH AND GENERATION OF BLACK AND LATINO WEALTH AND THE DRIVER OF GENTRIFICATION BECAUSE BY LOCKING THEIR EQUITY AND ABILITY TO COMPETE IN THE MARKET THEY HAVE REMOVED THIS LARGE MAJORITY OF PEOPLE FROM BEING ABLE TO BUY THAT NEXT HOUSE. AND ALL OF THIS IS FACTS YOU CAN LOOK IT UP GO ON MLS RIGHT NOW YOU CANNOT PURCHASE A TWO FAMILY HABITABLE HOME IN THE 0211902120 AND CREEPING UP NORFOLK AND SO INTO DORCHESTER FOR UNDER $1 MILLION THERE WAS ONE PROPERTY ON DALE STREET IN THE LAST NINE MONTHS A TWO FAMILY IN ROXBURY FOR UNDER $1,000,000. THAT'S A FACT.  THAT'S NOT MY OPINION. THAT IS A FACT.  AND SO WHEN WE'RE TALKING ABOUT THE DEED RESTRICTIONS, I DON'T WANT TO SET THE REALITY THAT WHAT HAPPENED WITH THESE 44 HOMEOWNERS, MOST OF THEM DIDN'T KNOW THEY HAD A 30 YEAR DEGREE RESTRICTION FOR THE VERY POINTS THAT THE COUNCIL RAISED. IT WASN'T EVEN THAT THEY WERE OBJECTING TO IT. THEY DIDN'T KNOW. SO THE FAMILY WHO HAD THE TWO DAUGHTERS WHO WERE FOUR AND FIVE OR WHATEVER IN 2001 AND TWO WHEN THEY BOUGHT THOUGHT THAT WHEN THEY WENT TO FINANCE FOR THE DAUGHTER TO GO TO COLLEGE AND FOUND OUT YOU CAN'T BECAUSE OF THE RESTRICTIONS ON YOUR DEED OR THE FAMILY HERE WHO'S THE HUSBAND NEEDS SOME MEDICAL ATTENTION THAT'S NOT COVERED BY THEIR INSURANCE WENT TO THE BANK AND WE'RE TOLD YOU CAN'T BORROW ANY MONEY. SO WE'VE BEEN TALKING ABOUT HOMEOWNERSHIP ONLY IN THE CONTEXT OF HOW MUCH MONEY I CAN GET IF I SELL. THAT'S NOT THE ONLY REASON PEOPLE BUY. THAT'S NOT HOW ANY OF YOU OR HOMEOWNERS BUY YOU BUY TO SELL TO BUILD UP YOU BUY BECAUSE YOU WANT TO BUY A BOAT YOU BUY BECAUSE YOU WANT TO BUY THE HOUSE YOU BUY FOR COLLEGE. NONE OF THOSE THINGS ARE AVAILABLE TO THESE HOMEOWNERS. B I DON'T I HEAR WHAT THEY'RE SAYING TO YOU ALL THE QUESTIONS ABOUT ADDING YOU THERE IS NO BENEFIT OF ADDING $150,000 ON TO YOUR HOME.  YOU CAN'T GET ANY EQUITY FROM IT. ASK MISS LESLIE CRADLE WHO ACTUALLY BUILT AN ADDITION ON HER HOUSE ON ROUND HILL STREET AND COULDN'T EVEN GET THE BENEFIT OF THE OF THE COST OF CONSTRUCTION BECAUSE THE CITY TOLD HER FOR ALL THEY KNOW YOUR COUSIN COULD HAVE DONE THIS WORK. NOW THE REALITY IS EVEN IF HER COUSIN DID DO THE WORK HE SHOULD BE PAID BUT FOR SOME REASON FOR US THAT'S A DIFFERENT REALITY. SO THERE'S STORIES BUT THEN THERE'S FACT. LIKE I SAID, THIS IS THEIR COVENANT AND THERE'S SOMETHING ABOUT THE COVENANT YOU SHOULD KNOW THE COVENANT FOR THE FIRST TIME ACTUALLY HAS THE HOMEOWNER'S ALIGN FOR THE HOMEOWNERS TO SIGN. WHY? BECAUSE THEY FORGOT TO HAVE THE HOMEOWNER SIGN THE ORIGINAL ONE . SO LET'S BE CLEAR. THIS COVENANT IS SIGNED BY JP IN D.C. AND BACK OF THE HILL CDC.  THE HOMEOWNERS NEVER SIGNED IT. AND WHAT YOU ALL KNOW WHAT IF YOU DON'T YOU KNOW NOW REAL ESTATE THE LAW REQUIRES EVERY UNDERSTANDING PART OF THE AGREEMENT WHEN YOU TRANSFER OR PURCHASE REAL ESTATE MUST BE IN THE FOUR CORNERS OF THE DOCUMENT. THEY DIDN'T SIGN THIS.  SO WHEN I WENT I WAS INVITED TO THE MEETING WITH THE DIRECTOR A YEAR AGO THIS IS MY INTRODUCTION. I HEARD RUMORS I DIDN'T REALLY BELIEVE DIDN'T KNOW HOW THIS WORKED UNTIL I SITTING THERE AND THIS WOMAN SAYS I CALLED YOUR OFFICE AT THE BEGINNING OF COVID BECAUSE I DIDN'T WANT TO BE BY MYSELF AND I WANTED TO GO AND STAY WITH MY DAUGHTER.  AND YOU'RE AND YOU'RE IN THEY TOLD ME NO.  DID YOU KNOW THAT IF YOU WANT TO BE AWAY FOR TWO THREE WEEKS A MONTH YOU HAVE TO GET PERMISSION FROM M.O. H TO BE AWAY FROM YOUR OWN HOUSE. THAT'S THE POLICY.  THIS IS OUR DEED RESTRICTION POLICY THAT SAYS 30 CONTINUING YEARS. RIGHT. THESE ARE HOMEOWNERS TRYING TO BE COMPLIANT. THAT'S CRAZY. 30 YEARS IS TOO LONG PERIOD.  I DON'T CARE WHAT THEY DO IN SAN FRANCISCO DOESN'T CARE. WE DON'T CARE WHAT THEY'RE DOING IN CAMBRIDGE. HERE'S THE REALITY RIGHT NOW GENTRIFICATION IS UPENDING THE VERY POPULATION OF PEOPLE THAT LIVE IN ROXBURY AND DORCHESTER AND MATTAPAN. BEFORE COVID WE BLACK PEOPLE HAD A 32% HOMEOWNERSHIP RATE IN THE CITY OF BOSTON. WE ARE NOW AT 26 AND IT IS FALLING. WHY?  BECAUSE YOU'VE LOCKED DOWN HOMEOWNERS FROM BEING ABLE TO COMPETE TO BUY GRANDMA'S HOUSE, RIGHT? THEY CAN'T.  THE OTHER POPULATION A MAJORITY ARE INDEED RESTRICTED AFFORDABLE RENTING UNIT RENTAL UNITS SO THEY CAN'T EITHER. SO WE HAVE BASICALLY CLEARED THE WAY FOR THE VERY PRIVATE EQUITY THAT WE'RE ALL CONCERNED ABOUT. THEY'RE THE ONLY ONES WHO CAN AFFORD TO BUY. WHY SHOULD IT BOTHER US SO MUCH THAT SOMEBODY WHO STAYS IN OUR PROBLEM. OUR PROBLEM ISN'T HOW YOU GET INTO THE HOUSE. IT'S HOW YOU GET OUT.  WHEN I TALKED TO COUNCILOR WORRELL I SHARED WITH HIM THE HOMEOWNERS FOR THIS GROUP SAID LOOK, THIS IS MYTH.  WE DIDN'T GET DOWN PAYMENT ASSISTANCE. WE WENT TO THE CITIES HOMEBUYING PROGRAM AND SIGNED UP. THAT'S HOW WE QUALIFY.  BUT THE CITY GAVE THEM A LIST AND YOU CAN SEE THE LIST AT THE BACK OF THE COVENANT.  EVERYBODY THERE'S A LIST OF ALL THE UNITS THESE 44 AND HOW MUCH THEY'RE WORTH AND HOW MUCH THEY SOLD. THESE HOMEOWNERS SAID WE'LL GIVE THAT BACK SO THEY CAN CREATE A POOL FOR THE NEXT GROUP OF PEOPLE THAT COME. THAT'S WHAT WE SHOULD BE DOING. THAT'S WHAT WE SHOULD BE DOING. NOT LOCKING PEOPLE IN, COMING IN AND GOING OUT.  NO ONE ELSE DOES THAT. THE CITY TELLS ME THAT THEIR BIGGEST CONCERN THAT IF THEY ALLOW THESE PEOPLE THESE PEOPLE TO SELL THEIR HOUSE, THEY'RE GOING TO SELL THEM TO WHITE PEOPLE. THAT'S OUR BIGGEST CONCERN BECAUSE THAT'S WHO'S BUYING UP ALL THE PROPERTY ANYWAY BECAUSE THE PEOPLE WHO LIVE HERE CAN'T COUNCILOR ANDERSON KNOWS BECAUSE WE WENT THROUGH THIS DURING THE RESTRICTION WE TOLD YOU ALL THAT THE BLACK POPULATION IS DECREASING BECAUSE THEY IN HOUSING WHAT'S THE REASON PEOPLE GIVE IT'S HOUSING ON MARKET.  WE HAVE 44 THE 100% ARE BLACK AND LATINO. I DON'T KNOW ABOUT THE OTHER STATS.  I MY GUESS IS THAT'S WHAT YOU'RE GOING TO SEE IF YOU GO TO IF YOU GO DOWN TO NUBIAN SQUARE, YOU LOOK IN THAT BUILDING THAT MADISON PARK DID IN THE LITTLE THAT THE PEOPLE WHO HAVE THE RESTRICTED UNITS ARE BLACK AND LATINO. THAT'S THE WAY IT WORKS.  SO WE HAVE NOW CREATED A SECOND SET OF HOUSING WITH NONE OF THE INDICIA OF HOMEOWNERSHIP FOR BLACK AND LATINO PEOPLE IN THE CITY OF BOSTON. SO I DON'T CARE WHAT THEY DO IN SAN FRANCISCO. I DON'T CARE WHAT THEY DO IN CAMBRIDGE. WHAT I KNOW IS THE MAYOR OF THIS CITY STOOD AT MGM IN JANUARY OF 2023 AND SAID RACIAL EQUITY AND CREATION OF WEALTH FOR BLACK AND LATINO PEOPLE WAS A PRIORITY.  DID RESTRICTIONS DID RESTRICTIONS AND WEALTH GENERATION CAN'T BE IN THIS CAN'T LIVE IN THE SAME SPACE. YOU CAN'T BE SERIOUS ABOUT CREATING WEALTH. IF YOU RESTRICT THE VERY VEHICLE THAT IS AVAILABLE TO AND THE ONLY VEHICLE THAT'S AVAILABLE TO THE MAJORITY OF BLACK AND LATINO PEOPLE IN THIS CITY TO GET IT SO THIS COUNCIL YOU CAN BE HELPFUL. NONE OF WHAT THEY JUST TOLD YOU TOLD YOU THIS THAT YOU HAVE TO ASK GROWN PEOPLE HAVE TO ASK PERMISSION. THERE ARE PEOPLE HERE WHO HAVE TWO FAMILIES. THEY'RE GOING TO EXPLAIN TO YOU WHY THEY CAN'T RENT THEM. THEY SIT EMPTY.  MOST OF THESE PEOPLE HAD TO REPLACE ROOFS ON THESE HOMES. NOT ALL OF THE WINDOWS.  NO. YOU KNOW THE DIVIDER, THE WALLS IN THE BACK SO THAT THEY THEY'RE LEAKING. ALL OF THIS EXPENSE IS BEING CARRIED BY THESE HOMEOWNERS. THIS IS CRAZY. IT DOESN'T HAVE TO BE THE CASE. WE NEED SENSIBLE DEED RESTRICTIONS. I WANT TO END I WANT TO END BY THE SAME WAY I STARTED. I SUPPORT DEED RESTRICTIONS. I'M TELLING YOU THESE PEOPLE THOUGHT THEY HAD A TEN YEAR BECAUSE THEY HAVE PAPER FROM MAYOR MENINO THAT SPEAKS TO TEN YEARS. SO 50 YEARS IS LONGER THAN A MORTGAGE AND A BANK AND THERE ARE NO TENANTS THAT LIVE UNDER THESE KIND OF RESTRICTIONS. HOW DO WE CALL THESE PEOPLE HOMEOWNERS WHEN THEY CANNOT DO ANYTHING? THANK YOU. THANK YOU. WHO'S NEXT? YOUR NEXT AND YOU INTRODUCE YOURSELF. SO EVERYONE. OH, YOU ARE. MY NAME IS BRADLEY STEWART.  I LIVE IN DORCHESTER, CODMAN SQUARE.  I AM ALSO A LICENSED REAL ESTATE BROKER AND I JUST WANT TO AFFIRM WHAT THE FORMER SENATOR SAID OF STATUTE OF FRAUDS IS A THING IF IT'S NOT ON PAPER IN TERMS OF REAL ESTATE YOU CAN GO BACK AND ADD SOMETHING. SO IF THE CITY FAILED TO DO THAT, OH WELL I DON'T KNOW WHAT TO TELL YOU AND IN TERMS OF THE DATA I DO HAVE ACCESS TO THE MLS DATA AND AGAIN I'M AFFIRMING WHAT DIANE SAID.  WE'RE LITERALLY TALKING ABOUT $1,000,000 CONVERSATION GIVE OR TAKE PER HOUSEHOLD. YOU KNOW, I HAD THE CHANCE TO TALK WITH SOME OF THE FAMILIES AFFECTED AND WHEN THEY CALLED OUT THEIR ADDRESSES I GOT CURIOUS.  I LOOKED AT THE PURCHASE PRICE AND I LOOKED AT THE SURROUNDING NEIGHBORHOOD TODAY LIKE BY THE DATA WE ARE IF YOU IF YOU UNLOCK THESE DEED RESTRICTIONS IT'S LITERALLY $1,000,000 CONVERSATION. AND IF WE'RE TALKING ABOUT THE 2000 OR SO BLACK AND LATINO HOMEOWNERS IN THIS PROGRAM THAT ARE IN MAJORITY MINORITY NEIGHBORHOODS, THIS IS A $2 BILLION CONVERSATION. 2 BILLION.  BUT THIS IS BEING STIFLED UNDER THESE RESTRICTIONS.  YOU'RE NOT FULLY ALLOWING THEM TO PARTICIPATE IN THE HOUSING MARKET THE WAY EVERYONE ELSE DOES.  WE ALL KNOW THAT HOME OWNERSHIP IS NOT SIMPLY ABOUT STABILITY AND A ROOF OVER YOUR HEAD. WE KNOW THAT THE HISTORY OF HOUSING IN THIS COUNTRY IS DIRECTLY LINKED TO WEALTH CREATION, TO GENERATIONAL WEALTH, THE PASSING OF IT DOWN. YOU KNOW WE HAD THE HOMESTEAD ACTS, THE FHA AND WE JUST LET WHITE PEOPLE JUST RUN INTO THE MARKET AND ACCUMULATE WEALTH.  BUT SOMEHOW FOR BLACK AND MINORITY HOMEOWNERS THERE ARE THESE PATERNALISTIC HANDCUFFS AND IT CRIPPLES UPWARD ECONOMIC MOBILITY YOU KNOW, UP UNTIL YOU KNOW WHICH TO THE CITY'S CREDIT, YOU KNOW, THE INCOME RESTRICTION NO LONGER APPLIES WHEN YOU'RE WHEN YOU'RE PASSING IT DOWN THAT THAT SHOULD HAVE BEEN DONE DECADES AGO.  BUT I I'M I CAN'T RECONCILE WHAT THE ADMINISTRATION WAS SAYING EARLIER THAN WHAT I STILL SEE PROMULGATED THROUGH THE CITY BECAUSE WHEN I LOOK INTO THESE HOMEOWNER OPPORTUNITIES I STILL SEE THE 50 YEAR RESTRICTION LIKE NOT NOT 30 THOUGH IN A LOT OF CASES THEY'LL SAY 50 AND IN OTHER PUBLICATIONS IT'LL BE 20, 30, 50 PERPETUITY. ALL HAVE TO MAKE THAT CLEAR BECAUSE YOU'RE GOING TO RUN INTO THIS THIS TYPE OF CONFUSION. BUT JUST IMAGINE A 50 YEAR DUE TO RESTRICTIONS PLACED ON SOMEONE IN THEIR THIRTIES SO LIKE THEY'RE 80 BEFORE THEY CAN CONVEY IT OR SELL IT OR ACCESS THE FULL EQUITY THAT'S THREE GENERATIONS THAT SHARE OF THAT FAMILY THAT YOU'RE DEPRIVING OF OF LEVERAGING THAT EQUITY THE WAY THEY SEE FIT LIKE ANY OTHER AMERICAN, THIS IS LITERALLY SECOND CLASS HOMEOWNERSHIP. IT'S IT'S ALMOST TANTAMOUNT TO RENTING BECAUSE IF YOU RUN AFOUL OF IT, YOU KNOW AND YOU'RE NOT LOCKED IN A WORLD THAT GOES BACK TO THE CITY OR THE THE CDC OR WHOEVER ELSE.  BUT AGAIN, THIS IS NOT HAPPENING IN A VACUUM.  YOU KNOW, THE COUNCILWOMAN HERE TALKING ABOUT HER EXPERIENCE UNDER BUSSING AND WHEN YOU LOOK AT THE LARGER PICTURE OF BLACK RESIDENTS UNDER BUSSING AND UNDER URBAN RENEWAL. MY QUESTION TO THE ADMINISTRATION IS BY WHAT RIGHT DO YOU IMPOSE WEALTH BUILDING RESTRICTIONS ON THE SAME BLACK RESIDENTS WHOSE HOMES AND BUSINESSES YOU DESTROYED? THEN YOU TAKE THOSE VACANT AND DISTRESSED LOTS REDEVELOPED THEM AND SELL THEM BACK TO THE SAME PEOPLE THAT YOU PLUNDERED UNDER THESE PATERNALISTIC AND OPPRESSIVE CONDITIONS BY WHAT RIGHT DO YOU DO THAT YOU BEAR WITNESS TO THIS, YOU GRAB THE LAND AND THEN TURN AROUND AND DO THAT LIKE BY WHAT RIGHT DO YOU DO THAT AND YOU CAN ARGUE THAT IT'S MAYBE STABLE FOR A GENERATION BUT A WEALTH BUILDING TOOL THAT WE UNDERSTAND HOMEOWNERSHIP TO BE THIS IS NOT THAT AND THIS THIS THIS PATERNALISM, THIS PATERNALISTIC PROCESS THAT I SEE THE BELIEF THAT THE CITY THAT STOLE THE LAND AND PLUNDERED IT SUDDENLY KNOWS WHAT'S BEST FOR THE PEOPLE THAT THEY STOLE FROM. THAT THAT ATTITUDE HAS TO GO. AND HONESTLY I FEEL LIKE SOMETIMES WHEN WE TALK ABOUT THESE ISSUES THAT I'M TALKING TO A 21ST CENTURY OF MAYOR JOHN BIGELOW'S ADMINISTRATION WHO UPHELD THE INSTITUTION OF SLAVERY IN 1851 BY COMPLYING WITH THE FUGITIVE SLAVE ACT AND DEPRIVING ESCAPED BLACK SLAVES OF THEIR FREEDOM. AND I FEEL LIKE THIS ADMINISTRATION IS UPHOLDING THE VESTIGES IN TERMS OF LOCKING UP THE WEALTH OF BLACK RESIDENTS AND NOT ALLOWING THEM TO ACCUMULATE WEALTH WHICH HAS HISTORICALLY BEEN PLUNDERED FROM THEM. AND THEN IN ADDITION YOU HAVE A LOT OF LATINO FAMILIES NEWLY ARRIVED TO AMERICA AND SAY HERE'S THE AMERICAN DREAM BUT ONLY AFTER 50 YEARS. SO I'M WONDERING WHAT DOES IT LOOK LIKE FOR PEOPLE IN 2025 WHEN BOTH OF THESE COMMUNITIES REALIZE WHAT'S HAPPENING? I GOT TO FIX THIS IF YOU WANT TO KEEP YOUR JOBS I, I DON'T KNOW BECAUSE IF THIS STARTS IF THIS STARTS TO SINK IN AND PEOPLE DON'T ACT I DON'T SEE HOW HOMEOWNERS OR ASPIRING HOMEOWNERS REACT POSITIVELY TO ANY OFFICIAL THAT THE DOESN'T MAKE THIS RIGHT. THANK YOU. AND NEXT IF YOU DON'T INTRODUCE YOURSELF AND ABSOLUTELY GOOD AFTERNOON JOHN SMITH AND THE EXECUTIVE DIRECTOR OF THE STREET NEIGHBORHOOD INITIATIVE . THANK YOU ALL FOR HAVING THIS HEARING. WE'RE HAPPY TO BE HERE.  BUT ALSO REPRESENTING DNI DUDLEY NEIGHBORS INC. AND SOME OF THE OTHER LAND TRUSTS NETWORK ORGANIZATIONS THAT OPERATE WITHIN THE CITY.  OUR PERSPECTIVE IS A LITTLE BIT DIFFERENT BUT FEEDS INTO SOME OF THE ARGUMENTS ABOUT THE RESTRICTIONS AND WE UNDERSTAND AND LET'S BE CLEAR AT THE BEGINNING THAT WE UNDERSTAND THAT HOUSING IS A PROBLEM AND THAT WE UNDERSTAND THAT WE WANT TO HAVE SENSIBLE DEED RESTRICTIONS AND WITHIN THE CONTEXT OF LAND TRUST WHICH ARE ABOUT COMMUNITY OWNERSHIP AND STEWARDSHIP, WE PROMOTE THIS CONCEPT OF COMMUNITY WEALTH WHICH REFERS MORE TO THE COLLECTIVE ASSETS AND RESOURCES WITHIN A COMMUNITY THAT CONTRIBUTE TO THE WELL-BEING ECONOMIC STABILITY AND LONG TERM PROSPERITY OF ITS MEMBERS. THIS CONCEPT WHICH IS STRONGLY REFLECTED IN THE HISTORY OF BLACK STRUGGLES IN THIS COUNTRY FOR EQUALITY,  EMPHASIZES THE IMPORTANCE OF LOCAL OWNERSHIP AND CONTROL OVER RESOURCES WHICH CAN INCLUDE FINANCIAL CAPITAL, LAND BUSINESSES, HOUSING AND OTHER ASSETS THAT GENERATE INCOME AND OPPORTUNITIES FOR COMMUNITY MEMBERS. COMMUNITY WELL BUILDING STRATEGIES FOCUS ON CREATING INCLUSIVE AND SUSTAINABLE ECONOMIC SYSTEMS THAT EMPOWER COMMUNITIES PARTICULARLY THOSE THAT HAVE BEEN HISTORICALLY MARGINALIZED. THE GOAL FOR US IS TO RETAIN AND CIRCULATE WELL WITHIN THE COMMUNITY RATHER THAN ALLOWING IT TO BE EXTRACTED BY INTERNAL OR EXTERNAL ENTITIES. THIS APPROACH IS OFTEN LINKED TO INITIATIVES LIKE COOPERATIVE OWNERSHIP COMMUNITY LAND TRUST, LOCAL INVESTMENT IN BUSINESSES ALL AIMED AT REDUCING INEQUALITY AND BUILDING LONG TERM FINANCIAL SECURITY FOR RESIDENTS AND BY EMPHASIZING THE IMPORTANCE OF EQUITABLE ACCESS TO WEALTH GENERATING, WELL GENERATING ASSETS AND COMMUNITY DRIVEN DECISION MAKING. COMMUNITY WELL BUILDING SEEKS TO ADDRESS SYSTEMIC BARRIERS THAT HAVE EXISTED FOR A LONG TIME AND PROMOTE AND SUSTAIN ECONOMIC JUSTICE. AS ADVOCATES OF THIS PROGRAM WE EMPHASIZED THE POTENTIAL TO ADDRESS LONGSTANDING ISSUES SUCH AS THE RACIAL WEALTH GAP WHICH IS INTEGRAL TO WHAT WE'RE DISCUSSING TODAY AND THE LACK OF GENERATIONAL WEALTH IN BLACK AND BROWN COMMUNITIES.  AN IMPORTANT ASPECT OF THIS IS KEEPING AFFORDABLE HOUSING PROTECTIONS IN PLACE THROUGH THESE DEED RESTRICTIONS AND APPROACH THAT NOT ONLY ALLOWS THE BUILDING OF SAVINGS AND EQUITY BUT ALSO PROTECTS HOUSING FROM PREDATORY LENDING AND SPECULATIVE REAL ESTATE ONLY SERVING CORPORATIONS AND A FEW INDIVIDUALS. RECENTLY THERE WAS A WGBH REPORT THAT INDICATED THAT IN 2021 BUSINESS ENTITIES PURCHASED NEARLY 6600 SINGLE FAMILY HOMES ACROSS THE STATE. MORE THAN 9% OF ALL SINGLE FAMILY HOMES SOLD. THAT'S NEARLY DOUBLE THE RATE OF SUCH PURCHASES A DECADE AGO ACCORDING TO GBH AND THEIR ANALYSIS OF THE DATA WHICH WAS PROVIDED BY THE WARREN GROUP INVESTOR AND OTHER BUSINESSES. THE MAJORITY OF THEM LIMITED LIABILITY COMPANIES SPENT MORE THAN 5.6 BILLION LAST YEAR IN MASSACHUSETTS PURCHASING THESE PROPERTIES TO MAJORITY IN CASH TO RENT OR FLIP. AS THE STATE'S HOUSING MARKET RISES, RATES OF INVESTOR PURCHASES IN TWO AND THREE FAMILY HOMES ARE EVEN HIGHER AND THE PURPOSE IS NOT TO CLOSE RACIAL WEALTH OUT BUT TO INCREASE IT AND LESSEN THE POSSIBILITIES OF PEOPLE OWNING HOMES. SO WHAT'S HAPPENING IS THAT BY THEM PURCHASING THAT AND THEY'RE DENYING THE ACCESS AND OPPORTUNE FOR PEOPLE WHO ARE COMING INTO THE MARKET TO PURCHASE THESE HOMES.  ADAM TRAVIS, WHO'S A HARVARD DOCTORAL CANDIDATE WHO STUDIES RENTAL HOUSING AND DOES RESEARCH IN THIS AREA, SAYS MORE AND MORE RENTAL PROPERTIES ARE COMING TO BE OWNED NOT BY INDIVIDUALS BUT BY COMPANIES AND BUSINESS ENTITIES. INVESTORS ARE SPURRED BY HIGH DEMAND FOR HOUSING, RISING RENTS AND SOARING HOME VALUES, MAKING IT A LUCRATIVE BUSINESS . INSTITUTIONAL INVESTORS ARE INCREASINGLY BUYING HOMES THAT WOULD HAVE BEEN AVAILABLE FOR FIRST TIME HOMEBUYERS BY 2030. INSTITUTIONAL INVESTORS ESTIMATED TO OWN OVER 40% OF ALL SINGLE FAMILY RENTAL HOMES NATIONWIDE. THEY ARE TARGETING AREAS PRONE TO HIGHER RENT GROWTH.  I UNDERSTAND YOU KNOW, DIANE RESPECTFULLY SAID THAT WE DON'T CARE ABOUT WHAT'S HAPPENING IN SAN FRANCISCO AND CAMBRIDGE. BUT WE WERE AT A MEETING THE OTHER DAY WHERE THE I THINK SOMEBODY FROM THE FRIENDLY CDC TALKED ABOUT MISSION HILL AND TALKED ABOUT HOW MANY OF THOSE HOMES ARE NOW OWNED BY A SINGLE LLC.  RIGHT. AND SO WHAT SO IT'S IT'S HAPPENING HERE. IT'S ALREADY HAPPENING AND IT'S INCREASING COMMUNITIES ESPECIALLY THOSE THAT ARE HISTORICALLY MARGINALIZED OFTEN FACE SIGNIFICANT BARRIERS INCLUDING LIMITED ACCESS TO CAPITAL, A LACK OF INFRASTRUCTURE AND SYSTEMIC INEQUITIES OVERCOMING THESE CHALLENGES REQUIRE NOT ONLY LOCAL EFFORTS BUT WE THINK BROADER SYSTEMIC CHANGES WHICH CAN BE DIFFICULT TO ACHIEVE AND WE ACKNOWLEDGE THAT IT HAS BECOME MORE AND MORE DIFFICULT FOR INDIVIDUALS TO PURCHASE HOMES. RENTS ARE VERY, VERY HIGH. HOW ARE WE DEALING WITH POVERTY AND PRESERVING WEALTH IN OUR COMMUNITIES? IT IS IMPORTANT TO LOOK AT MULTIPLE PATHWAYS AS THERE ARE SOME PROBLEMATIC ASPECTS TO JUST LOOKING EXCLUSIVELY AS HOMEOWNERSHIP AS THE ONLY VEHICLE TO ACCUMULATE WEALTH WHICH HAS CREATED A LOT OF INSTABILITY. JAMES JENNINGS, WHO IS A PROFESSOR EMERITUS AT TUFTS, SAYS THAT A GLARING LINK A MISSING LINK IN THE PROPOSAL FOR A FREE MARKET WOULD WEAKEN LONG TERM DEED RESTRICTIONS WILL INCREASE BLACK BLACK WEALTH IS HOW SUCH MIGHT TAKE PLACE SPECIFICALLY IN THE CONTEXT OF CONTINUING AN ENTRENCHED RACIAL INEQUITY INEQUALITIES BLACK AND LATINX PERSONS HAVE HIGHER RATES OF POVERTY, UNEMPLOYMENT, HOMELESSNESS, HOUSING COST BURDENS AND HEALTH AILMENTS. THERE ARE CLEAR RACIAL AND ETHNIC PATTERNS IN THE FACE OF HISTORICAL INEQUALITIES IN BOSTON.  WE CANNOT AFFORD TO THINK IN ABSOLUTES AGAIN, WE UNDERSTAND THAT HOUSING IS A PROBLEM. WE UNDERSTAND THAT SOME OF THE RICHEST THINGS ARE A PROBLEM. WE CAN'T JUST ELIMINATE THEM. HOWEVER, BECAUSE WE MAY NOT BE READY TO RESPOND TO THE OUTCOMES WHICH MAY BE UNINTENDED.  DO WE HAVE FOLKS IN OUR COMMUNITY WHO WILL BE ABLE TO PURCHASE THESE HOMES AT MARKET RATES AND BE ABLE TO KEEP AFFORDABILITY? ARE WE ABLE TO GENERATE IN A MARKET THAT IS INCREASINGLY ABOUT WEALTH ACCUMULATION AND WEALTH MANIPULATION WHERE THOSE WHO HAVE WEALTH ARE NOW USING THEIR RESOURCES TO BUY ALL AVAILABLE HOUSING? IN THIS CONTEXT, JAMES JENNINGS WROTE DEMOGRAPHIC ACTUALLY WOULD BE THE DEMOGRAPHIC AND ECONOMIC GROUPS ACTUALLY WILL BE ABLE TO BUY OR INVEST IN PROPERTY THAT ONCE AFFORDABLE BECOMES UNPROTECTED BY VIRTUE OF SHORTENED DEED RESTRICTIONS . SO TO END I JUST WANT TO REITERATE THAT THERE IS SOME REAL WE SHOULD CONSIDER IT THAT GENTRIFICATION WILL ACCELERATE IN AN ECONOMIC CONTEXT WHERE WE HAVE YET TO RESOLVE OR ELIMINATE ENTRENCHED RACIAL ISSUES ROOTED IN OUR HISTORICAL THAT IT SERVES TO MARGINALIZE AND ELIMINATE PROGRESS TO BLACK AND BROWN PEOPLE. THANK YOU. RIGHT ON TIME.  AND NEXT COULD YOU INTRODUCE YOURSELF AND WELCOME. HI. GOOD AFTERNOON. COUNSELORS, THANK YOU FOR INVITING MEJIA TO SPEAK ABOUT THIS VERY IMPORTANT TOPIC. MY NAME IS DANIELLE SUMMER CREATOR AND I'M COMING TO YOU TODAY BOTH AS A HOUSING ADVOCATE AND ON BEHALF OF MY FAMILY, MY HUSBAND CALLUM AND OUR CHILDREN AND AS A RESIDENT OF A DEED RESTRICTED HOME IN 1993 MY MOTHER BOUGHT A DEED RESTRICTED HOUSE IN ROXBURY AND MOVED HER FAMILY HOME FOR HER. THE PURCHASE OF THE PROPERTY MEANT SO MUCH MORE THAN THE ABILITY TO PROVIDE A ROOF OVER OUR HEADS AND A STABLE ADDRESS. IT WAS A COMMITMENT AND A LOVE SONG TO EGGLESTON SQUARE WHERE WE PREVIOUSLY HAD LIVED AND SPENT SO MUCH TIME AND AREA FOR A REAFFIRMATION OF HER DEEP DEDICATION TO THE GREATER GOOD AND TO GIVING BACK TO COMMUNITY. SO MY MOTHER WAS A PHYSICIAN'S ASSISTANT AT THE LEMUEL SHATTUCK HOSPITAL FOR NEARLY 30 YEARS. THE PURCHASE OF A DEED RESTRICTED HOME A LITTLE MORE THAN TEN YEARS INTO THAT TENURE MEANT THAT SHE COULD CONTINUE TO WORK AT THE HOSPITAL PROVIDING MEDICAL CARE FOR MANY PATIENTS.  RESIDENTS IN MOST NEED OF THAT CARE AND DEDICATED SUPPORT.  IT MEANT THAT HER CHILDREN COULD CONTINUE TO GROW AND EXPERIENCE THE WEALTH OF OPPORTUNITIES THAT THIS GREAT CITY PROVIDES.  AND FINALLY IT MEANT THAT SHE COULD AFFORD THE FINANCIAL SPACE TO SAVE AND PLAN FOR A FUTURE WHERE SHE COULD GROW OLDER IN RELATIVE COMFORT KNOWING THAT SHE WAS ABLE TO BUILD A SECURE NEST EGG TO ALLOW HER TO WEATHER POTENTIAL UNKNOWNS AND THAT IS A CRITICAL SUPPORT BECAUSE HERE NOW IN 2024 MY FAMILY AND I ARE ABLE TO CARE FOR HER. WE ARE HER CAREGIVERS AND TO FULFILL HER WISHES TO BE ABLE TO AGE AND HOME WITHOUT IT TO AGE IN HER HOME WITHOUT WORRY.  AND THAT CRITICAL POINT THE ABILITY TO BUILD FINANCIAL PORTFOLIO THAT SUPPORTS THE HOMEOWNER IN WHATEVER THEY MIGHT NEED IS CERTAINLY NOT UNIQUE TO MY FAMILY.  IT IS TRUE THAT NEARLY EXCUSE ME IT IS A TRUTH THAT NEARLY IT'S A NEAR UNIVERSAL BENEFIT OF HOMEOWNERSHIP WHETHER THE HOME IS DEED RESTRICTED OR NOT . THAT WEALTH GENERATION IS POSSIBLE AND TO BE CLEAR FAMILIES LIVING IN DEED RESTRICTED HOMES ARE ABLE TO BUILD WEALTH THROUGH THEIR HOME OWNERSHIP. WHILE THE VALUATION OF A HOUSING MARKET CAN EBB AND FLOW, THE VALUE OF DEED RESTRICTION DEED RESTRICTED HOMES DOES INCREASE OVER TIME NOT UNLIKE THEIR MARKET RATE COUNTERPARTS.  SO TODAY AS WE ARE MEETING TO DISCUSS THIS ISSUE, IT SHOULDN'T SIMPLY REVOLVE AROUND THE FALLACY THAT DEED RESTRICTION DEED RESTRICTED HOMES PREVENT OR EVEN ABATE WEALTH GENERATION FOR BLACK RESIDENTS. RATHER WE NEED TO ASK OURSELVES WHOSE WEALTH WE ARE CREATING AND HOW WE MEASURE WHAT IS FOR THE GREATEST GOOD AND BEST IMPACTS. DEED RESTRICTIONS PROVIDE MORE THAN JUST FINANCIAL OPPORTUNITY AND HOUSING SECURITY TO COMMUNITIES WHERE THEY ARE LOCATED. THEY ARE IN MANY WAYS A PUBLIC BENEFIT.  WE KNOW THAT DEED RESTRICTED PROPERTIES CAN HELP TAMP DOWN SPECULATION IN AREAS WHERE INCREASED DEVELOPER ACTIVITY MIGHT OTHERWISE PUT PRESSURE ON RENTAL MARKET PRICES. THESE AFFORDABLE HOMES ARE OWNED OR OCCUPIED AND TOGETHER WITH THEIR SEEMINGLY STABILIZING EFFECTS ON RENTING PRICES THEY SUPPORT LONG TERM RESIDENCY WHICH IS A KEY FACTOR IN IMPROVING COMMUNITY INVESTMENT AND OUTCOMES AS WELL AS THE QUALITY OF LIFE FOR RESIDENTS IN THE NEIGHBORHOOD.  IN THIS WAY DEED RESTRICTED HOMES ARE AN INVESTMENT IN COMMUNITY WEALTH BUILDING THAT PRIORITIZES THAT COLLECTIVE COMMUNITY BENEFIT OVER THE INVESTMENT IN THE ENRICHMENT OF A SMALL NUMBER OF INDIVIDUALS AND FAMILIES. ADDITIONALLY, WE NEED TO ASK OURSELVES WHAT DOES IT MEAN WHEN WE TALK ABOUT THE IMPACT OF SIGNIFICANTLY CHANGING CURRENT DEED RESTRICTIONS? IF WE UNDERSTAND THE INVESTMENT IN IN AFFORDABLE HOMES AS AN INVESTMENT IN OUR COMMUNITIES WELL BEYOND THE FINANCIAL OUTCOMES FOR ANY ONE INDIVIDUAL OR FAMILY, THE FACT IS THAT THE LENGTH OF IF THE LENGTH OF THE DEED RESTRICTIONS IS LOWERED WE ARE LIKELY TO SEE DRAMATIC INCREASES IN THE DECREASE IN AFFORDABLE HOUSING ACROSS THE CITY.  ACCESS TO HOMEOWNERSHIP WILL DECREASE ALONGSIDE ESPECIALLY FOR BLACK AND BROWN FAMILIES WHO ARE LESS LIKELY TO HAVE THE INCOME OR OTHER FINANCIAL ASSETS TO BE ABLE TO PURCHASE MARKET RATE HOMES TO BEGIN WITH. AND TO THAT END I WOULD SUGGEST THAT AS WE KNOW THAT IN COMMUNITIES LIKE ROXBURY WHERE IT IS TRUE THAT IN MANY PLACES THE TWO OR THREE FAMILY HOMES ARE ARE HOVERING AROUND A MILLION AND IN SOME PLACES THAT'S TRUE FOR SINGLE FAMILY HOMES. WE NEED TO ASK OURSELVES HOW DO WE PROVIDE FOR THE BLACK AND BROWN FAMILIES THAT WOULD WANT TO BE THERE TO HAVE THAT MILLION DOLLARS TO BEGIN WITH?  AND QUITE SIMPLY THERE IS NO CLEAR ANSWER THAT COULD TRULY COVER OUR ENTIRE COMMUNITIES.  SO I WANT TO ALSO SAY THAT THIS IS COMPOUNDED BY A REALITY THAT THE PRIMARY WAY THAT A HOMEOWNER CAPTURES THE EQUITY OF THEIR HOME IS TO SELL. BUT THE FINANCIAL WINDFALL IS CLEARLY TIED TO ONE'S ABILITY TO PURCHASE IN A LESS EXPENSIVE MARKET.  THUS WE SEE THAT IN CURRENT HOMEOWNERSHIP AND MARKET RATE HOMES IN BLACK AND BROWN COMMUNITIES THERE ARE MANY BLACK AND BROWN FAMILIES THAT ARE CHOOSING TO SELL AND MOVE OUT OF BOSTON TO CAPTURE THAT EQUITY.  A SHORTER LENGTH OF RESTRICTION SIMPLY MEANS THAT YOU ARE QUICKENING THE GENTRIFICATION OF COMMUNITIES AND THERE ARE OTHER BENEFITS TO DEED RESTRICTIONS. I WOULD POINT OUT THAT YOU ARE A TENANT YOUR RENT IS ESSENTIALLY THE CEILING OF WHAT YOU PAY AND WHEN YOU'RE A HOMEOWNER THAT MORTGAGE IS THE FLOOR.  THE REDUCTION IN MORTGAGE INTEREST INSURANCE AND LOWER REAL ESTATE TAXES ON DEED RESTRICTED HOMES MEANS THAT HOMEOWNERS HAVE THE ABILITY TO INCREASE THEIR SAVINGS AND BETTER COVER ONGOING MAINTENANCE EXPENSES THAT CAN HAPPEN DURING HOME OWNERSHIP.  THAT BEING SAID, THIS SYSTEM IS NOT WITHOUT FLAWS.  I THINK THE PROCESS OF RESALE ON DEED RESTRICTED HOMES CAN BE CONFUSING AT TIMES VERY CHALLENGING FOR THE AVERAGE HOMEOWNER. AND I WOULD ADDITIONALLY POINT OUT THAT I EMPATHIZE WITH THE FAMILIES THAT SENATOR WILKINSON IS REPRESENTING HERE TODAY. CLEARLY THERE IS SOME ISSUES WITH THIS SYSTEM AND THERE ARE PREVIOUS IN WHICH BLACK AND BROWN FAMILIES HAVE BEEN EITHER MISLED OR OR THE SYSTEM IS NOT CLEAR ENOUGH AND WE KNOW THAT AND THAT IS AN AREA TO GROW.  BUT IT CAN HARDLY BE SAY THAT BE SAID THAT THAT IS AN INDICTMENT OF AN ENTIRE AFFORDABLE HOMEOWNERSHIP SYSTEM NOR SHOULD IT BE UNDERSTOOD TO MEAN THAT THE ENTIRE SYSTEM NEEDS KIND OF MAJOR OVERHAUL.  FINALLY, I WOULD LIKE TO ADDRESS THE UNFORTUNATE ACCUSATIONS LEVELED AGAINST ADVOCATES OF DEED RESTRICTIONS ESPECIALLY FOR THOSE OF US WHO ARE BLACK. PEOPLE HAVE ACCUSED OF BEING POVERTY PIMPS OR WORSE YET UNAWARE SLAVES ARE OVERSEAS OR PERPETUATING A SYSTEM AND AGENDAS OF THE CLASS THAT SEEK TO KEEP BLACK PEOPLE TETHERED TO HANDOUT AND TO HANDOUTS AND SECOND CLASS CITIZENSHIP. SO THESE PEOPLE I WOULD OFFER A GENTLE REMINDER THAT WE LIVE IN A SYSTEM THAT WAS BUILT THROUGH OUR LABOR AND DESIGNED TO COMMODIFY OUR VERY BEING. EVEN THE HISTORIC LEGISLATIONS THAT HAVE LED TO THE SHIFT TO HOMEOWNERSHIP AS A PRIMARY VEHICLE FOR WEALTH GENERATION WERE MEANT TO LEAVE BLACK AND PEOPLE WITH NO ACCESS TO OPPORTUNITY THAT YOU DO NOT UNDERSTAND THAT THERE IS NO REAL WAY TO UPLIFT US ALL THROUGH THE CURRENT MODEL OF OWNERSHIP WITHOUT STEPPING ON YOUR BROTHER'S NECK SHOWS HOW CLEARLY YOU HAVE MISSED AND MOST IMPORTANT LESSON OF HISTORY THROUGH THE OF THIS ECONOMIC SYSTEM. AND IF WE AS A PEOPLE A CITY AND A NATION CANNOT ENVISION A DIFFERENT MODALITY OF BOTH HOUSING AND WEALTH GENERATION, WE WILL NEVER TRULY GET THERE. THANK YOU. THANK YOU.  WE HAVE SOME I'LL TAKE A MOMENT TO ALSO ASK FOR SOME TESTIMONY SOME PEOPLE WHO HAVE A HEART STOP. ONE PERSON'S ALREADY LEFT BUT TO SOMEONE TO DO VIRTUAL TESTIMONY FROM MY HEART AS DAVID EDELMAN AND CAN WE GET HER IS SHE ABLE TO JOIN US BY.  ETHAN CAN YOU SEE DAVID EDELMAN IS AVAILABLE?  I THINK SHE HAS TO BE FINISHED WHEN SOMEBODY ELSE LIFTED FINISHED 1230 AT DIFFERENT TIMES AND TIME TO IT'S ALL RIGHT RIGHT.  DAVIDA?  YES, I AM HERE YOU HAVE THE FLOOR. HOW MUCH?  2 MINUTES? VERY MUCH. 2 MINUTES. APPRECIATE YOUR TAKING ME . MY NAME IS DAVID ANDELMAN.  I LIVE AT 94 CLARKSON STREET IN DORCHESTER. I'VE RESIDED AT THIS LOCATION FOR ALMOST 40 YEARS AND MY SPOUSE AND I ARE BOTH RETIRED AND BEEN ACTIVE MOST OF OUR LIVES IN HEALTH AND PUBLIC HEALTH.  I KNOW THERE'S A TIME CONSTRAINT SO I'LL TRY TO BE BRIEF. I JUST WANT TO BE CONCISE,  TRANSPARENT AND CLEAR THAT I AM A FIRM BELIEVER IN DEED RESTRICTIONS AND PERMANENT DEED RESTRICTIONS.  I CERTAINLY HEAR IT VERY CLEARLY THAT THERE ARE MANY PEOPLE OUT THERE WHO ARE NOT FANS OF DEED RESTRICTIONS OR IF THEY ARE VERY LOW AMOUNT OF TIME FOR A DEED OF SHIFT AND . BUT MY QUESTION IS IF WE DO NOT HAVE THE RESTRICTIONS OR WE HAVE TV SECTIONS IN PLACE FOR TEN YEARS OR 15 YEARS, WHAT HAPPENS TO THAT MORE AFFORDABLE HOUSING ONCE THE DEED RESTRICTION IS LIFTED SO THAT THAT IS A MAJOR CONCERN RIGHT NOW? THAT'S NOT TO SAY THAT THERE ISN'T A WAY OUT FOR PEOPLE WHO WANT TO MOVE ON TO HOMEOWNERSHIP WITHOUT DEED RESTRICTIONS. AS HAS BEEN SAID, THEY CAN ALWAYS OPT OUT TO RECEIVE A CERTAIN AMOUNT OF THE APPRECIATED VALUE AND STILL BUILD EQUITY BUT THEN KEEP THE HOUSE HOUSING AFFORDABLE TO OTHERS. I JUST WANT TO GIVE SOMETHING MORE PERSONAL. IN 1985. OUR FIRST TIME HOMEBUYER RATE WAS 13.9% OVER 30 YEARS WHICH REDUCED TO ABOUT A CENT AFTER REFINANCING THREE TIMES. OUR PROPERTY VALUE HAS INCREASED FROM 79,900 TO OVER 500,000. SOME PEOPLE THINK IT'S EVEN MORE THAN $5,000. WHILE OUR SITUATION IS PROBABLY DIFFERENT FROM OTHERS. WE HAVE DECIDED TO PLACE OUR HOUSE IN ADJACENT LAND INTO A LAND TRUST AS A PART OF A THIRD DIVISION OF OUR WILLS COMPLETED A MONTH AGO. WE HAVE BEQUEATH OUR PROPERTY TO THE BOSTON NEIGHBORHOOD COMMUNITY GLAMOROUS AND I KNOW PERSONALLY THAT THERE ARE FOLKS IN THE CITY BOSTON WHO ARE THINKING ABOUT BEQUEATHING OR DONATING THEIR LAND TO COMMUNITY LAND TRUST AS WELL. I'M JUST A BIT CONCERNED ABOUT THE RHETORIC TODAY AND I THINK WE NEED TO BE COGNIZANT THAT THERE IS A WAY THAT WE ALL NEED TO WORK TOGETHER AND TRY TO COME TO SOME KIND OF CONSENSUS AND UNDERSTANDING ABOUT THE IMPORTANCE OF THE CONTINUED AVAILABILITY OF OF AFFORDABLE HOUSING TO FOLKS IN THE CITY OF BOSTON. I'VE JUST SEEN TOO MUCH GOING ON IN MY OWN NEIGHBORHOOD BOTH IN GENEVA AND DORCHESTER AND SURROUNDING PARTS OF DORCHESTER . PEOPLE ARE NO LONGER HERE.  THEY HAVE NOT BEEN ABLE TO STAY. WE COULDN'T FIND AFFORDABLE HOUSING. SOME PEOPLE HAVE MOVED BACK TO THE COUNTRY THAT THEY CAME BY IN ORDER TO BUILD A BETTER LIFE HERE BECAUSE THEY CANNOT YOU KNOW, THEY JUST CAN'T AFFORD TO FIND A PLACE THAT THEY CAN LIVE IN. SO I THANK YOU FOR THE TIME TO BE ABLE TO GO FIRST AND THANK YOU THANK YOU TO THE YEAH, THANK YOU. THANK YOU FOR YOUR TESTIMONY. THANK YOU.  ME AND MY CHART COUNSELOR FERNANDES ANDERSON YOU HAVE THE FLOOR.  THANK YOU, MADAM CHAIR. THANK YOU TO ALL THE PANELISTS . I WANT TO JUST SORT OF I TRY TO RECAPTURE OR SURMISE LIKE WHAT WE'VE WHAT I'VE HEARD HERE SO FAR. AND IT SOUNDS LIKE EVERYONE AGREES THAT RESTRICTED NEEDS IS A GOOD THING. THAT'S WHAT I HEARD FROM EVERYONE.  BUT IT ALSO SOUNDS LIKE THERE ARE SPECIFIC RESTRICTIONS OR STIPULATIONS THAT HAS A NEGATIVE IMPACT OR A DISPARATE IMPACT IN TERMS OF , YOU KNOW, SYSTEMICALLY HOW WE ARE EITHER BUILDING GENERATIONAL WEALTH FOR THE POPULATION IMPACTED WHICH IS A MAJORITY BLACK AND BROWN OR LATINO FAMILIES.  AND SO GOING OVER WHAT THE ADMINISTRATION HAS DONE HERE TURN TERM OF AFFORDABILITY HERE WHEN YOU SEE FOR FORMER 30 YEARS WITH THE OPTION OF CITY TO EXTEND 20 YEARS MUST BE SOLD OR RESOLD TO FIRST TIME HOME BUYER.  THAT'S REMAINED THE SAME RIGHT. AND THEN APPLICATION CAP SO SO SO 30 YEARS BUT THEN THERE'S A SITUATION THAT SAYS IF IT'S STILL OWNED BY ORIGINAL BUYER IT MUST BE SOLD OR RESOLD TO FIRST TIME HOME BUYER. SO THAT'S STILL THE SAME. IT DOES NOT TALK ABOUT, YOU KNOW, KEEPING IT AT 30 YEARS PASSIVE FISCALLY IT SAYS 30 YEARS BUT I GUESS I WOULD HAVE WANTED TO SEE THAT. WELL, THE CHANGE IS THAT IT DOES NOT. NO SAY THAT EXTEND 20 YEARS THAT IT COULD BE EXTENDED FOR 20 YEARS AN ADDITIONAL 20 YEARS AND THEN APPRECIATION AND AND I KNOW THAT THE PROBLEM IS THAT WE'RE NOT ADDRESSING PEOPLE THAT CURRENTLY OWNED PROPERTIES IN HERE AND I AND I HAVE AN ISSUE WITH THAT APPRECIATION CAP 3% HAS INCREASED TO 5% AND THEN CONSIDERATION OF CAPITAL IMPROVEMENTS 1% TO 3% AND THEN DETERMINATION OF RESALE PRICE ON CHANGE AND HIGH TIER BUYER RESTRICTION UNCHANGED. AND THEN WE HAVE OWNERSHIP TRANSFERS MAY BE TRANSFERRED TO IMMEDIATE FAMILY PROVIDED THEY ARE OWNER OCCUPANTS AND INCOME ELIGIBLE TO NOW THE NEW ELMO DEED WRITER SAYS MAY BE TRANSFERRED FAMILY RELATED BY BLOOD MARRIAGE OR ADOPTION IF THEY BECOME OWNER OCCUPANTS NO REQUIREMENT FOR INCOME ELIGIBILITY. I WANT TO HEAR FROM BOTH SIDES SPECIFICALLY BECAUSE I THINK BOTH SIDES SAID THAT AND I DON'T MEAN TO SAY BOTH SIDES, YOU KNOW WHAT I MEAN? YOU KNOW IS AGAINST EACH OTHER HERE WE'RE JUST TALKING. BUT THAT I WANT TO HEAR FROM THE PANELIST WHAT SPECIFICALLY BECAUSE I HEARD EVERYONE SAY THAT THEY THAT THERE IS AN OPPORTUNITY HERE TO MAKE AND MODERATE OR TO TO MAKE SOME CHANGES WITH DIFFICULTIES. OF COURSE MITIGATING THE HARMS OR MITIGATING THE HARMS OF POSSIBLE RAPID GENTRIFICATION. BUT MITIGATING THE HARMS ALSO OF NOT BUILDING EQUITY TO BUILD GENERATIONAL WEALTH. SO I WANT TO HEAR FROM YOU IF I CAN GO. ONE, TWO, THREE FOUR. WHAT CHANGES WOULD YOU MAKE IN ADDITION TO WHAT THE ADMINISTRATION HAS DONE WHETHER IT'S GO UP OR DOWN, SIDEWAYS, WHATEVER IT IS I WANT TO HEAR FROM YOU.  I HAVE SOME SUGGESTIONS ONE AND I THINK YOU CAN DO IS ASK THE HOMEOWNERS WHO HAVE SUGGESTED THE CREATION A FUND WHERE THE VALUATION OR ASSESSMENT OF THE ACTUAL BENEFIT THE CITY SUPPORT IS IS THEN DEDUCTED FROM THE SALE PRICE WHEN THEY SELL THE HOUSE. SO THEY'RE NOT OPPOSED TO IT. I MEAN THESE PARTICULAR HOMEOWNERS ARE BECAUSE IT TURNS OUT THEY NEVER SIGNED ANYTHING TO AGREE WITH IN THE FIRST PLACE. AND I THINK THIS UNFORTUNATELY IS GOING TO GET RESOLVED IN COURT AND I CAN'T IMAGINE ANY COURT SAYING IF YOU NEVER SIGNED IT, NEVER AGREED THAT THEY CAN STILL ENFORCE IT. BUT THE THE POOL OF MONEY. SO ONE CHANGE SORRY A POOL OF MONEY FOR THE CURRENT OWNERS KEEP IT AT 30 DO NOT EXTEND TO 50 THAT'S ONE. NO I'M SAME TEN. SO IT HAS NOT BEEN SAID THE CITY OF BOSTON DIFFERENT LEVELS OF DEED RESTRICTIONS. I TALKED TO PEOPLE WHO HAVE A TEN YEAR DISTRICT. SO THEY'RE NOT EVEN CONSISTENT. THESE ARE FOLKS THAT TEN YEARS IT'S TOO LONG THE ENTIRE WORLD OF ROXBURY, DORCHESTER CITY OF BOSTON IS CHANGING AND THEY CAN'T DO ANYTHING ABOUT IT. OF COURSE THE PRIVATE EQUITY IS THE ONE BUYING IT UP. THEY ARE THE ONLY ONES WHO CAN . YOU HAVE LOCKED OUT THE ABILITY OF WE HAVE SOME OF THE HOMEOWNERS FOR EXAMPLE THEY CAN EXISTING JUST BECAUSE OF TIME. SO THEIR PARENTS WANT TO SELL THEIR HOUSE? YEAH. THESE FOLKS CAN'T BUY IT. UNDERSTOOD. WHAT ABOUT THE CREATING A FUND? CAN YOU EXPLAIN? WHAT I'M SAYING IS THAT THE CITY DOES PROVIDE I THINK THE DIRECTOR SAID DOWNPAYMENT ASSISTANCE FOR EXAMPLE FOR THESE FIRST TIME HOMEBUYERS. WHATEVER THAT BENEFIT IS,  WHATEVER THAT DOWNPAYMENT IS. YOU TAKE THAT OFF THE BACK WHEN THEY SELL SO THAT YOU USE IT TO CREATE A FUND FOR PEOPLE WHO THEY WANT TO START OVER ANOTHER YOU KNOW, ANOTHER AFFORDABLE BUY IN.  THE PROBLEM IS THAT THE CITY OF BOSTON GIVES 90 SPENDS 94% OF THEIR HOUSING DOLLARS ON RENTAL CREATION.  THAT'S WHY THE CBCS AREN'T MOVING. IF YOU WERE DOING THAT TO CREATE SOMEBODY SAID UP MORE AFFORDABLE HOUSING OPPORTUNITY THESE TO BUY IN SO THAT WE'RE CONSTANTLY REPLENISHING THAT POOL AS WELL SO YOU SAID I THINK COUNCILOR THAT YOU'VE TALKED TO THE KDKA'S I THINK THE DIRECTOR MENTIONED THAT AND THEY'RE NOT BUYING. OF COURSE NOT. THEY'RE NOT INTERESTED IN HOMEOWNERSHIP. THEY WANT TO CONTINUE TO AMASS INCREASINGLY LARGE NUMBERS OF RENTAL UNITS INCREASING STOCK AND INCREASE. THE CITY WOULD WOULD NEED TO BE USING MORE OF THEIR HOUSING DOLLARS THAT WE SPEND ON HOMEOWNERSHIP OPPORTUNITIES. AND LET'S SAY THEY THEY THEY BUY DOWN IT WITH $250,000 TOWARDS THE CONSTRUCTION OF A OF A OF A UNIT. THEN AT THE END THE HOMEOWNER WHEN THEY SELL AT THE END OF THAT TEN YEARS THEY CONTRIBUTE THAT INTO THE FUND TO ALLOW YOU TO START ALL OVER WITH SOMEBODY ELSE THAT WE WE CAP THEM AT THE BEGINNING IN THE END IN FACT KEPT THEM WHEN THEY DIDN'T EVEN GET ANY MONEY IN THE CITY. SO THERE'S WAYS TO DO IT. THANK YOU, REGGIE. YOUR RECOMMENDATIONS?  YEAH, I AGREE WITH THE SENATOR BECAUSE IF YOU RECAPTURE THAT DOWN PAYMENT ASSISTANCE, YOU KNOW YOU DON'T HAVE TO RAISE ONE DIME OF TAXES BECAUSE THE FUND REPLENISHES ITSELF SO FOR IF ANYONE SELLS WHICH I WOULD ARGUE NOT A LOT OF PEOPLE ARE TRYING TO DO THAT. LIKE MOST PEOPLE I TALKED TO WHO WHO SEEK TO BUY OR STAY IN THEIR HOMES ARE LIKE I GREW UP IN DORCHESTER, I GREW UP IN ROXBURY, I GREW UP IN EAST BOSTON. I GREW UP IN SOUTH BOSTON. I WANT TO STAY THAT. THEY DON'T WANT TO LEAVE IT IN THE EVENT THAT THEY DO LEAVE YOU CAN RECAPTURE THAT PUT IT BACK INTO THE FUND AND ALSO THAT THE CONVERTING THE RENTAL UNITS TO HOMEOWNERSHIP TO UNITS AS PROMISED THAT NEEDS TO BE A CONVERSATION AND YOU KNOW,  FRANKLY SPEAKING THE CITY NEEDS TO RAMP IT UP ON ON THE SUPPLY SIDE TO LIKE IF IF YOU WANT TO HAVE MORE HOMEOWNERSHIP UNITS AVAILABLE, BUILD THEM. THANK YOU. I'M.  YES WE WOULD AUGMENT BASICALLY FOR ACQUISITION FUNDING AND TAKE MORE HOUSING OFF THE SPECULATIVE MARKET AND PUT IT ON THE INTEREST.  AND I THINK WHAT WE NEED TO DO IS SUPPORT PEOPLE WHO ARE INTERESTED IN MOVING FROM THEIR DEED RESTRICTED HOME INTO MARKET RATE FOR WHATEVER THEIR REASONING IN A SORT OF A STEPPING.  SO WHETHER THAT IS BEING ABLE TO ACCESS FUNDS AN ADDITIONAL MORTGAGE OR EXCUSE ME ADDITIONAL DOWN PAYMENT SUPPORT OR A WAY OF BUYING DOWN THE POINTS ON THEIR MORTGAGE, I THINK I'M HAPPY TO HEAR THAT ONE BATHROOM ONE PLACE IS POTENTIALLY OPEN TO PEOPLE WHO ARE.  WE DID RESTRICTED UNITS IN TO MARKET RATE HOUSING. I THINK THAT'S A REALLY CRITICAL STEP. THANK YOU. THANK YOU, MADAM CHAIR. I'M SORRY TO HEAR YOUR NAME.  7 MINUTES. THANK YOU. I LOVE ATTENDING HEARINGS,  ESPECIALLY ONES LIKE THESE BECAUSE THIS IS WHAT REAL POLICYMAKING SHOULD LOOK LIKE, RIGHT? THOSE PEOPLE WHO ARE LIVING THE REALITIES AND DOING THE WORK REALLY INFORMING AND REALLY SHARING THEIR LIVED AND PERSONAL AND PROFESSIONAL EXPERIENCE. RIGHT. BECAUSE THAT IS WE MEET THE MOMENT. SO I WOULD SAY THANK YOU TO EACH AND EVERY ONE OF YOU FOR BRINGING YOUR VOICE AND PERSPECTIVE INTO THE CONVERSATION.  AND I WILL JUST SAY FOR ME AS I ALREADY DISCUSSED EARLIER IS THAT I AM FORTUNATE ENOUGH I GREW UP HERE I AM I AM THAT I AM THAT PERSON. I GREW UP HERE IN THE CITY OF BOSTON BOUNCING FROM PLACE TO PLACE BECAUSE MY MOM AND I COULD NOT AFFORD TO STAY IN ONE PLACE LONG ENOUGH FOR ME TO MAKE FRIENDS. RIGHT. SO HOUSING INSTABILITY IN THE LATE EIGHTIES AND EARLY NINETIES WAS DIFFICULT FOR US RIGHT?  I ALREADY SHARED THE FACT THAT MY MOM WAS ON SECTION EIGHT. WE BOUGHT A HOUSE A DECADES LATER BECAUSE I WAS ABLE TO PURCHASE SOMETHING THAT WAS WITHIN A REASONABLE PRICE POINT. I'M ABLE TO STAY HERE IN THE CITY OF BOSTON A CITY THAT I BUILT RIGHT AND THAT MY DAUGHTER RIGHT WILL HOPEFULLY ONE DAY INHERIT THIS LITTLE PIECE OF LAND THAT WE WERE ABLE TO AFFORD BECAUSE OF THE RESTRICTION SITUATION THAT IT FALLS IN. SO I UNDERSTAND THIS FROM A VERY DIFFERENT PLACE NOW FROM THE POLITICAL SIDE OF THINGS WITH THE POLICY BUT UNDERSTANDING KIND OF HOW ALL OF THAT MADE IT POSSIBLE FOR ME TO BE A HOMEOWNER AND I THINK THAT THAT'S REALLY IMPORTANT AND AS PART OF THE CONVERSATION. RIGHT. AND I THINK THAT FOR WHAT I AM REALLY TRYING TO GRAPPLE WITH RIGHT. IS THIS TENSION THAT IT FEELS TO ME LIKE WE'RE ALWAYS HAVING TO PICK AND CHOOSE BETWEEN TWO VERY BAD OPTIONS.  RIGHT. AND I'M JUST CURIOUS ABOUT WHAT IT WOULD LOOK LIKE GOING BACK TO COUNCILOR ANDERSON'S QUESTION ABOUT WHAT IT WOULD LOOK LIKE TO FIND SOMETHING WHERE EVERYBODY FEELS LIKE THEY'RE WINNING AND I THINK THAT THAT IS REALLY WHAT THE ULTIMATE GOAL IS HERE, RIGHT, IS TO FIND A WAY FOR US TO FEEL LIKE WE ARE GETTING AHEAD RIGHT . BECAUSE OFTENTIMES WHAT I'M HEARING IS THAT OFTENTIMES PEOPLE LOW INCOME COMMUNITIES ARE ALWAYS STILL FOLLOWING TEN OR 30 DECADES BEHIND. SO I WOULD LIKE TO START WITH YOU BECAUSE I THINK WE SHARE SOME SIMILAR JOURNEYS BUT WHAT WAS IT WHAT WOULD IT LOOK LIKE TO WIN?  I THINK IN MANY WAYS THAT'S A REALLY GRAND AND IMPORTANT LIKE VISION AND QUESTION AND THE REAL HONEST ANSWER TO THAT IS THAT WE WOULD SIGNIFICANTLY HAVE TO CHANGE OUR ECONOMIC SYSTEM.  SO IT'S A MUCH BIGGER THAN SIMPLY HOMEOWNERSHIP CONVERSATION.  YOU KNOW, WE AS A COUNTRY THE POLICY OF SHIFTING TO HOMEOWNERSHIP AS THIS VEHICLE OF WEALTH GENERATION IT'S ROUGHLY 88 YEARS OLD. IT'S PART OF IT'S SORT OF IF YOU LOOK AT LIKE POINTS FROM LIKE BOTH THE NEW DEAL AND THEN COMPOUNDED BY THE GI BILL TO MAJOR LIKE PLACES WHERE YOU SEE THAT PUSH.  IT HAD A LOT OF POTENTIALLY UNINTENDED CONSEQUENCES. AND ADDITIONALLY BUILT INTO THOSE SYSTEMS WHERE ELEMENTS THAT YOU'VE ALREADY SPOKEN TO REDLINING YOU KNOW EVEN ZONING HAS BEEN USED TO REALLY PERPETUATE AND KEEP CERTAIN PEOPLE OUT. AND WE ARE LIVING IN THAT IN THE WAKE OF THAT VERY MUCH. I THINK IN MANY WAYS DEED RESTRICTED HOMES HELP GIVE PEOPLE THAT PUSH UP. RIGHT. BUT THERE IS ONLY ONE PIECE HOMEOWNERSHIP CAN ONLY BE ONE PIECE BECAUSE IN A REAL, REAL FACT OF LIFE NOT EVERYBODY WILL BE A HOMEOWNER AND NOT NECESSARILY AT THE SAME TIME. SO IF WE ARE ONLY LOOKING TO HOMEOWNERSHIP AS A WAY OF CREATING WEALTH THEN WE ARE LEAVING OUT A LARGE PART OF OUR POPULATIONS OTHER THINGS THAT NEED TO HAPPEN INCLUDE LIKE BETTER NOT JUST JOB TRAINING BUT ACTUAL PIPELINES INTO ACTUAL CONCRETE JOBS OF WHICH BOSTON CERTAINLY HAS A LOT OF OPPORTUNITY. WE HAVE A WEALTH OF TECH COMPANIES AND NOT ALWAYS ACCESS. YES. I COULD GO ON. NO, I KNOW THAT. I KNOW YOU CAN AND I LOOK AT MY TIME BECAUSE WHAT I WHAT I REALIZE HERE IS THAT THESE CONVERSATIONS ARE ALL INTERCONNECTED.  WE LOOK AT OUR EDUCATION SYSTEM. WE LOOK AT THE SCHOOLS THAT WE SEND OUR KIDS TO. WE LOOK AT THE QUALITY OF HEALTH THAT WE HAVE LIKE ALL OF THESE THINGS ARE ALL INTERCONNECTED AND AND I KNOW THAT ESPECIALLY WHEN IT COMES TO JOBS HERE IN THE CITY OF BOSTON BECAUSE MOST PEOPLE CAN'T EVEN AFFORD TO LIVE HERE BUT THEY HAVE TO HAVE BUS AND JOB RESIDENCY IN ORDER TO BE A BOSTON EMPLOYEE.  BUT I WANT TO TALK TO I WANT TO ASK SENATOR WILKERSON A QUESTION ABOUT THE COVID LIKE THE 3650 46 PAGE DOCUMENT. I KNOW I PROBABLY WHEN I SIGNED I SIGNED PROBABLY MY KIDNEYS AWAY AND I DIDN'T EVEN THINK ABOUT IT BECAUSE I WAS LIKE YOU CAN HAVE WHATEVER I'M GETTING A HOUSE LIKE FOR REAL, YOU KNOW,  I WAS THE FIRST PERSON IN MY FAMILY TO BUY A HOUSE I, I DIDN'T KNOW. YOU DON'T KNOW WHAT YOU DON'T KNOW.  AND I AND I THINK THAT THERE IS SOMETHING HERE IN TERMS OF REPAIRING THE HARM AND ABOUT REALLY GOING BACK IN TIME ESPECIALLY FOR THE 44 FAMILIES THAT YOU MENTIONED HERE. LIKE WHAT WHAT WOULD REPAIRING THE HARM LOOK LIKE FOR THESE 44 INDIVIDUALS THAT YOU MENTIONED WITH THE COVENANT THAT THEY SIGNED THAT IT WAS 26 PAGES BACK IN THE DAY. NOW IT'S 44 AND NONE OF THEM SIGNED A COVENANT. NOW THAT'S THE PROBLEM. BUT THIS ONE IS NOT A GOOD EXAMPLE. THAT'S THE WHOLE POINT THAT WHILE I WAS TOLD THAT THE IMO HAD A SIGNED COVENANT FROM EVERY SINGLE ONE OF THEM WHEN WE ASKED THEY COULDN'T PRODUCE ONE BECAUSE OF COURSE THEY DIDN'T SIGN THE COVENANTS WERE SIGNED BY BACK ON THE HILL AND JP IN DC. BUT BUT THE THE POINT THAT YOU THE POINT THAT YOU MADE IS IF IF THIS WHAT IT WOULD LOOK LIKE IS FOR THEM TO BE ABLE TO ENJOY THE ALL THE SAME INDICIA OF HOME OWNERSHIP THAT EVERYONE ELSE DOES. MY DAUGHTER IS GRADUATING FROM HIGH SCHOOL HONOR STUDENT READY TO GO TO COLLEGE. THEY WERE NOT ALLOWED TO BORROW MONEY FOR HER TUITION HUSBAND IS SICK NEED SOME HEALTH CARE THAT DOESN'T IS NOT COVERED BY HIS INSURANCE WENT TO ONLY TO FIND OUT YOU CAN'T GET ANY MONEY FROM YOU CAN'T TAKE ANY MONEY. NOW THE HOMEOWNER PUT AN ADDITION ON HER HOUSE $150,000 AND IS NOT ABLE TO TAKE ANY.  SO THIS IS A SIMPLE FIX JUST LET ME DO WHAT HOMEOWNERS DO RIGHT.  EVEN WHILE I'M THERE IT'S NOT ALL ABOUT SELLING IT AND GETTING THE MILLION. IT'S EVEN IN THE DAY TO DAY OPERATE AND THEY'RE NOT ENJOYING THE THINGS THAT YOU AND OR YOU WOULD BE ABLE TO DO. I WOULD SUSPECT MOST OF THE COUNSELORS HOMEOWNERS WOULD BE ABLE TO DO SO. THAT'S MY SIMPLE MY MY AND MY ANSWER TO YOUR FIRST QUESTION IS WE HAVE ONE OF THE HOMEOWNERS WHO HAS PARENTS WHO OWN A HOUSE THEY CAN'T AFFORD TO BUY THEIR PARENTS HOUSE THAT'S GOING TO GET BOUGHT BY PRIVATE EQUITY. SO I KNOW I HAVE LIKE LITERALLY 4 SECONDS LEFT BUT I JUST WANTED TO JUST SAY THAT YOU TALKED ABOUT ECONOMIC PROSPERITY AND LIKE AS A PATHWAY TOWARDS, YOU KNOW, REALLY RESTORING AND FIXING THE PROBLEM. YOU TALKED ABOUT OPPORTUNITIES AND I THINK THAT EVEN IF IT'S JUST A MATTER OF LIKE TWEAKING SOME OF THE LANGUAGE WHICH WILL ALLOW YOU TO TAKE OUT A LOAN TO PAY FOR YOUR COLLEGE LIKE THERE ARE CERTAIN THINGS THAT WILL HELP THEN I THINK THAT THAT IS THAT IS A PLACE FOR US TO AT LEAST START THINKING ABOUT CONNECTING THE DOTS WITH THOSE TWO THINGS. I MY TIME IS UP AND I DON'T WANT TO KEEP ON YAPPING BUT THANK YOU. WEBER THANK YOU, CHAIR AND THANK YOU TO EVERYONE FOR COMING TODAY AND PARTICIPATING IN THE CONVERSATION AND THIS IS VERY EDUCATIONAL FOR ME BEING RELATIVELY STILL RELATIVELY NEW TO CITY GOVERNMENT BUT I MEAN I THINK THE SUMMER KID YOU KNOW I THINK YOU HIT ON SOMETHING THAT I MEAN THE WORRY IS THAT WE'RE REMOVING AFFORDABLE HOUSING UNITS AND I DON'T HAVE ANY FAITH IN THE FREE MARKET TO MAKE IT, YOU KNOW, DOWN THE ROAD TO HELP PEOPLE AFFORD HOUSING IN BOSTON.  AND IT'S JUST IT'S LIKE YOU'VE GOT A SAFETY NET IN PLACE THAT IS IT'S IT'S NOT GREAT FOR PEOPLE WHO ARE LIVING IN THE UNITS NOW BUT YOU'RE THINKING ABOUT PEOPLE WHO ARE THE PEOPLE WHO ARE IN HERE, FOLKS WHO WANT TO BUY THAT HOUSE YOU KNOW, TEN YEARS FROM NOW, 15 YEARS FROM NOW. SO I JUST I HAVE A COUPLE OF QUESTIONS. SO FOR THE SENATOR, YOU KNOW, ON THESE DEED RESTRICTIONS LIKE WHAT LIKE IT'S LIKE IT'S LIKE LEAD WITH YOUR BEST SHOT. LIKE WHAT IS SOMETHING THAT WE WHAT'S THE NUMBER ONE THING THAT WE SHOULD FOCUS ON TO TRY TO MAKE AND I GUESS YOU WERE TALKING ABOUT CAPITAL IMPROVEMENTS YOU KNOW IS THAT IS IS THAT NUMBER ONE FOCUS? YEAH, I WOULD SAY THEY NEED TO BE SHORTENED BECAUSE ALL OF ROXBURY IS GOING TO BE GONE IF YOU DON'T YOU UNDERSTAND THE REALITY OF OF A 6% DROP IN HOME OWNERSHIP IN BLACK HOMEOWNERSHIP IN ONE NEIGHBORHOOD IN FOUR YEARS WE WERE AT 32% IN TWO 2020 WHEN COVID STARTED WE'RE AT 26% NOW WITH ALL OF THE BILLION DOLLARS THAT HAD BEEN SPENT ON HOUSING WE AND THE LIKE THINK ABOUT THAT THE CULPRIT IN MONEY THE HOUSING MONEY THAT INFRASTRUCTURE WE ARE 6% LESS BLACK HOMEOWNERSHIP COUNSELOR THIS IS SCARY. THAT MEANS WE'RE NOT DOING IT RIGHT. THAT'S ALL IT'S SAYING. THAT MEANS SOMETHING'S NOT RIGHT. SOMETHING'S NOT RIGHT.  YOU BUY THAT FIRST HOUSE, YOU USE THAT FIRST HOUSE THE EQUITY FROM THAT FIRST HOUSE TO GO INTO THE NEXT ONE AND SOMEBODY WHO CAN AFFORD YOUR HOUSE THEN MOVES IN. WE'VE CUT THAT OFF. THE TIME IS TOO LONG AND THE NEXT FIVE YEARS WE'RE GOING TO LOSE ANOTHER 10% OF THE BLACK POPULATION IN ROXBURY.  AND WHERE THE HECK ARE WE GOING? AND IT'S CREEPING UP BLUE HILL AVENUE. WE'RE IN DORCHESTER NOW AND MATTAPAN. MATTAPAN WAS THE LARGEST THE NEIGHBORHOOD WITH THE LARGEST BLACK HOMEOWNERSHIP POPULATION . WHY? BECAUSE THAT'S WHERE THEY WERE REDLINED.  THAT'S WHERE THE BANKS DECIDED WE'RE ONLY GOING TO DO MORTGAGES IN MATTAPAN. IT'S HAPPENING. THIS IS HISTORY REPEATING ITSELF.  THIS IS CONNECTED TO THE ORIGINAL ORDER THAT THE COUNCIL HAD FILED TO SLOW DOWN GIVING AWAY THE PROPERTY IN ROXBURY.  THIS IS WHAT GOT US INTO THIS MESS. WE CAN'T HAVE A CONVERSATION OF REPARATIONS AND RACIAL EQUITY WHILE WE'RE GIVING AWAY THE VERY PROPERTY THAT WAS STOLEN FROM BLACK PEOPLE AND THEN CHARGING THEM EXTRA TO STAY THERE. THAT'S WHAT'S HAPPENING.  SO IT BUT IT'S SHORTEN THE TIME YOU TALK TO WHAT'S YOUR RECOMMENDATION 10 TO 15. THEY HAVEN'T TOLD YOU THE STATE YOU KNOW MASS HOUSING IS PULLING AWAY AND HAS BEEN PULLING AWAY FROM FUNDING SOME OF THE CITY OF BOSTON'S PROJECTS BECAUSE THEY SAID OUR DEED RESTRICTIONS ARE TOO LONG. THEY DIDN'T TELL YOU THAT IT'S TOO LONG. THIS IS A GENERATION CHANGE HERE. OUR PROPERTY IS DISAPPEARING.  OUR OUR RESIDENTS CAN'T AFFORD TO BUY THEIR PARENTS HOMES, PERIOD. THAT'S THE PROBLEM.  BUT HOW IS THAT GENTRIFICATION LIKE THIS IS THE TEXTBOOK. THIS IS HOW IT'S HAPPENING.  OKAY. THIS SUMMER KID THAT YOU MENTIONED SO THE POTENTIAL HARM OF REDUCING THE LENGTH OF REPLENISHING ON THE FRONT END. I AGREE WITH HER.  I THINK PEOPLE CAME TO TESTIFY BECAUSE THEY WERE TOLD I'M OPPOSED TO THESE RESTRICTION.  I HOPE YOU UNDERSTAND I'M NOT. SO THEY'RE NOT THIS IS NOT FOR ME . I THINK YOU HAVE TO HAVE THEM FOR EXACTLY THE POINT THAT SHE RAISED. I AGREE WITH THEM. 30 YEARS IS THREE GENERATIONS. IT'S OVER. IF WE DON'T DO SOMETHING, WE'RE GOING TO BE AT 20% BLACK POPULATION IN ROXBURY BECAUSE OF THIS CITY'S HOUSING POLICY. PERIOD. MAYBE THAT'S THE PLAN. I DON'T KNOW. SO.  OKAY. YEAH. WOULD YOU LIKE TO ANSWER THE QUESTION? SURE. I I THINK RESPECTFULLY I. I DON'T UNDERSTAND HOW THE REDUCTION IN DID RESTRICTED HOMEOWNERS OR THE SHORTENING OF THOSE TIMES WILL INCREASE BLACK HOMEOWNERSHIP OVERALL OTHER THAN REDUCING THE NUMBER OF DEED RESTRICTED UNITS IN A COMMUNITY OVERALL RATHER THAN DOING THAT. I WOULD SUGGEST THAT POTENTIALLY AGAIN A BOTH AND SOLUTION IS TO SUPPORT BLACK AND BROWN HOMEOWNERS INDEED RESTRICTED HOMES MOVING FROM THOSE TO MARKET RATE HOUSING AS THEY WANT TO WITH THESE ADDITIONAL SUPPORTS WHICH WOULD THEN ALLOW YOU TO RETAIN DEED RESTRICTED HOMES IN THESE COMMUNITIES ALLOWING FOR THE NEXT ROUND OF PEOPLE TO PURCHASE WHICH AGAIN LIKE BLACK AND BROWN PEOPLE MAKE LESS MONEY IN THE CITY. THIS IS HOW THEY GET ACCESS TO THAT HOMEOWNERSHIP.  THAT'S WHAT THE CITY IS DOING NOW. EVERY SINGLE PROJECT ONLINE FOR THE CITY TRINITY TROPICAL FOODS THE ST CATHERINE DREXEL PROJECT ,THE CRUZ PROJECT EVERY ONE OF THEM THE CITY HAS IMPOSED THE DEED RESTRICTIONS FOR FIRST TIME HOMEBUYERS GOING IN AND WE NEED TO DO MORE. SURE. I THINK WE ARE ALSO WE'RE OPERATING UNDER THE CONTEXT OF CAPITALISM, RIGHT. SO WHAT I'M.  WE HAD A FORECLOSURE CRISIS SO OF PEOPLE THERE WERE PEOPLE WHO COULD NOT AFFORD THE HOMES THAT THEY WERE IN.  RIGHT. AND WHAT CAUSED THAT? WHAT WAS SOME OF THE CAUSES OF THAT?  SO I THINK WE HAVE TO THINK ABOUT YES, WE ALL AGREE THAT THERE SHOULD BE PROTECTIONS BUT WE HAVE TO THINK ABOUT STABILIZATION OF OUR COMMUNITIES. WE HAVE TO THINK THAT, YOU KNOW ,IF WE'RE THINKING ABOUT THE WELLNESS OF QUOTE UNQUOTE OUR MARGINALIZED COMMUNITY, YOU KNOW WHAT OFFICE TO THE GREATEST SORT OF PROTECTIVE INTEREST HERE FOR FOLKS WHO THERE ARE PEOPLE WHO ARE NOT INDEED RESTRICTED HOUSING WHO CANNOT AFFORD HOUSING IN BOSTON . THERE ARE ALL KINDS OF PEOPLE WHO CANNOT AFFORD HOUSING NOT ONLY FOLKS WHO ARE IN DEEP RESTRICTED HOUSING. THERE ARE FAMILIES THAT ARE LOOKING FOR HOUSES THAT DON'T HAVE THE RESOURCES FOR IT. THERE ARE FOLKS WHO ARE IN THEIR HOUSING WHO ARE SCARED OF LOSING THE HOUSING. I HAVE A FRIEND WHO BASICALLY SAID TO ME HIM AND HIS WIFE ARE WORKING AND IF SHE LOSES HER JOB THEY CANNOT LIVE IN THEIR HOUSING. SO WE HAVE TO THINK ABOUT ALL THE DIFFERENT STRUCTURAL INDICES THAT IMPACT THAT. IT'S NOT JUST THE RESTRICTIONS AND NO ONE'S TESTIFYING. I THINK ALL OF US AGREE THAT IT NEEDS TO HAPPEN IN A CERTAIN WAY AND IT NEEDS TO BE ADJUSTED. BUT WE ALSO HAVE TO REMEMBER THAT THERE ARE DIFFERENT STRUCTURAL ISSUES THAT IMPACT THIS. AND IT'S NOT JUST BECAUSE OF THESE RESTRICTIONS, WE AGREE BUT JUST WHAT THIS HEARING'S ABOUT AND CONTROL WE SEE LOUIJEUNE YOU HAVE YOU HAVE THE FLOOR. THANK YOU, MADAM CHAIR.  I WANT TO SAY THAT ONE OF THE ISSUES THAT I WANT US TO MAKE SURE THAT WE'RE LOOKING INTO BOTH WITH THE ADMINISTRATION PRIMARILY THE ADMINISTRATION BECAUSE AGAIN THIS IS AN ISSUE THAT AFFECTS OUR STAFF OF MINE AND I'M HEARING FROM FOLKS LIKE THE HOME EQUITY LOANS THAT WE NEED TO FIGURE THAT OUT. WE NEED TO FIGURE THAT OUT FOR THOSE WHO LIVE IN THE RESTRICTED PROPERTY BECAUSE THAT SHOULD NOT BE HAPPENING. YOU SHOULD BE ABLE TO IN THE WAY THAT WE HAVE TRADITIONALLY BEEN ABLE TO USE HOMEOWNERSHIP AS A WAY TO EITHER DEAL WITH A CRISIS OR YOUR KIDS ARE GOING TO SCHOOL LIKE THAT HAS BEEN SOMETHING TRADITION THAT WE'VE BEEN ABLE TO DO. SO THAT IS SOMETHING THAT YOU KNOW, WHATEVER WE CAN DO TO HELP WITH THAT ISSUE. I'M 100% ON BOARD. I WANT TO REITERATE WHAT JOHN WAS SAYING WHAT MS.. SUMMERS CATO IS SAYING.  THE ISSUE AT ROOT HERE IS CAPITALISM AND THE FACT THAT HOME OWNERSHIP AND THE FACT THAT LIKE WE A SPOUSE OR A LOT OF MYSELF AND COLLEAGUES ESPOUSE THAT HOUSING IS A HUMAN RIGHT AND THAT IS TRUE. THERE IS TENSION INHERENTLY WITH THAT AND THE IDEA THAT YOUR HOUSE IS ALSO A CASH COW, RIGHT. THE MARKET DOES NOT CARE ABOUT COMMUNITY. IT DOES NOT CARE ABOUT MAKING SURE THAT ANYONE HAS AN AFFORDABLE HOME WANTS TO MAXIMIZE HOW MUCH MONEY IT CAN MAKE. AND SO I DON'T UNDERSTAND HOW IF WE SHORT INDEED RESTRICTIONS TO A TEN YEAR PERIOD OR OR REMOVED RESTRICTIONS AT ALL HOW THAT BENEFITS BLACK AND BROWN BOSTON IT HURTS US BECAUSE YOU ARE ABLE TO THEN SELL THAT HOUSE AT MARKET RATE TO ALL OF THE PEOPLE WHO WANT TO RETURN TO BOSTON WHO HAVE ALL THE MONEY CASH TO PAY FOR A HOME THAT WE DON'T HAVE AND THEN YOU END UP GETTING A NEIGHBORHOOD WHERE THERE ARE NO DEED RESTRICTIONS BECAUSE EVERYONE HAS SOLD AFTER TEN YEARS HAS SOLD THEIR PROPERTY AND THAT IS GOING TO HURT US MORE THAN ANYBODY ELSE. AND I SAY THIS TO SAY THAT I AM ALL FOR CREATIVITY, I AM ALL FOR HOW DO WE DO THE MOST GOOD ? HOW ARE WE REVERSING FOR OUR PAST? HARMS OF WORK OF EQUITY IS LOOKING BACK IS WHERE DID WE GET WRONG AND HOW DO WE DO IT BETTER?  I JUST DON'T THINK SCALING BACK MECHANISMS IS TO MAKE HOMEOWNERSHIP MORE AFFORDABLE IS THE WAY TO GO ABOUT THAT AND I AM ENCOURAGED BY WHAT I SEE AND I CONTINUE TO ASK QUESTIONS FROM THE ADMINISTRATION ABOUT THE IMPROVEMENTS THAT THEY'VE MADE TO THE RESTRICTED NEEDS EXAMPLE OR THE YOU KNOW, 30 YEARS I ASKED QUESTIONS ABOUT LIKE WHAT WOULD THAT LOOK LIKE GRADIENT STEPS BEFORE WE GET TO THAT 30 YEAR PERIOD AND WE KNOW THAT THE INTEREST IS STILL GROWING AND COMPOUNDED. I HAVE QUESTIONS ABOUT CAPITAL IMPROVEMENTS FOR THE VERY REASON THE SENATOR TALKED ABOUT WE SHOULD BE ABLE TO REALIZE CAPITAL IMPROVEMENTS THAT ARE MADE EVEN IN A DEED RESTRICTED PROPERTY. SO I THINK THERE'S DEFINITELY A WORK TO DO. I WOULD NOT WANT TO SEE FURTHER I WOULD NOT WANT TO SEE DEED RESTRICTIONS GO AWAY OR THERE'S SO MUCH GAMING THAT CAN HAPPEN WHEN YOU DO IT, WHEN YOU RESTRICT THE NUMBER OF YEARS THAT YOU CAN HAVE ANY RESTRICTION AND I DON'T WANT THE SYSTEM TO BE GAMED AGAINST US ESPECIALLY AGAINST BLACK AND BROWN BOSTON BECAUSE THERE HAVE BEEN SO MANY WAYS IN INSTANCES WHERE WE.  EXACTLY. AND SO I HEAR THE TENSION I HEAR IT THE TENSION IS FUNDAMENTALLY WITH OUR ECONOMIC SYSTEM NOT WITH THE CITY OF BOSTON IN THESE DEED RESTRICTIONS EVEN THOUGH I HEAR THE PAIN MY STAFF LIVES IN LIKE AND IT'S LIKE IT MAKES NO SENSE THAT THEIR FAMILIES COULDN'T TAKE OUT HOME EQUITY LOANS LIKE IT DOESN'T MAKE ANY SENSE. DOES IT MAKE ANY SENSE THAT THERE WASN'T THAT EDUCATION DONE ON THE FRONT END TO ENSURE THAT PEOPLE UNDERSTOOD WHAT THEY WERE SIGNING?  THAT'S A PROBLEM. BUT IT'S ALSO WHY I CARE SO DEEPLY ABOUT COMMUNITY LAND TRUST BECAUSE THE MARKET IS A MARKET AND WE AS A GOVERNMENT CAN DO SO MUCH TO PUT IN RESTRICTIONS BUT WE ALSO HAVE TO BE INVESTING IN ALTERNATIVES BECAUSE WE KNOW THAT THE MARKET ALONE IS NOT GOING TO CARE FOR US.  WE NEED TO INVEST IN ALTERNATIVES LIKE NEW ZEALAND TRUST AND LIKE AND SUPPORT NONPROFIT DEVELOPERS. SO I UNDERSTAND AND I FEEL THE PAIN I JUST DON'T SEE WHAT THE REAL SOLUTION IS OTHER THAN WHAT WE'RE WORKING ON RIGHT NOW AND HEARING FEEDBACK AND THINKING ABOUT HOW WE CAN CONTINUE TO IMPROVE ISSUES LIKE OKAY, HOW DO WE REALIZE THE FULL GAINS OF A CAPITAL IMPROVEMENT? HOW DO WE MAKE SURE YOU CAN TAKE OUT A HOME EQUITY LOAN AND HOW DO WE MAKE SURE LIKE WHEN YOU WANT TO TRANSITION OUT WHICH I THINK IS BRILLIANT YOU'RE STILL ABLE TO TAKE OUT,  YOU KNOW, A DOWN PAYMENT ASSISTANCE AS A FIRST TIME HOMEBUYER. SO THERE'S WORK TO DO. I DON'T KNOW IF I HAVE A QUESTION OR IF ANYBODY ELSE RESPOND TO ANYTHING I SAID BUT I FEEL AND I UNDERSTAND THE TENSION AND I THINK THERE'S WORK THAT WE HAVE TO DO BUT I DON'T THINK THE WORK IS IN SHORTENING THE RESTRICTION LENGTH MORE THAN WHAT THEY WHAT WE'VE DONE SO FAR.  BUT HAPPY TO HAPPY TO HEAR FEEDBACK FROM ANYONE.  SO YOU'RE GOING TO TEN BUT I'M SORRY . WOULD YOU LIKE TO SAY SOMETHING ? OH THE OH YES. WELL I, I, I THINK WE HAVE TO UNDERSTAND AND KIND OF BE HONEST ABOUT WHAT GOVERNMENT IS AND WHAT GOVERNMENT DOES.  THE GOVERNMENT PICKS WINNERS AND LOSERS.  I KNOW WE DON'T WANT TO I DON'T KNOW I DON'T THINK WE WANT WE HAVE TO GET HONEST ABOUT THAT HISTORICALLY HISTORICALLY AND I I THINK IT IT'S INCUMBENT UPON GOVERNMENT TO TO MAKE A DECISION GET GIVEN THE HISTORY THAT FOR ONCE OKAY LIKE PEOPLE YOU GET TO WIN TODAY DEVELOPER I'M SORRY SEE YOU TOMORROW. SPECULATIVE INVESTOR SEE YOU TOMORROW. BYE. CASH FIRED.  SEE YOU TOMORROW. AND GRANT, WE'RE TALKING ABOUT THE INTERNET KID SYSTEM BUT THAT SHOULD NOT STOP US FOR MAKING THOSE IMPROVEMENTS WHERE WE CAN. I DO AGREE WITH THE 10 TO 15 YEAR AND AGAIN I SAY BUILD MORE OF THESE UNITS BECAUSE WHEN YOU LOOK AROUND THE CITY I SEE WHAT THE CITY AND DEVELOPERS PRIORITIZE IN TERMS OF BUILDING HOUSING OVERALL IT DOESN'T LEAN TOWARDS AFFORDABILITY LIKE AT SOME POINT THE GOVERNMENT HAS TO STEP IN AND DECIDE THE LOSER IS PROFIT IN TERMS OF HOUSING BECAUSE I, I LEAN TOWARDS THAT HOUSING AS A HUMAN RIGHT SO IF YOU HAVE TO TO TO SUBSIDIZE THOUSANDS OF DEED RESTRICTED HOMES 10 TO 15 AND THEN LET THEM REALIZE YOU JUST BOOST WEALTH CREATION JUST ACROSS THE BOARD I KNOW THAT'S A PAIN POINT FOR A LOT OF PEOPLE WHO WHO SEEK THE PROFIT OR ONE OF SOCIALISM THIS OR THAT BUT.  WINNERS AND LOSERS YOU HAVE TO MAKE A DECISION THAT THAT'S WHAT THAT'S AT THE CORE OF THIS. I'M NOT SAYING THAT WE CAN'T FIX CAPITALISM IN AMERICA BUT THE CITY HAS A LOT OF POWER AND STRUCTURE WE SPEAK IN YOUR KOWTOWING TO THE WRONG PEOPLE THANK YOU THINK HAPPENED YOU HAVE THE FLOOR. THANK YOU MADAM CHAIR.  I WANT TO START OFF BY JUST THINKING THE PANELISTS SHE'S LOUIS HAD A 1 P.M. AND I WAS LIKE LET ME COME BACK BECAUSE I WANT TO MAKE SURE I GET MY $0.02 IN. I DON'T REALLY HAVE MUCH OF A QUESTION BUT MORE OF A SENSE OF APPRECIATION FOR THE WORK THE SENATOR WILKERSON HAS DONE AND FOR THE ADVOCACY THAT I'M HEARING FROM THE PANELISTS AND I WISH ALL THE RESIDENTS THAT ARE EXPERIENCING RIGHT NOW I REPRESENT A DISTRICT THAT I'M VERY PROUD OF BECAUSE TWO OF THE NEIGHBORHOODS HAVE SOME OF THE HIGHEST BLACK HOMEOWNERSHIP IN THE ENTIRE CITY WHICH IS HIGH PARK MATTAPAN AND I'M VERY PROUD OF THAT. SO I WANT TO MAKE SURE THAT WE KEEP THAT AND WHEN I HEAR THE STATS THAT YOU GAVE THAT THE PERCENTAGE OF BLACK FAMILIES IS DECREASING FOR BLACK HOMEOWNERS IS DECREASING THE CITY OF BOSTON. IT'S ALARMING AND I WANT TO MAKE SURE THAT THAT IS SOMETHING THAT DOES NOT CONTINUE TO HAPPEN.  I DON'T HAVE ANY ANSWERS. I REALLY AND SOMEWHAT ABOUT COLLABORATION AND WORKING WITH ADVOCATES AND THE ADMINISTRATION AND REALLY RESPECT OUTCOMES FROM MY COLLEAGUES LIKE COUNCILOR LOUIJEUNE AND YOUR POINTS HERE AND YOU LEARN FROM YOU COUNCILOR ANDERSON AND WHAT YOUR DISTRICT IS EXPERIENCING. I THINK THAT THAT'S ALL VERY VALUABLE FOR US TO REALLY TAKE IN AND LIKE I SAID, I'M NOT A HOMEOWNER BUT I WOULD LIKE TO BE ONE DAY. SO EVEN FOR ME AS A LAWYER, AS A PERSONAL LEARNING EXPERIENCE ,THIS IS IMPORTANT AND ALSO I REALIZE THAT IT'S ALSO IMPORTANT TO LEARN THE HISTORY OF BOSTON. OH YES. AND WHICH IS WHY I PICKED UP A BOOK A FEW MONTHS AGO. IT'S CALLED THE COLOR OF THE COLOR OF LAW BY RICHARD ROTHSTEIN AND IT'S A BOOK ABOUT IT'S NOT ABOUT BOSTON ACTUALLY . IT'S ABOUT THE INEQUITIES INEQUALITIES OF ZONING AND HOW URBAN RENEWAL HAS DESTROYED A LOT OF NEIGHBORHOODS. BUT A LOT OF THE EXAMPLES ARE FROM BOSTON. THAT'S EXACTLY RIGHT. SO IT REALLY CAUGHT MY ATTENTION ABOUT LEARNING THAT. AND I GUESS WHAT I'M SAYING HERE IS THAT I WANT TO BE AN ALLY TO THIS PART TO THIS CONVERSATION, WHICH IS WHY I ATTENDED THE HEARING AND VERY THANKFUL TO COUNCILOR ANDERSON FOR BEING THE SPONSOR HERE AND I WANT TO LEARN MORE AND I WANT TO BE COUNCILOR IF I COULD JUST SAY IN CLOSING READ THE BOOK AND I WOULD SAY FOR ALL OF YOU THE DEATH OF AN AMERICAN JEWISH COMMUNITY.  I READ THOSE I SENT I REFER THOSE TWO BOOKS TOGETHER THE COLOR OF LAW AND THE DEATH OF AMERICAN JEWISH COMMUNITY. IRONICALLY IT WAS THE FORMER MATTAPAN RESIDENT ROYAL BOWLING SENIOR BEFORE HE WENT TO THE STATE HOUSE WHO CAME TO THIS COUNCIL IN THE 1960S EARLY SEVENTIES TO ASK THIS COUNCIL TO DEAL WITH THE REDLINING AND THE BLOCKBUSTING THAT WAS GOING ON AND MATTAPAN AND THIS COUNCIL PASSED AN ORDINANCE AGAINST BLOCKBUSTING AND IMPOSED A FINE NOT AS MUCH AS HE ASKED BUT THERE IS SOME VERY REAL AND SPECIFIC HISTORY AND THE CONCERN THAT I HAVE IS SO MUCH ABOUT THIS DISCUSSION OF HOUSING IS WHAT WE'LL DO BUT THE IMPACT IS 30 YEARS FROM NOW. RIGHT NOW WE HAVE A PROBLEM.  RIGHT NOW WE HAVE A PROBLEM AND IT'S A VERY SERIOUS ONE.  YOU KNOW THE GRANDPARENTS BECAUSE OUR WAGES STAGNATED FOR 30 YEARS, THE CHILDREN CAN'T AFFORD TO BUY THEIR PARENTS HOMES, PERIOD. THAT'S WHY THE SPECULATORS ARE GONE. GOT THE FREE RIDE. THEY THEY'RE THE ONLY ONES WE'VE CLEARED THE WAY FOR THEM. THEIR CHILDREN CAN'T BUY THEIR HOMES AND THAT'S UNFORTUNATE. WE HAVE SOME OF THE HOMEOWNERS HERE WHO HAVE NO ONE WHO HAS A PARENT IN MATTAPAN, ONE IN DORCHESTER. THEIR HOMES ARE WORTH $800 MILLION. JUST NOTHING THEY DID IS JUST THEY WERE PART OF THAT GENERATION THAT GOT TO BUY. YOU KNOW, IN THE GI BILL COMING BACK FROM THE SERVICE AND SO NOW THEY CAN'T BUY IT AND SO THEY'RE GOING TO WATCH THEIR PARENTS SELL THAT HOUSE TO THE VERY PRIVATE EQUITY THAT WE'RE TALKING ABOUT THAT NUMBER 20% IS GOING TO BE A 30 AND 40 BUT THAT'S WHAT THEY WOULD BE DOING IF THEY COULD SELL THIS HOUSE. THEY BUY THAT ONE. THE CITY GOVERNMENT IS RESPONSIBLE FOR PRODUCING A CONSTANT INVENTORY OF HOUSING FOR LOW INCOME AND AFFORDABLE. IF WE CAN AGREE ON THAT, I THINK THAT THAT IS AT LEAST THE BASIS OF A PLAN TO ADDRESS THE CONCERN THAT YOU HAVE. THAT'S WHAT WE SHOULD BE SPENDING OUR MONEY TO MAKE SURE THAT THE INVENTORY ISN'T NEVER GOES AWAY AND THAT PEOPLE CAN CONTINUE TO MOVE UP. WE THEY'RE STUCK THERE FROZEN RIGHT NOW. THEY CAN'T MOVE WHICH MEANS THEY CAN'T BUY THAT PARENT'S HOUSE WHICH MEANS THAT THAT NUMBER IS GOING TO GO UP. I DON'T KNOW ANY OTHER CITY THAT'S HAD A 6% BLACK HOMEOWNERSHIP DROP AND FOR YOU IF I'M IN IF I MAY JUST SAY THAT ONE LAST THING AND EVEN HAVING THESE CONVERSATIONS ABOUT WHAT WE'RE HAVING HERE TODAY IS SO IMPORTANT ALSO CONSIDER EVEN ZONING WHERE I LEARNED THAT TRIPLE DECKERS IN MANY NEIGHBORHOODS WHEN WE THINK ABOUT TRIPLE DECKERS WE THINK ABOUT BOSTON, RIGHT? WE THINK ABOUT DORCHESTER AND MATT AND ROSLINDALE AND HYDE PARK AND MANY PARTS OF THE CITY. TRIPLE DECKERS ARE ILLEGAL AND THE ZONING WAS DONE LIKE THAT ON PURPOSE OF THAT BLACK AND BROWN AND LATINO FAMILIES DON'T CONTINUE TO TO PURCHASE THEM OR TO BUILD THEM. AND I FIND THAT I LEARNED IN READING THAT IN OTHER HISTORY BOOKS OF BOSTON. SO IT'S SO IMPORTANT FOR US TO HAVE ALL THESE DIALOGS TOGETHER ABOUT NOT ONLY THE DEED RESTRICTION BUT EVEN THE ZONING OF THE CITY OF BOSTON IN OUR NEIGHBORHOODS. SO AGAIN, THANK YOU FOR THE CONVERSATION. THANK YOU ALL SO MUCH FOR ADVOCACY CONTROL.  WE'RE OUT.  THANK YOU CHAIR THANK YOU TO THE PANEL FOR BEING HERE.  I DO APPRECIATE THE ADVOCACY.  I ALSO AM A REAL ESTATE BROKER, HAD MY REAL ESTATE LICENSE SINCE I WAS 19 YEARS OLD AM I CAN SAY HOW OLD I AM NOW BUT IT IS IT IS SOMETHING THAT IS ONE OF THE REASONS WHY I'VE BEEN SO PASSIONATE ABOUT HOMEOWNERS SHAPE HERE IN THE CITY OF BOSTON IS THAT TYPICALLY WHEN I WAS SELLING HOMES IT WAS EVERYBODY WAS MOVING OUT OF THE CITY OF BOSTON. EVERYONE IN OUR COMMUNITY WAS BUYING OUT OF THE CITY OF BOSTON.  SO ONE OF THE THINGS THE REASON WHY ONE OF THE REASONS WHY I RAN FOR OFFICE WAS JUST TRYING TO TILT THE SCALE RIGHT, TRYING TO TIP THE SCALE TO MAKE SURE THAT THERE'S MORE ANTI DISPLACEMENT TOOLS, MORE HOMEOWNERSHIP OPPORTUNITIES AND INVESTMENT FOR THOSE THAT WERE BEING DISPLACED. AND NOW I SEE THIS HOW I SEE THE AFFORDABLE HOMEOWNERSHIP OPPORTUNITY IS AS ANTI DISPLACEMENT TOOL AS A WAY TO KEEP FAMILIES PEOPLE INSIDE THE COMMUNITY THAT THEY WERE BORN AND RAISED IN AROUND THE OPPORTUNITIES THAT THIS RICH CITY PROVIDES.  I UNDERSTAND THAT IN YOU KNOW, THE TYPICAL MARKET, RIGHT THERE'S A EQUITY COMPONENT TO IT AND IS A FINANCIAL WINDFALL . BUT I THINK THE WAY THAT I SEE AFFORDABLE HOMEOWNERSHIP IT IS AN ANTI DISPLACEMENT TOOL IT TO STABILIZE COMMUNITIES.  SO I THINK THAT THAT'S PROBABLY LIKE THE THEORETICAL DIFFERENCE THAT I MIGHT HAVE. BUT I DO BELIEVE IN TERMS OF LIKE THOSE THAT ARE THAT ARE HOMEOWNERS INSIDE OF THE OF AFFORDABLE HOMEOWNERSHIP THAT THEY SHOULD HAVE MORE PRIORITIZATION OF PREFERENCES TO MORE ASSISTANCE WHETHER IT'S COLLEGE ASSISTANCE, CHILD CARE VOUCHERS, WHETHER IT'S MOVING UP ON THE LINE ON DOWN PAYMENT ASSISTANCE AND BEING, YOU KNOW, PRIORITIZED FOR THAT.  BUT I DO THINK THAT FOR ME I SEE THE AFFORDABLE HOUSING AS A ANTI DISPLACEMENT TOO. AND IF WE GET RID OF 2924 AFFORDABLE HOUSING, WHAT'S WHAT IS THE NEXT GENERATION GOING TO BUY KNOWING THAT KNOWING THAT NUMBER IS GOING TO GO INTO THE NUMBER THAT I PULLED UP FROM THE BPA ON THE MEDIAN INCOME FOR THOSE IN DISTRICT FOUR AND NOW TAP ON SOME OTHER DISTRICTS AS WELL.  BUT THE MEDIAN INCOME FROM A BLACK HOUSEHOLD FOR DISTRICT FOUR IS $48,764 BUT NEXT RESIDENT IS 28,308 AND WE SEE THIS MEDIAN INCOME, YOU KNOW, GO UP AND DOWN THROUGHOUT THE DISTRICT I MEAN THROUGHOUT THE CITY. BUT IN DISTRICT ONE WE'RE TALKING ABOUT EVEN LOWER. WE'RE TALKING ABOUT $22,000. THAT'S THE MEDIAN INCOME LEVEL FOR BLACK RESIDENTS AND FOR YOU KNOW, THAT'S CHINATOWN DISTRICT ONE. YEP. YEP.  AND 22,004 FOR THE LINE NEXT SO THIS LIKE THIS IS A CONCERN FOR ME AND JUST UNDERSTANDING HOW WAGES AND INCOME HAS YOU KNOW NOT APPRECIATED FAST ENOUGH OR INCREASE FAST ENOUGH BUT THE PROPERTY VALUES HERE IN BOSTON IS ONE OF THE FASTEST GROWING REAL ESTATE MARKETS IN THE COUNTRY. THAT IS WHY I AM LEANING ON MORE ON THE SIDE OF PROTECTING THE AFFORDABLE HOUSING STOCK AT ALL COSTS. BUT I JUST WANTED TO COME IN AND TAX ONE QUESTION HAS TO DO WITH IF WE IF WE WERE TO YOU KNOW, LET THE DEED RESTRICTIONS FOR THE 29,000 HOW HOW IN KNOWING THAT MILLIONS OF SCARCE 2920 929 KNOWING THAT LAND IS SCARCE WHAT WILL BE THE WAY THAT WE WILL REPRODUCE THAT 2900 UNITS FOR AFFORDABLE HOUSING THROUGH HERE THEY'RE GOING TO TELL YOU THAT THESE THESE HOMEOWNERS ARE GOING TO TELL YOU NOT EVERYBODY WANTS TO SELL THEIRS. I WANT TO SEND MY CHILD TO COLLEGE. I WANT TO SELL. SO THAT'S ONE SECOND REPLACE THEM. WE SPEND BILLIONS OF DOLLARS EVERY YEAR PRODUCING HOUSING BUT WE DO OVERWHELMING MAJORITY OF IT IS RENTAL.  ABSOLUTELY RIGHT. AND THAT'S THE THAT'S THE ISSUE. THAT IS IT BECAUSE THAT'S THE ISSUE. WE SPEND MORE MONEY ON HOUSING AND OTHER OUTSIDE OF SCHOOL. I MAY EVEN BE MORE THAN SCHOOL BUT WHAT WE ARE DOING AND YOU KNOW THE THE HOUSING THAT WE PRODUCE IS LOW INCOME AND RESTRICTED WHICH IS IMPORTANT NOT THAT YOU HAVE TO YOU KNOW,  CERTAIN THE INCOME GUIDELINES YOU HAVE TO MEET GOING IN THE PROBLEM IS THAT WE YOU HAVE TO STAY POOR TO STAY IN YOUR CHILD GETS A SUMMER JOB AND THAT COULD BOOST YOUR RENT. THAT'S WHY WE NEED TO BE DOING OUR WORK IN AND PUSHING SOME OF THESE THE CDC WHO HAVE AMASSED THOUSANDS OF UNITS THAT'S WHY I WORK WITH GROW IN DC THEY DON'T DO RENTAL THEY DO HOMEOWNERSHIP 200 600 UNITS OF HOMEOWNERSHIP, AFFORDABLE HOMEOWNERSHIP THAT'S THEIR PRIDE. THAT'S WHAT WE SHOULD BE USING THE GOVERNMENT MONEY FOR AND AT LEAST SOME BALANCE. YOU LOOK AT THESE BUILDINGS THE BUILDINGS THAT WE'RE TALKING ABOUT METROPOLITAN THE HIGH RISES YOU MIGHT HAVE TO DO TWO UNITS IN THERE AND IF THE DEVELOPERS CONTINUE TO DO WHAT THEY'VE BEEN DOING THEY THEY WOULD THEY PLACE THEY SITE THEIR INCLUSIONARY UNITS SORT OF REQUIRE LOW INCOME UNITS AND SOMEBODY ELSE SOMEWHERE ELSE AND SO YOU'VE GOT ONE IN A BUILDING OF 200 UNITS WHAT TWO IN A BUILDING WITH 400 UNITS? THAT'S A THAT'S A POLICY DECISION. YOU TALK ABOUT WHAT GOVERNMENT MADE DECISION BECAUSE WHAT WE DO REPLACE YOUR UNITS.  THANK YOU. WOULD YOU LIKE TO RESPOND REALLY QUICKLY? PART OF THE HISTORY OF BOSTON IS THAT 40 YEARS AGO BLACK AND BROWN PEOPLE ALONG THE DUDLEY STREET CORRIDOR CREATED THIS LAND TRUST. THAT'S RIGHT RADICAL GIVE MORE PEOPLE COMMUNITY CONTROL OF LAND.  YES. GIVE MORE FOLKS COMMUNITY CONTROL OF LAND AND INVEST IN THAT RIGHT. THAT'S WHAT P.S. 99 IS. SO IF YOU'RE THINKING ABOUT THE HISTORY OF BOSTON AND WHAT HAPPENED THAT WAS ALSO PART OF IT DURING REDLINING AND ALL OF THAT.  SO THERE IS A SPACE FOR SO MUCH OF THIS THAT THE SENATOR IS TALKING ABOUT TO HAPPEN IN TERMS OF POLICY AND ALL THAT.  BUT WE HISTORICALLY HAVE BEEN ABLE TO CREATE A STABILIZED COMMUNITY OVER THE LAST 40 YEARS THAT'S PROBABLY GOING TO END ABOUT TWO OR THREE FORECLOSURES. SO WE NEED TO BE THINKING ABOUT OTHER WAYS. YOU ASKED COUNCILOR ACTUALLY HE'S MY COUNCILOR IF I LIVE IN THIS DISTRICT ABOUT WHAT ARE WE GOING TO DO?  LET'S CREATE MORE SPACE TO PUT MORE LAND AND HOUSING UNDER COMMUNITY CONTROL. I THINK THAT'S A RADICAL STEP.  THANK YOU. GOOD STUFF. I REALIZE THAT THIS MANY PEOPLE HERE IN THE AUDIENCE WHO WAITED ALL THIS TIME TO MAKE TESTIMONY PUBLIC TESTIMONY. SO WE'LL GO TO PUBLIC TESTIMONY NOW WILL DO IT. AND I HAVE PEOPLE WAITING ON LINE AND THE PEOPLE IN THE ROOM SO WE'LL START WITH IN GROUPS OF FOUR SO WE'LL DO FOR THE FIRST FOUR. ESTHER ARRUDA OH I'D LIKE TO WATCH THAT. ESTHER I LIVE HERE.  STEPHANIE ALICE HAZEL I BEL AND PROVENDER DE DIAZ OH AND THANK YOU PANELISTS.  THANK YOU ALL RIGHT THERE AT THE MICROPHONE WHICH IS THE MIKES RIGHT THERE. SO WELL.  ESTHER NO, NO, THE MIKE IS BACK THERE HERE ARE YOU? YEAH I STAND RIGHT BACK IN MY LIFE. YOU AND IF IT'S JUST GOOD AFTERNOON, EVERYONE. THANK YOU. WE'VE GOT INTRODUCE YOUR NAME AND YOUR AFFILIATION AND YOU'VE GOT 2 MINUTES. THANK YOU OKAY?  MY NAME IS ESTHER. I KNOW HER.  I'M A RESIDENT OF MISSION HERE AND I LIVE ON WENSLEY STREET AND I HAVE LIVED IN THIS NEIGHBORHOOD FOR OVER NOW 22 YEARS PLUS. SO WE'RE TALKING OF TWO DECADES. SO I'M GOING TO TELL YOU A LITTLE WHAT I READ ABOUT MY NEIGHBORHOOD WHEN WE MOVED INTO A MISSION NEIGHBORHOOD OR PART OF ROXBURY.  AS YOU ALL KNOW, IT WAS A NO GO ZONE.  WE HOMEOWNERS WHO WERE THIS EFFORT TO GET THESE AFFORDABLE HOMES. I'M SPEAKING FOR MYSELF AS TO FOR MY NEIGHBORS HERE WE BEARED A LOT OF DANGERS WE DID A LOT OF IDEAS. WE ENDURED A LOT OF INCONVENIENCES OF LIVING AT A PLACE THAT WAS CONSIDERED UNINHABITABLE AS OF THAT TIME BECAUSE WE PERCEIVE HAD BEEN MUGGED AND MAKE SURE THAT OUR NEIGHBORHOOD STAYS. THAT'S WHY WE'RE TALKING ABOUT A NEIGHBORHOOD STABILIZATION TO DID SO WE WOULD WE HAD DONE THAT NOW OF TALKING ABOUT WE ARE THE PEOPLE WHO ARE MOSTLY HURT BY THIS JP GANDHI P.C. DEAL THAT SENATOR WILKERSON TALKED ABOUT AUDITING. SO OUR CRITICISM WAS PEOPLE ARE GIVEN TO THEIR YES, WE WE ARE PART OF IT BUT WANT IT AND WE HAVE NOT MISSION WE ARE TALKING ABOUT DEPRECIATION.  FIRST OF ALL, WE WERE HANDED OVER HOUSES BUILT OF INFERIOR MATERIAL CONSTRUCTION, POOR WE'RE IN THEY ARE DO EVERYTHING WE CAN TO STAY.  I NEED TO MAKE SURE THAT OUR NEIGHBORHOOD IS NOT COMPLETELY DESTROYED.  NOBODY TALKS ABOUT THAT. WE'RE TALKING ABOUT IMPROVEMENT. YES, I UNDERSTAND YOU WANT TO MAKE CHANGES. YOU WANT TO MAKE AMENDMENTS.  CAN WE START FROM THE GRASSROOTS? WE ARE THE PROBLEM STARTED WHEN IT RECONSTITUTION FOR ALL THE DAMAGE IS DONE TO WE ARE WE LEAVE THEIR HOUSES THAT DIDN'T THANK YOU THANK GOD IT 2 MINUTES OH OH. CAN I MAKE ONE LAST STATEMENT OF A LONG LIST OF PEOPLE TO TO TO CALL UP?  OKAY SO STEPHANIE, ALICE, NICK THANK YOU SO MUCH.  THANK YOU. THANK YOU FOR YOUR TESTIMONY THAT NO HE IS LITTLE I BEL I WILL I DO NOT WISH TO OKAY PROVENDER THIS WOULD YOU LIKE TO COME DOWN? NO NO NO OKAY SIR AS YOU MORALES THAT IS LEFT.  MARGARET AUSTIN NO, I'M GOING TO CALL OVER TO THE WHO ARE WAITING ON ONLINE. LESLIE TRUDEAU AND JOSE LORENZO IF YOU COULD COME ONLINE WITH ARE YOU HERE OH, IS THAT RIGHT AT THE MOMENT COME ON.  NO, EVENTUALLY YOU'RE HERE. I'LL TAKE WHOEVER IS HERE WHO'S READY TO SPEAK. YOU'VE GOT 2 MINUTES. YEAH, I'M CERTAINLY NOT ONLINE BUT I AM HERE.  YEAH. SO I'M NOT LESLIE CREDO BUT I AM GOING TO TALK ABOUT HER.  SO WE WORK TOGETHER AT JUSTICE FOR HOUSING AND LESLIE, AS AFOREMENTIONED, LIVES AT 41 ROUND HILL STREET AND ACCORDING TO THE MAYOR'S OFFICE OF HOUSING SHE HAS A MAXIMUM RESALE PRICE OF HUNDRED AND $13,000 AND THIS PRICE DOESN'T TAKE A LOT INTO ACCOUNT FOR EXAMPLE, THE EXTENSION THAT LESLIE PAID FOR OUT OF HER OWN POCKET TO PUT ONTO HER HOUSE AND WHEN LOOKING AT OTHERS ON HER STREET JUST ROUND HILL STREET, WE CAN SEE THAT THIS RESALE PRICE WOULD RESULT IN A MASSIVE LOSS OF PROFITS FOR MS. CRADLE. SO TAKE THESE THREE PROPERTIES THAT ALL LIST 39 ROUNDHILL STREET WHICH SOLD IN 2019 ONE FOR $872,000.27 ROUNDHILL STREET WHICH SOLD IN 2022 WENT FOR $1,050,000 AND 57 ROUNDHILL WHICH SOLD JUST A FEW WEEKS AGO WENT FOR $1,015,000.  THE AVERAGES OF THE SALE PRICES ARE $979,000 WHICH IS MORE THAN 150% OF MS. CRADLES MAXIMUM RESALE PRICE BUT SHE ISN'T EVEN GUARANTEED TO GET AND ON THE WEBSITE REDFIN WHICH ACTS WHICH ESTIMATES CURRENT HOUSING PRICES ALL OF THESE HOUSES ARE VALUED AT OVER $1.12 MILLION. AND SO I GIVE THIS EXAMPLE OF ROUNDHILL STREET BECAUSE MS. CRADLE WHICH IS CURRENTLY IN A DEED RESTRICTED HOME IS BEING LOCKED OUT OF POSSIBLE WEALTH CREATION AND SO WHAT WE ADJUST AS FOR HOUSING DO IS WE SERVICE INCARCERATED PEOPLE AND THE FINAL STEP OF OUR PROGRAM TO WORK WITH INCARCERATED PEOPLE IS MOVING THEM INTO HOME OWNERSHIP. AND SO WE CANNOT IN GOOD CONSCIENCE AUTHORIZE AUTHORIZE THIS PROGRAM OF DEED RESTRICTED OWNERSHIP IF THEY'RE LOCKED OUT OF THIS SYSTEM OF BUILDING EQUITY OF BUILDING MORE WEALTH BECAUSE YES, THERE'S A RACIAL WEALTH GAP, THERE'S A BIGGER RACIAL WEALTH GAP GAP RACIAL WEALTH GAP WHEN YOU'RE INCARCERATED AND WHEN YOU HAVE AN INCARCERATED MEMBER OF YOUR FAMILY.  AND SO WHEN YOU LOOK AT SOMETHING LIKE THIS, THE LOSS OF POTENTIAL WEALTH, IT'S JUST IT'S UNCONSCIONABLE. THANK THANKS. NOW IS CATHIE BROWN YOU?  I AM BUT I JUST WANTED TO HOLD THAT IN ADVANCE SO LESLIE COULD GO JOSE LORENZO ONLINE ALERT LUIS CRUZ PARTY OKAY.  PHILIP WHO'S ONLINE SEX YES.  OKAY. YES WE HAVE SOME FOLKS HERE SENT THESE THESE ARE ONLINE COURSE. YES.  YEAH. OKAY THEY'RE WAITING SO WE'LL CALL A GIBSON FROM THE CENTER TO SUPPORT IMMIGRANT ORGANIZING FOLLOWED BY KEN YASSIN AND TAKE OKAY, THERE WE GO. HELLO? YES, CAN YOU HEAR ME ? YES, YOU HAVE THE FLOOR. YOU GOT 2 MINUTES. THANK YOU. THIS IS COLE GIBSON, THE DIRECTOR OF ORGANIZING WITH RECLAIM ROXBURY. GOOD AFTERNOON.  MEMBERS OF THE CITY COUNCIL PANELISTS THOSE THAT TOOK THE TIME OUT TO JOIN US TODAY RECLAIM ROXBURY AND OUR COALITION PARTNERS FOUGHT FOR AND CONTINUE TO FIGHT FOR DEED RESTRICTION MEASURES NOT TO DIRECTLY INDUCE A CLOSING OF THE RACIAL WEALTH GAP BUT TO PROVIDE A PILLAR OF STABILITY FROM WHICH FAMILIES CAN CLOSE THIS GAP STABLE HOUSING PROVIDES FAMILIES WITH A SECURE BASE FROM WHICH TO THRIVE. IT CAN ENHANCE EDUCATIONAL OUTCOMES FOR CHILDREN AND IT CAN REDUCE STRESS RELATED HEALTH ISSUES.  DEED RESTRICTIONS ARE NOT ABOUT LIMITING OPPORTUNITY THEY ARE ABOUT PRESERVING IT FOR THOSE WHO HAVE BEEN SYSTEMATICALLY DENIED ACCESS.  IF WE CONTINUE TO VIEW HOME OWNERSHIP IN EVERY POLICY THAT AFFECTS HOMEOWNERS SOLELY THROUGH THE LENS OF WEALTH ACCUMULATION GENERATION, WE IGNORE THE DEEPER VALUES OF COMMUNITY PRESERVATION AND EQUITY CREATION THAT LIES AT THE HEART OF THIS POLICY PROBLEM. IT'S TO HAVE A CONVERSATION ABOUT HOW WE CAN WORK TOGETHER TO BETTER INFORM CURRENT AND HOPEFUL HOMEOWNERS ON THE SPECIFICS OF HOW DEED RESTRICTIONS AFFECT THEIR POWER IN THE MARKET AND THE ABILITY TO HAVE THE SAME CHOICES AS NON DEED RESTRICTED RESIDENTS AND TO MAKE AMENDMENTS SO THAT THEY HAVE MORE ACCESS TO THAT WITHIN THE CURRENT FRAMEWORK AND EVEN THE NEW FRAMEWORK THAT THE CITY PROPOSED.  BUT THAT DEED RESTRICTED HOMEOWNERS CAN REFINANCE THEIR HOMES FOR UP TO 95% OF THE MAX RESALE PRICE. THE DYNAMICS OF THE MAX RESALE PRICE AND ITS ANNUAL COMPOUNDING INCREASES PROVIDING FLAHERTY ON HOW TO ACCESS THE EQUITY ACCRUED ON YOUR DEED RESTRICTED HOME THESE ARE ALL ANSWERS TO QUESTIONS WE HAVE FACED IN THE FIELD AND THAT WE MUST SUCCESSFULLY COMMUNICATE WITH FLAHERTY TO RESIDENTS TO ALLEVIATE ANY CONFUSION AND CONCERNS THEY MAY HAVE. BUT GIVEN THE OVERWHELMING AMOUNT OF DATA AVAILABLE THE GRACES OF LONG TERM DEED RESTRICTIONS OF AT LEAST 30 YEARS ON ADEQUATE AMOUNTS OF HOUSING IN BLACK AND BROWN NEIGHBORHOODS AND THE TESTIMONY SO FAR GIVEN TODAY BY THE PANELISTS AND EVEN HEARING FROM OTHER CITY COUNCILORS TO CONTINUE THIS DEBATE ON ENDING OR EVEN SHORTENING THE RESTRICTIONS WOULD UNPRODUCTIVE. THANK YOU. THANK YOU. THANK YOU FOR YOUR TESTIMONY.  NEXT UP IS KENAN YASIN.  GOOD AFTERNOON, LADIES AND GENTLEMEN OF THE BOARD CITY COUNCILORS MY NAME IS KANAAN YASIN. I AM THE DIRECTOR OF HOUSING AND FINANCE FOR EHSAN WHICH IS THE AFRICAN COMMUNITY ECONOMIC DEVELOPMENT NEW ENGLAND. WE ARE A CDC, A YOUNG CDC IN THE NEIGHBORHOOD OF ROXBURY AS WELL AS THE GREATER BOSTON AREA . THIS CONVERSATION TODAY IS A BEAUTIFUL DISCUSSION THAT WE ARE SO GLAD TO BE A PART OF . I'M HEARING THE DISCOURSE OF MANY OF THE DIFFERENT PERSPECTIVES OF THIS STRONG SUBJECT THAT WE IN DISCUSSION TODAY IS SO IMPORTANT. I'M GLAD WE'RE HAVING THIS CONVERSATION.  I'LL TRY TO KEEP IT REAL BRIEF. I RESPECT AND AGREE WITH A LOT OF THE SENTIMENT THAT WAS DISCUSSED ABOUT TRYING TO HELP WITH THE WEALTH GAP AND WEALTH DISPARITY ESPECIALLY FOR BIPOC COMMUNITIES IN ROXBURY. JUST HEARING THE SENATOR SPEAK ABOUT THE CHANGES IN THE HOMEOWNERSHIP WHAT'S BEEN GOING ON IN ROXBURY IS A VERY DISAPPOINTING SIGHT TO HEAR OUR MEMBERS ALMOST OVER 90% OF OUR MEMBERS OF THE AFRICAN AND AFRICAN DIASPORA AREN'T HOMEOWNERS AT ALL. RIGHT SO FOR US DEED RESTRICTION HAVING THE ABILITY AND THE OPPORTUNITY TO EVEN QUALIFY FOR A PROGRAM LIKE THAT IS SOMETHING THAT WE WOULD LOVE TO BE A PART OF . YOU KNOW, SO JUST HEARING AND JUST HAVE A FEW TALKING POINTS I WANT TO DISCUSS. SO ONE OF THE THINGS OR MANY OF THE TYPES OF THE HOUSING ARE NEEDED TO SUPPORT THRIVING AND COMMUNITIES DEED RESTRICTED HOMES ARE ONE TYPE AMONG MANY AND EVEN RESTRICTIVE HOMES INTENTIONALLY PROVIDE AN AFFORDABLE PATH TO HOMEOWNERSHIP AND INTENTIONALLY PRESERVE THAT PATH TO MULTIPLE FAMILIES TO BENEFIT FROM THE SAME.  AND OVER TIME THESE HOMES PLAY A CRITICAL ROLE IN OVERALL HOUSING ECOSYSTEM.  THIS IS THE ONLY KIND OF HOUSING THAT IS AFFORDABLE AND ACCESSIBLE TO WORKING FAMILIES. MOST PEOPLE IN BOSTON CANNOT AFFORD TO BUY HOUSING IN SO MORE MARKET HOMES DO NOT PROVIDE OPPORTUNITIES TO THOSE WHO CANNOT AFFORD THEM. AND THE DISCUSSION OF GENTRIFICATION IS AN IMPENDING ISSUE THAT NEEDS TO BE HIGHLIGHTED SELLING THESE HOMES OR GIVING THE OPPORTUNITY TO SELL THESE HOMES MORE LIKELY WOULD BRING IN BIG INVESTORS AS WELL AS YOU KNOW NON BIPOC COMMUNITIES. AND ONE THING I WANTED TO DISCUSS IN PARTICULAR IS THAT US BEING A CDC WE ARE PART OF WHAT CALLED THE WELCOME HOME BOSTON PROGRAM THAT YOU GUYS ARE AWARE OF AND WE ARE PART OF THE MAYORS I HELLO 2 MINUTES IS UP THANK YOU ALL RIGHT THANK YOU GUYS THANK YOU THANK YOU FOR YOUR ADVOCACY NO WE HAVE IS TAC ONLY IS TAGLINE GO AND THEN WE'LL HAVE MR MARTINEZ TALKS IPAD YOU HAVE THE FLOOR SORRY COUNCILOR RESIDENT MY NAME IS PASHTO JAFAR FROGGY KIKI I THANK YOU SO MUCH MEMBERS OF THE COUNCIL AND ALSO SO I'M GRATEFUL TO BE WITH ALL OF YOU I AM THE EXECUTIVE DIRECTOR OF THE CHEW ALLIANCE CENTER BUT WORKING CLOSELY WITH THE EQUITY NOW AND BEYOND THAT IS A COALITION MADE OF LATINOS ,BRAZILIANS, AFRICANS AND WE ARE SPEARHEADED BY A CENTER TO SUPPORT IMMIGRANT ORGANIZING CEASEFIRE.  SO I'M HERE JUST TO SUPPORT LONG TERM AFFORDABLE HOUSING AND THAT'S YOU KNOW, THIS PROGRAM IS DESIGNED THAT JUST TO KEEP THE HOMES AFFORDABLE FOR MULTIPLE GENERATIONS IN ORDER TO PRESERVE AFFORDABLE HOUSING STOCK IN THE CITY OF BOSTON.  JUST BEING A MEMBER OF THE CHAIR OF THE EQUITY NOW AND BEYOND JUST WE ARE THINKING ABOUT DEVELOPING A COMMUNITY LAND TRUST SO THAT WE CAN DEFINITELY INCREASE HOMEOWNERSHIP WITHIN THE LATIN AND BROWN COMMUNITIES. AS YOU KNOW BECAUSE OF THE MEDIAN INCOME ABOUT $30,000 I'VE JUST HEARD OUR CONSERVATIVE WARRIOR JUST MENTIONED THAT VERY LOW INCOME IT'S MAKES IT VERY DIFFICULT FOR THOSE FAMILIES TO AFFORD A HOME IN BOSTON. SO MY CHILDREN CANNOT LIVE IN BOSTON. THEY GOT TO MOVE ELSEWHERE BECAUSE OF THE HIGH COST OF HOMEOWNERSHIP IN BOSTON. SO MAINTAINING THESE DEED RESTRICTIONS WILL ALLOW ALL JUST TO ALSO THE SAME HOME THAT WAS PURCHASED ABOUT 1015 YEARS AGO BASICALLY FOR 250 OR $300,000 EVEN THOUGH THE APPRECIATION OF $500,000 THAT IS STILL AFFORDABLE FOR ME INSTEAD OF JUST GIVEN THE OPPORTUNITY BY REDUCING THE DEED RESTRICTIONS AND THEN THEY WOULD BE SELLING TO A HIGHER INVESTORS AND THAT WILL DEFINITELY INCREASE GENTRIFICATION AND I'M ASKING YOU TO EXEMPT I KNOW JUST THE TWO FAMILIES HAITIAN FAMILIES WHO PURCHASED THEIR HOMES THROUGH THIS DEED RESTRICTIONS THEY WERE ABLE TO SELL THEIR HOMES FROM DORCHESTER, GOT MOVED TO MILTON AND MOVE TO WEST ROXBURY.  SO THAT'S I SAY THANK YOU. THANK YOU. THANKS FOR YOUR TESTIMONY AND WE'LL GO BACK TO THE FOLKS IN THE ROOM SERGIO MORALES NO.  MARGARET AUSTIN SPEAKER MARGARET REAGAN MARGARET AND THEN LET'S FOLLOW UP WITH CATHY BROWN. WANT TO COME UP TO THE MICROPHONE? YEAH 2 MINUTES.  GOOD AFTERNOON. THANK YOU FOR YOUR TIME THIS AFTERNOON. MY NAME IS MAGGIE AUSTIN.  I AM A LOCAL DORCHESTER RESIDENT.  I'VE BEEN LIVING IN DORCHESTER FOR ONLY ABOUT 13 YEARS IN THE LAST 13 YEARS I'VE MOVED ABOUT SIX TIMES. I AM A RENTER. I'M ALSO AN ATTORNEY BY TRADE AND ACTIVE IN MY LOCAL FAITH COMMUNITY AND SIT ON TWO NONPROFIT HOUSING RELATED BOARDS.  IN ADDITION, I HAVE A CONGENITAL VISION IMPAIRMENT A DISABILITY THAT NOT ONLY IMPACTS MY EMPLOYMENT AND MY EARNING POTENTIAL AS A YOUNG PROFESSIONAL IN THE CITY BUT IT ALSO REALLY IMPACTS MY HOUSING NEEDS AND THE NEEDS I HAVE FOR COMMUNITY AFFORDABILITY.  SO I HAVE A FEW POINTS THAT I JUST WANTED TO SHARE IN FAVOR OF CONTINUING TO PRESERVE DEED RESTRICTION AND DEEDED COVENANTS.  I RESPECT A LOT OF THE TESTIMONY THAT'S ALREADY BEEN GIVEN AND A LOT OF THE CONCERNS AND QUESTIONS SO JUST KUDOS TO THE PROCESS FROM MY PERSPECTIVE AS A YOUNG WHITE PROFESSIONAL WOMAN WITH A DISABILITY DEED RESTRICTIONS ARE A REALLY POWERFUL TOOL FOR NOT ONLY AFFORDABILITY FOR ACCESSIBILITY AND EQUITY AND INCLUSION IN OUR DEED RESTRICTION RESTRICTED HOUSING ESPECIALLY SOME OF THAT THAT PARTICULAR HOUSING STOCK IN OUR CITY ARE SOME OF THE MOST ACCESSIBLE HOUSING IN THE CITY. OUR MARKET RATE HOUSING ISN'T NEARLY DOESN'T NEARLY HAVE THE KINDS OF ACCESS AND MODIFICATIONS AND ACCOMMODATIONS THAT HELP PEOPLE WITH MOBILITY IMPAIRMENT SO A LOT OF OUR DEED RESTRICTION RESTRICTED OPPORTUNITY IS KIND OF FOLD IN ACCESSIBILITY.  SO THANK YOU FOR THE OPPORTUNITY AND FOR THE CONSIDERATION. THANK YOU. THANK YOU.  CATHY BROWN AND THEN SHARON CHO HI THERE.  GREAT TO BE HERE. THIS IS A LOT OF REALLY POWERFUL TESTIMONY.  SO I'M CATHY BROWN. I LIVE IN JAMAICA PLAIN AND I WORK FOR THE BOSTON TENNIS CULTURE AND WE VERY MUCH SUPPORT DEED RESTRICTION AND I'M ALSO ON THE BOARD OF THE JPN DC THAT CREATED THE BACK OF THE HILL HOMEOWNER HOMES AND YOU KNOW AND I WAS INVOLVED THEN AND I KNOW AND I'VE TALKED TO PEOPLE SINCE IT WAS EXPLAINED I MEAN WHATEVER THEIR DIFFERENT PERCEPTIONS THERE'S OTHER DOCUMENTS THAT HAVE BEEN SIGNED SO IT'D BE GOOD TO LIKE COMPARE THE DOCUMENTS THAT SENATOR WILKERSON HAS AND WHAT THE CITY HAS.  YEAH YEAH YEAH. YEP. OKAY OKAY OKAY OKAY.  JUST WANT TO BE HONEST ABOUT THAT BUT THAT'S NOT WHAT I WANT TO TALK ABOUT THAT ALSO THE COMPROMISE THAT THE CITY HAS DONE IS ALLOWING THE COMMONWEALTH BUILDERS MONEY TO FLOW FOR HOMEOWNERSHIP AND THIS PROGRAM IS SO KEY FOR NOW AND FOR THE FUTURE AND THAT'S WHAT IT'S ALL ABOUT YOU KNOW IS HAVING AFFORDABLE HOMEOWNERSHIP NOW. BUT THEN FOR THE NEXT PERSON THAT WASN'T ABLE TO BUY BEFORE AND PEOPLE DO YOU KNOW ACCUMULATE SOME WEALTH IT'S NOT CRAZY WEALTH BUT IT'S SOME WEALTH AND HOPEFULLY THE IDEA OF COMBINING CITY PROGRAMS SO THEY CAN BUY ON THE OPEN THAT'S GREAT. I WORKED IN MY THIRTIES AND FORTIES AT CITY LIFE FIELD URBANA AND WE ORGANIZED BIG TIME TO GET PROPERTIES FROM THE BANKS AND THESE WERE NOT THESE ARE NOT HOMEOWNERS, THESE WERE SPECULATORS AND WE FOUGHT SO HARD WE GOT THESE PROPERTIES AND THEY BECAME HOMEOWNER OPPORTUNITIES AND WE WERE FIGHTING FOR AFFORDABLE HOUSING BUT TO KEEP JP AFFORDABLE FOR THE LONG HAUL. SO IT'S JUST REALLY IMPORTANT. THE OTHER THING I JUST WANT TO NOTICE IS I ACTUALLY WE ACTUALLY WHEN WE BECAUSE WE WERE THREE TENANT ACTIVISTS WE BOUGHT WE WERE ABLE TO BUY OUR HOME TWO FAMILIES TOGETHER A TRIPLE DECKER WAY BACK WHEN AND WE DECIDED THAT WE AND THAT WE NEEDED TO CONDO IF IT COMES TO THIS ONE THING AND ONE WE CAN DO IS JACKED UP THE VALUE AND SO WE PUT WE PUT VOLUNTARY DEED RESTRICTIONS ON OUR PROPERTY BECAUSE WE DIDN'T WANT TO LIKE CAPITALISM AND WHEN WE LEAVE WE'RE GOING TO MAKE THIS MUCH MONEY. WE'RE NOT MAKING THIS MUCH MONEY BUT WE'RE MAKING THIS MUCH MONEY. KATHY, THANK YOU KATHY SHARON,  JILL AND THEN I WILL IS RIVERA OKAY, SHANNON YOU'VE YOU'VE GOT THE FLOOR.  HI, GOOD AFTERNOON. THANK YOU FOR HOSTING THIS VERY IMPORTANT HEARING. MY NAME IS SHARON CHOE AND I AM ACTUALLY A STAFF PERSON AT THE DUDLEY NEIGHBORS INCOME UNITY LAND TRUST THAT WAS TALKED ABOUT EARLIER TODAY. BUT I'M ALSO SPEAKING TODAY AS AN HOUSING ORGANIZER AS ALL AS WELL AS A DORCHESTER RESIDENT AND OVER THE LAST TEN YEARS I'VE BEEN FIGHTING ALONGSIDE MY NEIGHBORS FOR AFFORDABLE HOUSING IN MY NEIGHBORHOOD SO THAT OUR WORKING CLASS NEIGHBORS AND OUR COMMUNITIES OF COLOR HAVE HOUSING TO LIVE IN. AND I'M HERE IN SUPPORT OF LONG TERM DEED RESTRICTIONS THAT PRESERVE AFFORDABILITY OVER GENERATIONS BECAUSE WHAT WE'VE SEEN IS THAT AFFORDABILITY PROTECTIONS THEY PROTECT AGAINST SPECULATION, AGAINST GENTRIFICATION AND DISPLACE MINT.  AND I'M REALLY STRUCK BY THIS HEARING TODAY BECAUSE I SEE SO MUCH AGREEMENT AROUND THE PROBLEM THAT WE'RE FACING. WE ALL AGREE THAT THERE IS A HOUSING CRISIS.  RIGHT. AND AND YOU KNOW, WHILE I EMPATHIZE EMPATHIZE WITH YOU KNOW, INDIVIDUAL HOMEOWNERS TOO AND THAT WE ALSO HAVE TO TAKE A BIGGER LOOK THAT YOU KNOW, WE KNOW THAT THE MARKET LEFT TO ITS OWN DEVICES IT'S NOT GOING TO PROTECT OR UPLIFT OUR COMMUNITIES. AND I JUST WANT TO GIVE AN EXAMPLE OF OUR COMMUNITY LAND TRUST. WE WERE FOUNDED 35 YEARS AGO. WE HAVE OVER 100 UNITS OF PERMANENTLY AFFORDABLE HOUSING ON OUR HOME OWNERSHIP UNITS ON OUR LAND TRUST AND 30 YEARS AGO ON DENNIS STREET,  DENNIS STREET AND WINTHROP STREET 36 UNITS OF PERMANENTLY AFFORDABLE HOMEOWNERSHIP WERE BUILT 30 YEARS AGO. RIGHT? SO THIS IS THE DEED TERM THAT WE'RE TALKING ABOUT ALL OF THOSE HOMES ARE OCCUPIED BY HOUSEHOLDS OF COLOR CAPE VERDEAN LATINO ASIAN HOUSEHOLDS . AND I THINK ABOUT IF THOSE DEED RESTRICTIONS WERE LIFTED IN A CONTEXT WHERE SINGLE FAMILY HOMES GO FOR $1,000,000, WHO WOULD MOVE INTO OUR COMMUNITY TODAY? SO I JUST URGE THE CITY COUNCIL TO CONSIDER HOW DEED RESTRICTIONS CAN BE USED AS A WAY TO PROTECT OUR AFFORDABLE HOUSING. YOU KNOW, GENERATION AFTER GENERATION. THANK YOU. THANK YOU. A IS MINNIE MCMAHON EVEN KOREA ME ME ME SHE'S ME RENEE. GOOD AFTERNOON.  MEMBERS OF THE COUNCIL AND OTHER RESIDENTS OF THE CITY OF BOSTON.  MY NAME IS MINNIE. I'M A DORCHESTER RENTER AND I WORK FOR THE GREATER BOSTON COMMUNITY LAND TRUST NETWORK. I JUST WANT TO TELL A QUICK STORY ABOUT ONE OF THE WAYS THAT THIS ISSUE IS PLAYING OUT RIGHT NOW AND HOW WE NEED MORE SUPPORTS FOR LONG TERM AND PERMANENTLY AFFORDABLE HOUSING AND OTHER COMMUNITY ASSETS.  A FEW YEARS AGO GOVERNOR BAKER AND MASS HOUSING CAME UP WITH A COMMONWEALTH BUILDERS PROGRAM THAT THE SENATOR REFERRED TO THAT WOULD INVEST IN FIRST TIME NEW CONSTRUCTION AFFORDABLE HOMEOWNERSHIP. BUT THEY'RE DOING IT WITH A LOGIC OF OF LIKE WE ARE USING THE MARKET TO CLOSE THE RACIAL WEALTH GAP SO THE DEED RESTRICTIONS AND AFTER 15 YEARS IN THAT PROGRAM THERE WERE NEGOTIATIONS WITH THE CITY AND WE CAN USE THAT PROGRAM THAT THAT SOURCE IN BOSTON AT A 30 YEAR TERM. WHAT'S HAPPENED ON, DUDLEY STREET IS THAT THERE IS A COMMUNITY PROCESS, A COMMUNITY VISION FOR DEVELOPING A BUILDING ON DUDLEY STREET NEAR NOT FAR FROM ADAMS CORNER AND WHERE BLUE HILL OUT COMES IN. WE HAD MONTHS OF VISIONING DELIBERATION WITH COMMITTEES ABOUT WHAT TO GET BUILT THERE, WHAT DEVELOPER TO SELECT.  A VERY PARTICIPATORY COMMUNITY LED PROCESS. THE VISION WAS 18 AFFORDABLE PERMANENTLY AFFORDABLE CONDO UNITS WITH MOM AND POP NON-CORPORATE COMMUNITY OWNED BUSINESSES ON THE GROUND FLOOR. VERY EXCITING TEAM OF DEVELOPERS CREATIVE MINDS TRYING TO BUILD SOMETHING BEAUTIFUL ON DUDLEY STREET. OUR COMMITTEES ARE THOROUGH PROCESSES SELECTED THE DEVELOPMENT TEAM AND THEN WE REALIZED WAIT A MINUTE COMMONWEALTH BUILDERS WHICH SUBSIDIZES AFFORDABLE HOMEOWNERSHIP. WOULD NOT WORK WITH US BECAUSE THEY DIDN'T WANT PERMANENT AFFORDABILITY.  SO WE'RE NOW TRYING TO FIGURE OUT HOW TO MOVE THAT PROJECT FORWARD AND WE NEED MORE SUPPORT FOR PERMANENT AFFORDABILITY.  THANK YOU. THANK YOU. I WOULD GO BACK TO MS. MR RIVERA, WOULD YOU LIKE TO STEP UP? YES, I WILL SAY THE LEAST. OH, SORRY , I I HOPE I'M PRONOUNCING YOUR NAME CORRECTLY. JUST INTRODUCE YOURSELF. HELLO. GOOD AFTERNOON. MY NAME IS JASMINE TAI. TODAY I'M REPRESENTING SOMEONE THAT COULDN'T BE HERE TODAY MS. OF ALICE RIVERA. SHE SAYS GOOD MORNING, MY NAME IS OF ALICE RIVERA. I'M A LIFELONG BOSTON RESIDENT WITH 20 PLUS OF THOSE YEARS AS A PROUD ROXBURY RESIDENT AND 2010 I BECAME THE OWNER OF A DEED RESTRICTED HOME IN ROXBURY . I UNDERSTAND THAT THERE ARE SOME NEGATIVE ASPECTS OF OWNING A DEED RESTRICTED PROPERTY ONE OF WHICH IS NOT BEING ABLE TO SELL FOR THE MARKET RATE. HOWEVER, I WOULD LIKE TO HIGHLIGHT THE POSITIVES OF OWNING AN INCOME RESTRICTED PROPERTY OWNING AN INCOME RESTRICTED HOME HAS GIVEN ME THE ABILITY TO PROVIDE A STABLE AND SECURE HOME TO MY DAUGHTERS. WE NO LONGER FEAR FOR BEING FORCED OUT OF OUR NEIGHBORHOOD BECAUSE OF THE RAISING RENT, HAVING AN AFFORDABLE MORTGAGE PAYMENT ALLOWED ME TO NOT HAVE TO RELY ON A SECOND JOB TO BE ABLE TO AFFORD HOUSING WHICH IN TURN ALLOWED FOR ME TO OBTAIN BOTH A BACHELOR'S AND MASTER'S DEGREE. I WAS ABLE TO START A BUSINESS ALSO AND ALLOWED ME TO FINANCIALLY ASSIST MY DAUGHTERS WITH THEIR COLLEGE TUITION SO THAT THEY DID NOT HAVE TO INCUR LARGE DEBT. I KNOW THAT THE CURRENT NARRATIVE AROUND DEED RESTRICTED OWNERSHIP IS THAT IT PREVENTS THE ABILITY TO CREATE GENERATIONAL WEALTH. I WOULD ARGUE THAT THERE ARE DIFFERENT PARTS OF THE CREATION OF GENERATIONAL WEALTH WITH HOME EQUITY BEING JUST ONE OF THEM. I KNOW THIS TYPE OF HOME OWNERSHIP WILL CONTINUE TO MAKE THE LIVES OF OTHER FAMILIES BETTER JUST AS IT DID FOR MINE. I BELIEVE THAT THE CURRENT FORM OF DEED RESTRICTION CAN BE IMPROVED UPON AND I WOULD BE HAPPY TO VOLUNTEER TO WORK ON THIS WITH THE COMMUNITY TO DO THAT. AND IF I COULD ADD I DIDN'T KNOW I WAS GOING TO BE HERE AND I AM 22 OR 23. I'VE BEEN WORKING WITH MADISON PARK DEVELOPMENT CORPORATION AND INTERNING FOR THE BOSTON TENANT COALITION WHICH I NEVER INTENDED TO. AND THE STORY TODAY WAS ACTUALLY JUST GIVEN TO ME AND I REALLY DOES RESONATE WITH ME BECAUSE MY MOTHER IS A SINGLE MOTHER AND WE'VE ALWAYS TALKED ABOUT HOMEOWNERSHIP AND IT ALWAYS FELT UNATTAINABLE AND IMPOSSIBLE AND AT A YOUNG AGE I TOOK ON THAT RESPONSIBILITY DROPPING OUT OF SCHOOL AND I DID NOT KNOW ABOUT THIS DEED RESTRICTION AND IF I DID A PUBLIC HAD A DIFFERENT LIFE THAN I AM NOW. SO THANK YOU. THANK YOU.  WHO'S NEXT? EVELYN. EVELYN. SHE'S OUT HERE AND AND AND TO PHONE AND AND AND TO FIND OUT THERE IS.  INTRODUCE YOURSELF AND YOU'VE GOT 2 MINUTES. OKAY.  HI, EVERYBODY. I'M NYLA JEAN-LOUIS BUT I WILL BE REPRESENTING EVELYN CORREA GONZALEZ. OKAY.  MY NAME IS EVELYN CORREA GONZALEZ, PRESIDENT OF THE DUDLEY NEIGHBORS INC BOARD IN A PROUD CNI LAND TRUST HOMEOWNER . MY PARENTS MIGRATED FROM PUERTO RICO WHEN I WAS A YOUNG GIRL. THEY MOVED TO BETHLEHEM, PENNSYLVANIA AND THEY MOVED A LOT FROM APARTMENTS TO HOUSING DEVELOPMENTS BECAUSE THEY COULD NOT AFFORD TO BUY A HOME.  AS AN ADULT I MOVED TO DORCHESTER IN 1988 WHEN MY CHILDREN'S FATHER.  HIS PARENTS HAD A TWO FAMILY HOME AND WE LIVED ON THE SECOND FLOOR. ONCE MY SON STARTED SCHOOL IN 22,003 I DECIDED THAT I WANTED BETTER FOR MY KIDS AND MYSELF.  SO I BECAME INVOLVED WITH THIS AND I AS I STARTED TO LEARN MORE GOT INVOLVED IN THE COMMUNITY WORK I STARTED SAVING FOR OUR FUTURE HOME. ON NOVEMBER 2019 EVIL OF THANKSGIVING I CLOSED ON OUR NEW HOME. MY KIDS AND I WENT TO OUR NEW HOME AND THEY PICKED ME UP OVER THE THRESHOLD WITH EXCITEMENT. IF IT WASN'T FOR THE DNR ELANTRA AND DEED RESTRICTIONS THAT KEEP HOUSING AFFORDABLE I WOULD HAVE NEVER BEEN ABLE TO AFFORD TO BUY A BRAND NEW HOME WITH A BACKYARD FOR THE DOG THAT WE ALL WISH FOR ESPECIALLY IN BOSTON DORCHESTER.  MY CHILDREN WENT TO COLLEGE AND ARE NOW GROWN ADULTS.  OUR SUPPORT AND LONG TERM AFFORDABLE HOMEOWNERSHIP BECAUSE I WISH FOR OTHER FAMILIES TO HAVE THE SAME OPPORTUNITY AND EXPERIENCE OF BUYING A HOME FOR THE GENERATIONS TO COME. THANK YOU FOR YOUR TIME. THANK YOU.  I WILL GO BACK TO ONLINE AS A OH ANOTHER GOOGLE DOODLE. GOOD AFTERNOON.  WELCOME. THANK YOU. GOOD AFTERNOON.  MEMBERS OF THE COUNCIL AND BOSTON RESIDENTS MY NAME IS TOO PHON AND I'VE BEEN A BOSTON RESIDENT MY WHOLE LIFE. I CURRENTLY RENT IN DORCHESTER AND I JUST WANT TO SHARE A STORY OF MY UPBRINGING IN BOSTON AND HOW IT RELATES TO THIS MATTER. MY FAMILY, MY PARENTS AND TWO SIX OLDER SIBLINGS IMMIGRATED HERE IN 1990 FROM VIETNAM AND THEY MOVED INTO AN APARTMENT IN FIELDS CORNER AND THERE WAS A NINE OF US JUST LIVING IN THIS TINY APARTMENT AND FOR THEM TO BUY A HOUSE THEY HAD TO PULL MONEY TOGETHER AND THEY WERE ABLE TO PURCHASE A HOME NEAR ASHMONT AND THE HOUSE CURRENTLY LIVING AND RENT FROM BECAUSE DURING GROWING UP ALL MY SIBLINGS HAD TO MOVE OUT BECAUSE THE HOUSE THE HOUSE WAS GETTING SMALLER AND THEY COULDN'T AFFORD TO LIVE THERE SO NONE OF MY SIBLINGS CURRENTLY LIVE IN BOSTON AND I HAVE SOMEONE THAT IS UNHOUSED RIGHT NOW AND THEY'RE MY PARENTS ARE GOING TO SELL THE HOUSE BECAUSE MY SIBLINGS MOVED OUT AND THEY COULDN'T AFFORD IT ANYMORE BECAUSE THE POOL OF MONEY WAS GONE AND MY SISTER DECIDED TO BUY THAT HOME AS A RESPONSE JUST TEMPORARILY SO THAT MY PARENTS AND I CAN HAVE HOUSING.  DURING COLLEGE I MOVED I MOVED OUT AND MY PARENTS WERE THE ONLY PEOPLE THAT LIVING IN THE THREE STOREY HOUSE AND MY SISTER DECIDED TO WANTING TO PUT IT ON THE MARKET AND I REALLY ADVISED HER TO NOT SELL THE HOUSE AND I KNOW IN MY SISTER'S HEART SHE DOESN'T WANT TO SELL THE HOUSE BUT DEEP DOWN I THINK IT COULD CHANGE AT ANY MOMENT AND SO I KNOW LIKE FOLKS WITH RESPECT TO HOMES LIKE TALKING ABOUT THEY DON'T WANT TO SELL THEIR HOMES THAT IS A VERY RISKY THING BECAUSE THE NEXT YEAR OR IN THE FUTURE THEY COULD SELL THEIR HOMES FOR A PROFIT AND NOT FOR FOLKS IN THE COMMUNITY.  AND I HAVE TO ASK MY SISTER EVERY YEAR ARE YOU SELLING THIS HOUSE THAT YOU LIVE IN BOSTON BECAUSE I LOVE MY COMMUNITY AND DON'T WANT TO BE DISPLACED.  THANK YOU. THANK YOU.  UM, RENE, I SEE YOU WAITING THERE.  GREAT. THANK YOU.  MY NAME IS RENE ADONIS. I LIVE IN BOSTON AND I'M HERE TO TESTIFY AS A RESIDENT AND ALSO AS A COMMUNITY ORGANIZER AT DUDLEY STREET NEIGHBORHOOD INITIATIVE. I WILL LOVE TO START SAYING THAT I'M HERE IN SUPPORT OF LONG TERM AFFORDABLE HOUSING RESTRICTION FOR HOMEOWNERSHIP HAVE LIVED IN THE CITY FOR ALMOST 25 YEARS AND AND DURING THIS TIME I HAVE EXPERIENCE HOW HARD FOR FAMILY IS TO STAY IN THE CITY THAT WE ALL LOVE. OVER THE YEARS I HAVE LIVED IN DIFFERENT NEIGHBORHOODS AND AND I HAVE THE PRIVILEGE TO WORK WITH A VERY DIVERSE COMMUNITY.  BUILDING BRIDGES BETWEEN IMMIGRANTS AND BLACK AND BROWN COMMUNITIES FOR WHAT WE HEARD TODAY IS VERY CLEAR THAT WE ALL ARE IN SUPPORT OF THE RESTRICTION. BUT I STRONGLY BELIEVE THAT REMOVING THOSE RESTRICTION JUST EXACERBATE GENTRIFICATION THAT IS ALREADY HAPPENING. I IMAGINE THAT IF WE DECIDES TO PUT IN ON THE MARKET ALL THOSE HOMES THAT WERE BUILT IN THE EIGHTIES AND EARLY 2000 WITH THE RESTRICTION WHO WILL BE BUYING THOSE UNITS OR THOSE HOMES? WE KNOW THAT THOSE UNITS HOME WILL BE BYE BYE INVESTOR OR PEOPLE WITH HIGHER INCOME WHICH IN MOST CASES IS NOT BLACK AND BROWN PEOPLE. SO I'M HERE TO ENCOURAGE CITY COUNCILORS AND CITY OFFICIALS TO SUPPORT A LONG TERM RESTRICTION AND MAINTAIN OUR NEIGHBORHOOD STABILITY BY PROVIDING AFFORDABLE HOMES TO THE NEXT GENERATION. THAT TOO THEY ARE NOT ABLE TO BUY IN THE CITY BECAUSE THE LACK OF AFFORDABLE HOUSING. THANK YOU. THANK YOU.  UM ONLINE IS NADAL THOMAS AND MR MARTIN MARTINEZ AS WELL.  THANK YOU EVERYONE FOR GOOD AFTERNOON NARDELLA DO YOU HAVE THE FLOOR? YOU'VE GOT TWO 2 MINUTES.  CAN YOU HEAR ME ? YES. HELLO? CAN YOU HEAR ME ? YES, WE CAN HEAR YOU. GOT 2 MINUTES. WELCOME.  THANK YOU VERY MUCH. MY NAME IS NADAL THOMAS AND CO-FOUNDER OF THE NATIONAL COALITION AGAINST PREDATORY LENDING.  I'M SPEAKING OUT TODAY JUST TO ASK THE PANEL TO REALLY THINK AND REIMAGINE HOW YOU IMPLEMENT THE RESTRICTIONS AND ALSO THINK ABOUT A PATHWAY FOR GENERATING WEALTH EQUITY. HOMEOWNERS DESERVE TO BE IN THEIR HOMES AND TO HAVE A LEGACY TO LEAVE BEHIND FOR THEIR FAMILIES.  THE MARKET CAN FLUCTUATE BUT I THINK IF THE COMMITTEE REALLY THINKS ABOUT THE HISTORY THE IMPACTFUL HISTORY IN BOSTON AND DESPAIRS THESE PARTICULARLY AMONG MINORITY HOMEOWNERS, YOU CAN BE CREATIVE AND BE RESILIENT AND THINK OF A BETTER PATHWAY AN EQUITABLE PATHWAY FOR MAINTAINING AFFORDABLE HOMEOWNERSHIP AND WELL EQUITY FOR MINORITY HOMEOWNERS. THE NATIONAL COALITION AGAINST PREDATORY LENDING REPRESENTS FAMILIES AND MINORITY HOMEOWNERS IN BOSTON AND OUTSIDE OF BOSTON WHO HAVE BEEN VICTIMS OF BLEW UP CAPITAL ON THE SHARED APPRECIATION. SO THERE ARE UNINTENDED CONSEQUENCES WHEN THERE IS OVERSIGHT THAT MISSES THE REAL BIGGER PICTURE AND INSTEAD CREATE A TWO TIERED SYSTEM OF HOMEOWNERSHIP. SO I REALLY ASKED THIS COMMITTEE TO THINK ABOUT WEALTH EQUITY IN ONE LANE AND ALSO THINK ABOUT AFFORDABLE HOMEOWNERSHIP IN ANOTHER LANE AND PLEASE STOP BURDENING THE HOMEOWNERS TO MAKE UP FOR THE PAST DISCRETIONS OF AND TENSIONS OF THE HISTORY OF RACISM THAT IS OCCURRING IN BOSTON AND CONTINUES TO OCCUR ALONG WITH GENTRIFICATION. THANK YOU NADELLA.  THANK YOU. ALL RIGHT. WE DO IS EVERYONE NO ONE ELSE ONLINE? THANK YOU.  WOULD YOU LIKE A FEW MINUTES FROM THE CLOSING STEP? THANK YOU.  MIGHT AS WELL. WE'VE BEEN HERE ONE AND TWO AS WELL. SO MAKE THE POINTS THAT SHE'S BEEN HOLDING ON TO.  SOMEONE ELSE SUBMITTED A VIDEO THIS MORNING AND IF IT'S NOT AVAILABLE I HAVE A GREAT VERSION THAT I DID. OKAY.  WE DO LIKE TO COMBINE THEM WITH $300. NO, WE DON'T WE DON'T SEEM TO HAVE THE VIDEO. SO IF YOU WANT TO COME DOWN OH MARK.  MARK MARTIN MARTINEZ.  IS HE STILL ONLINE? YES. ALL RIGHT.  SO WE HAVE MARK MARTINEZ AND THEN WE'LL CALL YOU MARK. CAN YOU HEAR US?  HE HASN'T AT THE MOMENT BUT I LOVE HYBRID MEANS PEOPLE WHO CAN'T GET HERE CAN TESTIFY. BUT HUSTLE.  THERE'S ONE IN ONE MORE IN PERSON WHO WOULD LIKE TO DO ONE MORE IN PERSON. SHE DIDN'T SIGN UP ME . I CAME UP FOR SALE. OKAY. NO, THAT'S FINE. WE'LL WE'LL HEAR FROM YOU NEXT. WE'RE CALLING YOUR NECK. WHAT'S YOUR NAME? PRISCILLA FLYNN. PRISCILLA. OKAY, MARK, YOU HAVE THE FLOOR. I. GOOD TO SEE YOU. I'M HAVING ONE. MY NAME IS MARK MARTINEZ. I'M A HOUSING ATTORNEY BY TRADE BUT ALSO A ROXBURY RESIDENT. I WISH I COULD BE THERE IN PERSON TODAY BUT UNFORTUNATELY I HAVE COVID. BUT DIDN'T WANT TO MISS THE OPPORTUNITY TO REGISTER MY SUPPORT FOR A LONG TERM DEED RESTRICTIONS. I WANT TO START BY RESPONDING TO A FEW OF THE COMMENTS MADE TODAY.  I AGREE THAT THE PROGRAM IS NOT PERFECT. WE SHOULD ABSOLUTELY MAKE SURE THAT WE'RE PROVIDING THE CORRECT EDUCATION TO PEOPLE SO THAT WHEN THEY'RE SIGNING ON TO THESE THEY UNDERSTAND WHAT THEY'RE SIGNING. I AGREE THAT A BETTER PROCESS IS NEEDED SO THAT PEOPLE CAN GET THE MONEY BACK THAT THEY PUT INTO IMPROVING THEIR HOMES AND THEY SHOULD BE ABLE TO LEVERAGE THE EQUITY IN THEIR HOME. CURRENTLY BUT THESE VERY SOLVABLE ISSUES SHOULD NOT MEAN THAT WE MATERIALLY ALTER THE TERMS OF A PROGRAM THAT WOULD PROVIDE STABILITY TO SO MANY BASTONI ANS TENURE EXPIRATION ON DEED RESTRICTIONS IS SIMPLY TOO SHORT AND WOULD FUEL GENTRIFICATION. IT'S A NICE IDEA TO SAY THAT THE CITY SHOULD JUST BUILD MORE AFFORDABLE UNITS TO REPLACE THE ONES THAT WOULD EXPIRE BUT THAT'S JUST NOT REALISTIC. WE NEED FAR MORE AFFORDABLE HOMEOWNER UNITS THAN WE HAVE RIGHT NOW. I THINK WE CAN ALL AGREE THAT THE 2900 FIGURE QUOTED EARLIER IS SIMPLY NOT ENOUGH.  I'M NOT GREAT AT MATH BUT THIS IS A PRETTY SIMPLE MATH PROBLEM. WE ABSOLUTELY WILL NOT BE ABLE TO MEANINGFULLY INCREASE THAT NUMBER IF WE ARE CONSTANTLY LOSING UNITS EVERY TEN YEARS TO RESTRICTIONS. WE NEED LONG TERM AFFORDABILITY TO PROTECT OUR NEIGHBORHOODS AND PROVIDE LONG TERM AFFORDABILITY AND WE ALSO NEED TO BE MORE CREATIVE IN OUR SOLUTIONS TO BUILDING WEALTH SO THAT WE CAN SHIFT OUR THINKING AWAY FROM LAND AND HOMES BEING PRIMARILY A PROFIT RAISING ENDEAVOR. I'LL LEAVE YOU WITH A WORDS OF AUDRE LORDE AND SIMPLY WITH THE MASTER'S TOOLS WHENEVER DISMANTLE THE MASTER'S HOUSE AND AS LONG AS WE TRY TO GAME A CAPITALIST HOUSING SYSTEM TO THE BENEFIT OF SOME IT WILL ALWAYS BE TO THE DETRIMENT OF OTHERS. AND TO ANSWER A QUESTION ASKED BY COUNCILOR MEJIA EARLIER TODAY BY DOING THIS NONE OF US WILL EVER WIN IN THIS GAME. SO THANK YOU. THANK YOU.  THANK YOU FOR YOUR TESTIMONY.  WOULD YOU LIKE TO PLAY MORE? WE HAVE GOOD.  NO MORE MONEY, NO MORE ONLINE. ALL DONE ONLINE.  IF YOU'D LIKE TO INTRODUCE YOURSELF, YOU'VE GOT 2 MINUTES. THANK YOU. YES. GOOD MORNING. CITY COUNCIL IS ADMINISTRATION AND COMMUNITY. MY NAME IS PRISCILLA FLYNN AND I'M THE FOUNDER AND EXECUTIVE DIRECTOR OF THE MARCUS ANTHONY HALL EDUCATIONAL INSTITUTE.  I AM ALSO THE PRESIDENT AND CEO OF FLYNN AND ASSOCIATES. I AM THE PRODUCER AND BROADCAST BOSTON POLICE RADIO AND TV IN BOSTON BLACK NEWS . MY SHOW IS CALLED PEOPLE POWER BECAUSE I BELIEVE THAT WE ARE THE PEOPLE AND WE HAVE THE POWER.  I'M A COMMUNITY ACTIVIST AND ADVOCATE. I HAVE WORKED WITH A LOT OF THE COMMUNITY ORGANIZATIONS IN THIS CITY AND SOME NATIONWIDE. I'M A LICENSED MINISTER AND ATTEND GLOBAL MINISTRIES CHRISTIAN CHURCH.  I'M HERE TOO TODAY TO TESTIFY ABOUT THE DISAPPROVAL OF OUR COMMUNITY AS IT RELATES TO DIVISION FRICTION.  I WANT TO THANK YOU, COUNCILOR ANDERSON FOR PUTTING TOGETHER THIS HEARING SO YOU CAN HEAR FROM THE PEOPLE OF THIS CITY WHO ARE SICK AND TIRED OF BEING SICK AND TIRED. WE SAY ENOUGH IS ENOUGH. WHAT THIS ADMINISTRATION IS DOING SOME OF OUR HOMEOWNERS AROUND RESTRICTION IS CRIMINAL AND NEEDS TO BE DISMANTLED AND REVISITED WITH THE COMMUNITY AT THE TABLE. DO YOU REALLY THINK THAT THE ADMINISTRATION CAN CONTINUE TO HARM OUR BLACK AND BROWN COMMUNITIES? DO YOU THINK WE ARE NOT SEEING THROUGH THE TOTAL DISRESPECT AND DISREGARD TO OUR COMMUNITIES?  LET'S TALK ABOUT IT. STILL NO ELECTED SCHOOL COMMITTEE.  WE WERE IGNORED. MOVING O'BRIEN TO WEST ROXBURY NO COMMUNITY INPUT. BLUE HUB CAPITAL A PREDATORY LENDER WHO IS TRYING TO GET TWO LEGISLATORS TO PASS A LAW TO MAKE IT LEGAL TO BE A PREDATORY LENDER COMMUNITY THERE IS SOMETHING WRONG WITH THIS PICTURE. BIKE LANES BUS ROUTES CREATED IN THE MIDDLE OF THE STREET. REPARATIONS FOR 100 HOMES THAT WERE TAKEN UNDER INTIMATE NAME DOMAIN ARE BEING GIVEN AWAY TO DEVELOPERS AND THEY ARE CONTINUING TO GENDER PAY AS ARE THE CITY.  NO PILOT LAW IN PLACE. WE CAN'T PRAY IN CITY HALL BECAUSE THERE MIGHT BE A LAWSUIT. WE NEED CHANGE IN THE ADMINISTRATION AND THE CITY COUNCIL . OUR HOSPITALS AND PHARMACIES ARE BEING SHUT DOWN AND RESIDENTS IN ROXBURY ARE NOT GETTING THEIR MEAL.  WHAT IS REALLY GOING ON? I KNOW THAT'S MY TIME. THANK YOU. THANK YOU FOR LISTENING.  SHARON, DO YOU WANT TO COME UP ? I'M GOING TO READ A STATEMENT SENT ON BEHALF OF KAI PHILIP WHO HAD SUBMITTED A VIDEO TESTIMONY.  GOOD MORNING. MY NAME IS KAI PHILLIP AND I'M A PROUD HOMEOWNER IN BOSTON THANKS TO THE COMMUNITY LAND TRUST AS A SINGLE MOM BORN AND RAISED IN THE CITY, THE IDEA OF OWNING A HOME HERE ONCE FELT IMPOSSIBLE. WHEN I FIRST STARTED LOOKING, THE ONLY PLACES I COULD AFFORD WERE IN TAUNTON, ATTLEBORO OR BROCKTON. WHILE THEY WERE MORE AFFORDABLE THERE WERE FAR AWAY FROM MY ROOTS AND MY SUPPORT SYSTEM AS A MOTHER LIVING THAT FAR AWAY WOULD HAVE BEEN ESPECIALLY DIFFICULT IN THE CASE OF EMERGENCIES.  THANKS TO THE LAND TRUST AND THE DEED RESTRICTIONS THAT KEEP HOMES AFFORDABLE, I NOW LIVE JUST A FEW MINUTES FROM MY MOM WITH MY FURTHEST FAMILY MEMBER BEING ONLY 10 TO 15 MINUTES AWAY. IT HAS GIVEN ME AND MY DAUGHTER THE STABILITY THAT WE NEED. BUT THE LAND TRUST ISN'T JUST ABOUT AFFORDABILITY IT'S ABOUT SECURITY AND COMMUNITY.  IN TODAY'S WORLD IT'S RARE TO FEEL THAT YOUR NEIGHBORS ARE LOOKING OUT FOR YOU. BUT I FEEL THAT EVERY DAY IN MY NEIGHBORHOOD IT GIVES ME PEACE OF MIND KNOWING THAT MY HOME AND MY COMMUNITY ARE SAFE AND SUPPORTIVE. WITHOUT THE LAND TRUST AND THE AFFORDABILITY PROTECTIONS OF DEED RESTRICTIONS I WOULDN'T BE STANDING HERE AS A HOMEOWNER. I'M SO GRATEFUL FOR THIS OPPORTUNITY AND I HOPE MORE FAMILIES LIKE MINE CAN EXPERIENCE THE SAME SECURITY, AFFORDABILITY AND SENSE OF COMMUNITY THAT I HAVE FOUND. THANK YOU FOR YOUR TIME. THANK YOU. I JUST WANT TO NOTE I KNOW THERE'S ALSO A COUPLE OF OTHER FOLKS THAT WE'RE AWARE OF THAT HAVE SUBMITTED VIDEO TESTIMONIES. I'M NOT SURE IF THEY WERE RECEIVED BUT THERE IS AT LEAST ONE PERSON BY THE NAME OF YVETTE AND I THINK ANOTHER PERSON CONNECTED TO THE CITY LIKE FT. URBAN WHO SUBMITTED VIDEO TESTIMONIES. WE'LL LOOK INTO THAT AND SEE IF WE CAN PUT IT TO THE TO THE ONLINE PUTS IT ONLINE. THANK YOU. I HAVE A LETTER FROM SOMEONE WHO HAD TO LEAVE EARLIER AND SIMON CRAWFORD.  MY NAME IS SIMON CRAWFORD. I AM THE EXECUTIVE DIRECTOR OF MY HEART OF THE MASSACHUSETTS AFFORDABLE HOUSING ALLIANCE WHICH REPRESENTS THOUSANDS OF LOW TO MODERATE INCOME BIPOC HOMEBUYERS AND HOMEOWNERS WHO HAVE GRADUATED FROM OUR HOMEOWNERSHIP CLASSES WORKED WITH US TO PURSUE THEIR DREAMS OF HOMEOWNERSHIP AND ENGAGED IN ORGANIZING TO MAKE THAT DREAM A REALITY FOR THEMSELVES AND OTHERS.  ONCE PEOPLE MAKE THE LEAP FROM RENTING TO OWNING THERE WE ARE THERE TO HELP THEM TRY THIS HOMEOWNERS, COMMUNITY ADVOCATES AND LANDLORDS. WE'RE ALSO VERY PROUD OF OUR FIRST IN THE NATION MATCHED SAVINGS AND SUPPORT PROGRAM. SPECIFICALLY FOR FIRST GENERATION HOMEBUYERS CALLED STASH.  FOR MOST OF OUR HOMEBUYERS, AFFORDABLE HOMES ARE THE ONLY OPTION IN BOSTON. WE SEE EVERY DAY THAT THESE HOMES CHANGE LIVES. THEY OFFER PEOPLE STABILITY AND FIX PRINCIPAL AND INTEREST PAYMENTS THAT NEVER GO UP. AFFORDABLE HOMES ALSO ENABLE BUYERS TO BUILD SIGNIFICANT EQUITY THAT THEY CAN TAP, TAP OR LEAVE BEHIND AS A LEGACY. WE BELIEVE THAT THE RECENT CHANGES THE CITY HAS MADE TO ALLOW FOR GREATER EQUITY BUILDING IN AFFORDABLE DEED RESTRICTED HOMES.  MARTIN THE MAYOR'S OFFICE OF HOUSING HAS STRUCK THE RIGHT BALANCE BETWEEN EQUITY BUILDING FOR HOMEOWNERS AND KEEPING THE DOORS OPEN FOR SOME OF THE THOUSANDS OF HOMEOWNERS WE CONTINUE TO GRADUATE EACH YEAR SINCE THEY ARE PUBLIC AS WELL AS PRIVATE ASSETS.  WE'RE GLAD THE CITY IS LOOKING AT WAYS TO SHARE RESPONSIBILITY FOR CAPITAL NEEDS AND CONDO ASSOCIATION TRAINING.  THE BIGGEST PUBLIC POLICY BARRIER TO BLACK AND BROWN EQUITY BUILDING IS NOT DEED RESTRICTIONS. IT'S THE FACT THAT ALMOST ALL AFFORDABLE HOUSING PRODUCTION IS RENTAL EVEN FOR PEOPLE WITH INCOMES THAT COULD SUSTAIN HOMEOWNERSHIP. I LOOK FORWARD TO WORKING WITH ALL THE STAKEHOLDERS TO INCREASE RESOURCES FOR ALL KINDS OF AFFORDABLE HOUSING AND TO MAKE HOMEOWNERSHIP A BIGGER PRIORITY WITHIN THAT AND THAT IS FROM A SIMON CRAWFORD FROM MAHER. THANK YOU, MADAM CHAIR. MADAM, I'M RIGHT HERE. YES.  AND SHE'S JUST ITCHING TO SAY EVERYTHING THAT I'M GOING TO SAY. OKAY.  SO IT'S KIND OF COUNCILOR FERNANDEZ ANDERSON, COUSIN IN FRESNO. GO AHEAD. GO FOR IT. THANK YOU. ACTUALLY.  ACTUALLY, I ACTUALLY MOSTLY WANTED TO JUST MAKE SURE I WAS ,YOU KNOW, READ SOMEONE TO WRITE A LETTER INTO THE RECORD. I JUST WANTED TO SAY THANK YOU . I THINK IT'S VERY CLEAR THAT THIS IS LIKE AN AND CONVERSATION THAT LIKE THE MARKET IS NOT GOING TO SOLVE OUR PROBLEMS. GOVERNMENT NEEDS TO BE INVOLVED. WE NEED TO MAKE SURE THAT WE CAN KEEP DEED RESTRICTIONS, HELP FOLKS WHO WANT TO GET OUT OF DEED RESTRICTIONS AND WANT TO BE ABLE TO BUY PROPERTY AND BE ABLE TO REALIZE FULLY YOU KNOW, USING YOUR HOUSE AS AS A PROFIT MECHANISM. BUT HOUSING IS ALSO ABOUT STABILITY.  IT'S ABOUT COMMUNITY. AND I AND I LOOK FORWARD TO CONTINUING TO WORK ON THIS WITH EVERYONE BECAUSE I THINK IT'S REALLY IMPORTANT THAT WE REALIZE THAT THE MARKET IS INJUSTICE AND JUST SPECIFICALLY TOWARDS BLACK AND BROWN FOLKS AND DOING THE WORK OF EQUITY MEANS LIKE LITERALLY EVERY TOOL ON DECK. SO I JUST WANT TO THANK ALL OF THE ADVOCATES AND EVERYONE WHO'S HERE.  I THINK IT WAS A GOOD OPPORTUNITY. SO I WANT TO THANK THE SPONSOR BECAUSE FOR AN INTERVIEW,  ANDERSON, FOR PUTTING THIS FORWARD BECAUSE I THINK IT'S IMPORTANT FOR US TO UNDERSTAND THE TRADE OFFS FOR WOMEN MAKE POLICY DECISIONS. THANK YOU. FERNANDEZ ANDERSON THANK YOU, MADAM CHAIR. I JUST WANTED TO GO ON RECORD AND STATE MY POSITION BECAUSE I THINK THAT, YOU KNOW, THE CONVERSATION SO FAR OR AT LEAST AWARE THAT I'VE PRESENTED IT HAS BEEN NEUTRAL AND THAT MY MY VIEWS ON HOUSING WHEN I FILED FOR THE MORATORIUM WAS SPECIFICALLY TO BE MORE CAREFUL AND INTENTIONAL ON HOW WE GIVE COMMUNITY CONTROL OF LAND.  AND SO, YOU KNOW, HALT THE PROCESS SO THAT WE ARE MORE INTENTIONAL IN LAND TRUSTS GIVING IT TO RENT LAND TRUSTS OR GIVING IT TO SMALLER DEVELOPERS AS OPPOSED TO BIG CORPORATIONS LIKE KDKA'S.  AND BECAUSE OF , YOU KNOW, THE STOCK THAT THEY HOLD NOW I DO BELIEVE THAT THEY CAN TRANSFER THAT OR CONVERT THOSE TO HOME OWNERSHIP AND CREATE MORE DEED RESTRICTION OPPORTUNITIES WITHIN THOSE PROPERTIES. SO THEY PROMISED THAT 3040 YEARS AGO. CAN WE LOOK INTO THAT TO INCREASE OUR STOCK IN TERMS OF DEED RESTRICTIONS? I DON'T NECESSARILY ACTUALLY I DON'T KNOW HOW BY DECREASING THE YEARS AND I'M ON RECORD ON CAMERA SAYING THIS SO THERE'S ALWAYS IT'S IMPORTANT THAT WE ALWAYS TRANSPARENT IRRESPECTIVE OF THE AUDIENCE IN TERMS OF MY POSITIONS AND I JUST DON'T KNOW HOW WE INCREASE OR HOW WE CAN GUARANTEE THAT WE ARE SELLING IT TO BLACK AND BROWN ESPECIALLY BECAUSE WHEN WE'RE USING HUD FUNDS THERE ARE POLICIES CIVIL RIGHTS RESTRICTIONS THAT WE CANNOT ACTUALLY GUARANTEE TO SELL TO BLACK AND BROWN. SO I DO BELIEVE THAT, YOU KNOW, REMOVING THAT RESTRICTION THAT RESTRICTION SPECIFICALLY ON THE LONG TERM THE YEARS OF 30 YEARS WILL FURTHER GENTRIFY.  I DON'T THINK YOU STOP THE MARKET. I DON'T THINK YOU YOU GUARANTEE THAT YOU CAN ONLY SELL TO BLACK AND BROWN. BUT I DO THINK THERE ARE CERTAIN RESTRICTIONS THAT CAN BE LIFTED LIKE FOR EXAMPLE, SOME OF THE THINGS THAT WE HEARD WITH THE FAMILY MEMBERS YOU KNOW, GOING AWAY FOR A COUPLE OF MONTHS BORROWING AGAINST EQUITY AND ALL THAT STUFF LIKE I THINK THOSE CONVERSATIONS CAN STILL BE HAD. AND I ALSO THINK THAT IN TERMS OF , YOU KNOW, GOING FROM 30 YEARS TO 50 YEARS IS EXCESSIVE BUT I THINK IT'S CONVERSATIONS ABOUT WHAT THE CITY IS READY TO DO FISCALLY. IT'S NOT ALWAYS ABOUT WHAT WE WANT TO DO BUT RATHER OKAY, YOU KNOW, MAYOR'S OFFICE OF HOUSING YOU HAVE 30 YEARS YOU OWN THIS PROPERTY ALREADY.  OKAY? NOW YOU HAVE TO WAIT. YOU'RE 50 BUT NOW YOU HAVE TO WAIT TILL YOUR YOUR 80 OR YOUR 70. SO I THINK THERE'S CONVERSATIONS ABOUT THAT BEYOND 30 YEARS. BUT 30 YEARS DEFINITELY SEEMS FAIR TO ME . IT'S JUST AGAIN IN TERMS OF LIKE THE OTHER RULES AND OTHER WAYS OF BUILDING EQUITY, I THINK THERE'S OPPORTUNITIES HERE TO LOOK AT, YOU KNOW, IF WE'RE GOING TO SELL AT 30 YEARS THEN HOW ARE WE CREATING OPPORTUNITY FUNDS TO BE ABLE TO EITHER INCREASE STOCK OR BE ABLE TO GO BACK INTO THE PROPERTY SO THAT WE ARE CAN CONTINUE TO MAINTAIN THOSE NUMBERS? SO THAT'S THAT'S ALL THAT I HAVE TO SAY IN TERMS OF MY POSITIONS AND I APPRECIATE ALL OF YOU STAYING HERE THIS LONG. I'VE LEARNED A LOT FROM YOUR TESTIMONIES AND AS WELL AS THE PANELISTS AND I THINK MADAM CHAIR SO MUCH FOR FACILITATING THIS. I WELCOME ALL THE ADVOCATES I'VE NOT HEARD FROM ANY OF YOU IN TERMS OF , YOU KNOW, COMING IN WORKING TOGETHER AND I HAVE TO DO A BETTER JOB AT REACHING OUT AND LEARNING MORE ABOUT THE ORGANIZATIONS THAT ARE OUT THERE SO THAT WE CAN PARTNER AND DO THIS WORK TOGETHER.  THIS CAME TO ME BY RESIDENTS MISSION HELP BOTH MISSION HILL AND ROXBURY AND IT IS MY JOB TO REPRESENT AND HOLD THE PLATFORM SO THAT WE CAN HAVE THE CONVERSATION. SO I HOPE THAT YOU DO APPRECIATE YOU CAN APPRECIATE THAT THE THE PLATFORM WAS OPEN THE OPPORTUNITY WAS HERE TODAY AND THAT WE HEARD FROM DIFFERENT PERSPECTIVES AND THAT'S OKAY. IT'S A CONTINUED CONVERSATION AND I LOOK FORWARD TO MORE WORK WITH YOU. THANK YOU. THANK YOU. CONSUL FERNANDEZ ANDERSON AND THANK YOU ALL FOR PARTICIPATING. IT'S VERY THOROUGH AND RIGOROUS CONVERSATION WE HAD THIS MORNING. I REALLY DO FEEL THAT THERE'S MANY, MANY TOOLS WE HAVE TO USE. EVERY TOOL WE HAVE AND LONG TERM DEEP RESTRICTIONS IS ONE OF THE TOOLS THAT WE HAVE TO USE TO TRY TO PRESERVE LONG TERM AFFORDABILITY IN OUR COMMUNITIES ACROSS THE CITY SO AGAIN, AS MANY AS MANY DIFFERENT SOLUTIONS I THINK WE HAVE TO REINVENT NEW NEW NEW WAYS TO PRESERVE AFFORDABLE HOUSING IN THE CITY AND THEN LOOK AT MODELS FROM OTHER PARTS OF THE WORLD AND WHAT OTHER PEOPLE ARE DOING AS WELL. SO THANK YOU ALL FOR YOUR BEING HERE AND STAYING WITH US FOR THIS LONG AND THIS HEARING IS ADJOURNED.  THANK YOU SO MUCH