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From YouTube: Committee on Ways & Means on April 5, 2022
Description
Docket #0295 - Hearing to explore municipal bonds and other fiscal options to increase affordable housing and community investments
A
I
am
calling
this
hearing
to
order
for
the
record.
My
name
is
sanja,
fernando
anderson,
district,
7
city
councilor.
I
am
the
chair
of
the
boston
city
council
committee
on
ways
and
means
I'm
joined
this
morning
by
my
colleagues
counselor
louisiana
councillor
bach
council,
president
flynn,
this
hearing
is
being
recorded.
A
A
A
At
boston.gov
for
the
link
we
are
joined
this
morning
by
our
administrative,
well,
justin
starrett,
cfo,
jim
williamson
budget
director
and
maureen
garcia,
first
assistant
collective
treasury,
welcome
to
testify
on
this
docket.
I
think
I'll
turn
over
to
the
lead
sponsor
on
this
for
the
opening
statement.
So
we
can
keep
it
nice
and
sweet
nice
and
short.
B
Thank
you
so
much
chair
for
holding
this
hearing,
and
I
also
just
want
to
thank
my
co-sponsor
kenzie
bach
good
morning-
everyone,
I'm
ruthie
luigen
at
large
city
councilor,
and
really
excited
and
grateful
to
have
the
administration
here.
So
we
can
talk
about
the
city's
bond
policy.
I
think
it's
really
important.
B
It
is
not
because
I
have
some
deep,
deep
love
for
bonds
or
care
about
them
or
understand
them
in
a
deep
deep
way,
but
I
have
enough
understanding
to
know
that
they're
integral
to
how
we
are
how
we
decide
where
we're
putting
our
investments-
and,
I
think,
leaning
into
our
fiscal
strength.
The
eighth
straight
year
of
us
getting
a
triple
a
bond
rating
can
have
a
monumental
impact
on
a
lot
of
our
neighborhoods
on
a
lot
of
our
neighborhoods.
B
Something
that
you
know
is
always
surprised
me
and
struck
me
is
that
we
we
do
tell
this
really
great
standing
that
we
have.
But
what
does
that?
How
does
that
translate
to
our
neighbors
and
to
our
neighborhoods
and
to
our
residents,
and
do
they
understand
the
impact
or
do
they
feel
the
impact
of
what
that
means?
B
You
know
a
lot
of
a
lot
of
that
is
the
success
of
boston's
economy
and
its
management,
and,
I
think,
leaning
into
our
fiscal
prosperity,
leaning
into
what
we
do
well
can
lead
to
shared
prosperity
for
all
of
us
for
all
of
our
residents.
A
lot
of
us
are
here
because
we
have
an
ambitious
agenda
and
a
mandate
really
to
bring
equity
to
all
of
the
spaces
that
we
that
here
in
the
city-
and
I
think
our
fiscal
policy
is-
is
definitely
one
of
them.
B
So
I'm
excited
as
a
new
counselor
to
learn
about
our
debt
policy
and
to
see
where
what
we
can
do
to
to
strengthen
investments
when
it
comes
to
affordable
housing
when
it
comes
to
infrastructure,
especially
in
neighborhoods
that
have
been
forgotten
so
where,
where?
Where
are
the
pressure
points,
and
where
can
we
can
we
do
more?
So
I
think
the
administration
for
being
here.
I
think
again
my
co-sponsors,
counselor
fernandez,
anderson
and
council
bach,
I
know.
Last
year
there
was
a
hearing
held
on
specifically
on
green
and
social
bonds.
B
Okay,
and
so
I'm
excited
to
sort
of
have
a
more
expansive
conversation
around
that
a
few
of
our
colleagues
newer
colleagues
are
not
able
to
make
it,
but
I
know
are
very
much
interested
in
sort
of
learning
more
because
we,
you
call
on
us
to
authorize
issuance
of
bonds
and
it's
important
for
us
to
have
a
better
understanding
of
how
we
can
use
those
bonds
to
to
do
the
important
work
that
we
have
here
as
a
city.
So
thank
you
so
much
for
being
here.
C
Counselor
bach
sure,
thanks
so
much
and
thanks
to
councillor
lujan
and
to
you
chair,
it's
exciting
to
have
so
many
allies
on
this
front
on
the
council
and,
as
was
just
alluded
to
to
know
that
there's
also
an
ally
in
the
mayor's
office.
I'm
thinking
about
how
to
do
more
of
this.
I
I
guess
what
I
want
to
say
is
you
know.
I
think
that
the
city
of
boston
has
made
major
strides
in
recent
years
towards
opening
this
conversation
about
bonding
for
housing.
C
C
He
was
also
responsible
for
getting
housing
into
the
city
capital
budget
for
the
first
time
in
2019,
and
I
think
we've
continued
to
build
on
that
strength
over
the
last
few
years,
really
recognizing
the
fact
that
housing
is
one
of
the
core
public
needs
of
the
city,
along
with
a
number
of
other
things
that
we
support
in
the
capital
budget
and,
as
was
already
alluded
to,
you
know,
having
that
really
successful.
First
formal,
green
and
social
bond
offering
in
november
december
2020.
C
I
think
that
there's
a
bunch
of
respects
in
which
boston
is
leading
the
way
here.
I
do
think,
however,
and
it's
going
to
be
the
sort
of
thrust
of
my
line
of
questioning
and
this,
that
the
place
where
we
are
not
leading
the
way
is
on
scale
of
bonding
for
housing
compared
to
what
the
west
coast
is
currently
doing,
and
I
think
that
we
in
the
west
coast
face
a
very
similar
challenge.
C
So
it
does
seem
to
me
like
we've
planted
the
seeds,
but
it's
kind
of
time
for
them
to
start
cracking
open,
and
I
hope
that
this
hearing
today
can
be
a
sort
of
like
grounding
for
that
work
going
forward
and
thinking
about
what
would
be
possible
on
a
grander
scale
here
in
boston.
So
thank
you
so
much.
D
Thank
you,
madam
chair,
and
thank
you
to
the
leadership
of
council,
illusion,
council
bark
and
into
the
chair
as
well,
for
the
important
work,
but
I
also
want
to
recognize
the
mayor's
financial
team,
that's
here
as
well,
for
their
for
their
work
and
keeping
boston,
strong
and
fiscally
healthy
and
responsible,
and
that
strong
planning
and
discipline
has
been
going
on
for
30
years
in
this
city.
But
I
remember
when
I
was
when
I
was
younger
as
a
young
young
kid
when
it
was
prop
2
and
a
half
and
boston
was
closing
police
stations,
fire
stations.
D
We
were
laying
off
firefighters
parks,
employees
because
boston's
fiscal
health
was
not
strong,
but
it
was
strong
management,
strong
leadership
from
people
like
jim
and
maureen
and
justin
over
the
years,
their
previous
predecessors
as
well
that
have
kept
boston
on
strong
footing,
financial
footing
during
good
times
and
bad
times.
So
just
want
to
highlight
the
the
work
not
on
not
just
of
the
mayors,
but
the
people
in
the
financial
that
do
the
financial
work
and
these
in
the
in
the
in
the
budget
office.
D
The
financial
office
so
just
want
to
say
thank
you
to
them,
but
this
is
an
important
discussion
and
and
what
what
I
would
ask,
what
I
would
ask
jim
and
maureen
in
in
justin
is
to
explain
it
very
clearly,
so
everyone
can
hear,
especially
for
people
that
are
watching
on
television,
because
I
know
they
will
want
to
know
exactly
what's
happening
so
again,
just
want
to
say
thank
you
to
my
city,
council
colleagues
and
to
the
anti-mayor
wu's
financial
team.
That's
here
today.
Thank
you,
council
jen
and
thank
you
council
to
send
in
council
bloc.
A
Thank
you,
council
flynn,
counselor
brayden
was
not
able
to
attend,
so
I
just
allowed
me
to
read
her
statement
into
the
record
dear
chair,
fernando
anderson,
please
be
advised
that,
due
to
a
scheduled
conflict,
I
will
not
be
in
attendance
at
the
committee
on
ways
and
means
hearing
docket
zero,
two
nine
five,
a
hearing
to
explore
municipal
bonds
and
other
fiscal
options
to
increase,
affordable
housing
and
community
investments
scheduled
for
tuesday
april
5th
2022.
A
I
would
like
to
express
my
support
for
the
committee's
inquiry
into
ways.
City
leaders
might
leverage
the
financial
health
of
the
city
toward
a
shared
prosperity
for
all
residents.
My
staff
will
attend
the
hearing
to
take
notes
and
I
look
forward
to
reviewing
the
committee
report.
I
ask
that
you
please
read
this
letter
into
the
public
record.
Thank
you.
Sincerely.
Liz
braden.
A
We've
now
been
joined
by
our
colleague,
counselor
mejia
right
on
time.
If
you
do
have
an
opening
statement,
we
can
go
right
to
you.
If
not,
we
can
keep
moving.
A
E
Tardiness
thank
you
chair
and
to
the
makers,
I'm
here
to
ask
questions,
make
sure
you
guys
get
this
right
now
all
jokes
aside.
I
think
this
is
an
exciting
opportunity
for
us
to
think
outside
the
box
in
terms
of
how
we
can
address
our
height,
our
housing
crisis
here
in
the
city
of
boston,
so
making
sure
that
we
do
so
in
a
way
that
is
financially
responsible,
so
here
for
all
of
it.
Thank
you.
A
A
F
You,
madam
chair,
thank
you
to
the
sponsors
this
order
and
thank
you
for
counselors
for
being
here.
It's
an
exciting
time,
and-
and
I
do
appreciate
really
the
points
that
were
made
in
the
opening
comments-
I'm
just
going
to
jump
on
two
of
them
before.
I
turn
them
over
to
the
experts
counselor
flynn.
To
your
points.
F
It
is
really
the
a
f
professionals
who
work
behind
the
scenes
and
who
have
worked
here
for
decades
who
have
built
up
that
a
f
strength
and
that
fiscal
strength,
and
that's
people
like
jim
and
maureen,
who
really
are
the
stewards
on
the
day-to-day
basis
of
making
sure
the
city
is
meeting
its
obligations
and
is
budging
accordingly
and
is
really
leading
the
way
when
it
comes
to
securing
that
triple
a
bond
rating.
So
I
want
to
recognize
them,
and
certainly
thank
them
for
their
work
and
they'll
certainly
do
the
bulk
of
the
presentation
today.
F
The
second
piece
I
want
to
just
quickly
talk
about
is
is
how
this
is
a
the
bond
and
the
city's
ability
to
sort
of
borrow
money
is
a
tool
and
tool
belt
right.
It's
not
going
to
solve
every
problem
and
it's
not
going
to
be
able
to
fund
billions
and
billions
of
dollars,
but
it
can
be
better
used
and
it
can
be
utilized
to.
I
think,
accomplish
a
lot
of
the
shared
goals.
Around
prosperity
and
certainly
around
one
of
the
most
pressing
crisis
is
facing
the
city.
F
And,
frankly,
the
city's
competitiveness
going
forward
is
housing.
And
how
do
we
better
use
our
resources,
both
within
our
existing
authority
and
then?
What
do
we
think
about?
For
you
know
whether
we
need
changes
at
the
state
level,
whether
we
need
to
re-prioritize
amongst
the
city
budget,
about
using
all
of
the
city's
resources
towards
housing
as
an
investment
opportunity,
and
I
really
think
that
there's
opportunity
there.
F
One
of
the
points
that
I
think
we're
most
proud
of
in
the
sort
of
a
f
cabinet
is
during
the
most
recent
sort
of
economic
downturn
in
previous
administrations
and
in
previous
sort
of
sort
of
fiscal
situations.
The
city
would
typically
look
to
the
capital
plan
and
look
to
the
bond
authority
and
actually
cut
that
as
part
of
the
annual
budget.
F
In
order
to
avoid
layoffs
in
order
to
avoid
service
and
program
cuts,
I
think
one
of
the
things
we're
most
proud
of
in
the
last
couple
years
is
not
only
were
we
able
to
maintain
services
and
maintain
investments
in
our
core
programs,
we're
actually
able
to
grow
the
capital
plan
considerably
over
the
last
couple
years.
Yes,
not
all
the
way
to
our
limit,
but
we
are
on
a
path
to
get
there
and
we're
excited
that
we
can
take
this
going.
F
F
We're
going
to
maureen
garcia,
had
a
treasury
for
the
city
and
jim
williamson
budget
director
we're
going
to
walk
through
a
brief
presentation
to
really
set
the
framework
and
then
really
look
forward
to
diving
into
the
questions
so
I'll
turn
it
over
to
them.
G
Okay,
thanks
so
much
counselors
for
sponsoring
this
hearing,
it's
very
important
topic
and
we
appreciate
it
and
I'm
going
to
jump
right
into
the
the
debt
policy
overview
so
as
as
counselor
louisiana
had
talked
about,
we
we,
as
the
administration,
need
to
come
to
the
city
council
to
get
approval
for
our
bond
authorization
and
cities
and
towns
in
the
commonwealth
of
massachusetts
are
authorized
to
to
borrow
under
certain
state
statutes
payable
within
a
certain
period
and
debt
you
know,
is
a
very,
very
long.
G
It's
a
long-term
commitment,
it's
a
serious
commitment,
but
it's,
but
you
know
it's
a
financial
tool
to
implement
city
services
as
well.
So
it's
so
important
that
the
authorization
requires
two
votes
of
the
city
council
two
weeks
apart
and
that
that
encourages
opportunities
for
people
to
because
it
is
a
long-term
commitment
to
to
take
that
time.
So
two
votes
two
weeks
apart
and
then
approved
by
the
mayor.
So
then
I'll
be
talking
about
debt
limits
and
debt
capacity.
G
So,
to
be
a
participant
in
the
bond
market,
a
municipal
bond
market,
you
need
to
have
a
credit
rating
and
the
credit
rating
is,
you
know,
I
think
in
our
in
our
listening
session.
In
the
recorded
session,
we
talked
about
a
credit
rating
for
a
city
is
very
much
like
a
fico
score
for
an
individual.
It's
credit
worthiness.
What?
G
How
are
you,
how
responsive
and
responsible
are
you
as
a
fiscal
stewards
to
be
able
to
pay
back
that
debt
because
bond
holders,
that's
one
of
the
they
want
to
make
sure
you're
insured
to
pay
those
back,
so
you
need
to
have
a
credit
credit
rating
to
participate
in
what
credit
rate
agencies
consider
is
your
debt
and
liabilities
which
includes
pensions?
In
your
you
know,
the
debt
service
you've
already
committed
to,
and
in
direct
and
indirect
ins
like
outstanding
debt
cash
balances.
G
How
you
know
your
just
your
ability
to
be
able
to
pay
these
this
debt
back?
So
the
fy,
you
know
we'll
be
bringing
the
fy20
23
budget
and
the
fy
23
227
capital
plan
to
you
very
shortly,
but
in
the
existing
capital
plan
we
have
1.58
billion
dollars
plan
to
be
borrowed
over
that
period.
It's
you
know
north
of
300
million
dollars
a
year
as
justice
just
said.
We
closed
the
deal
even
higher
than
that
and
the
the
level
of
well
death
issues
as
planned
through
this.
G
This
plan
that
we
released
last
year
will
get
us
to
close
to
seven
percent
by
like
2026.,
and
then
debt
pension
and
open
strategies.
These
are
your
long-term
liabilities.
These
are.
These
are
expenses
that
you're
committing
to
for
the
long
term
for
the
city
we
intend
to
be
fully
amortized
on
the
unfunded
pension
liability
by
2027,
and
we
have
stepped
up
in
may
continue
to
make
a
annual
payment
into
an
irrevocable
trust
for
op
in
you
know
awaiting
further
guidance
from
about
establishing
a
long-term
schedule
for
that
as
well.
H
Thank
you,
jim
good
morning,
all
just
to
follow
up
a
little
bit
on
what
jim
said.
We
in
treasury
maintain
a
debt
policy.
It
was
sent
to
a
pdf
of
it
has
been
sent
to
your
offices.
You
may
not
have
received
it
yet,
but
it
it's
in
your
inboxes.
If
you
will
so
that
you
can
review
it
in
a
more
detailed
level.
H
So
there's
an
actual
document
for
of
the
debt
policy,
so
that
was
sent
just
shortly
before
this
meeting,
so
it
it's
a
detailed
policy
that
gets
goes
back
probably
to
the
menino
administration
and
was
refreshed
in
2021,
and
a
couple
highlights
of
it.
Of
the
debt
policy
is
the
rapid
debt
repayment,
which
is
something
that
we
strive
for,
because
the
tenants
in
the
debt
policy
assist
us
in
maintaining
our
aaa
rating.
H
H
That
conservatism
assists
us
in
our
in
our
rating.
So
those
are
two
of
the
highlights
that
are
listed
in
our
debt
policy,
because
there
is
that,
additionally,
as
as
jim
mentioned,
there
is
that
relationship
to
our
debt
to
obviously
to
our
debt
service
payments.
So
when
you
have
debt
service
payments,
it
affects
your
cash
balances,
your
fund
balances,
so
those
are
also
items
that
are
looked
at
for
our
aaa
rating.
H
So
those
were
just
a
couple
highlights
that
we
wanted
to
put
in
the
debt
policy
to
mention
with
regard
to
the
debt
policy,
but
it
it
should
be
in
your
inboxes.
You
can
review
it
in
a
more
detailed
fashion,.
F
If
you
don't
mind,
one
thing
I
would
add,
and
just
for
context
for
for
those
who
may
be
at
home
when
we
talk
about
our
debt,
we
talk
about
our
bond
rating.
It's
not
free
money
right.
We
have
to
actually
pay
for
it
on
an
annual
basis
as
part
of
the
annual
operating
budget,
which
is
about
200
million
dollars
currently,
and
it's
sort
of
a
pretty
big
expense
that
we
have
on
our
annual
budget
and
that's
in
place
of
other
services
or
other
programs.
F
So
it's
important
that
we
talk
about
sort
of
our
ability
to
borrow
and
our
ability
to
sort
of
borrow
more.
It
is
done
in
a
way
of
it's
a
zero-sum
game,
with
other
priorities
on
the
operating
budget.
So
it's
well.
We
think
there
is
opportunity-
and
it's
certainly
something
that
we
are
committed
to
paying
back.
As
you
know,
in
a
as
maureen
mentioned
in
a
quick
way,
sort
of
the
idea
that
we
could
sort
of
borrow
more
without
other
trade-offs
is
unfortunately
one.
H
Email
jerica
bradley,
we
haven't
gotten
anything,
so
I
do
know
she
sent
it.
I
I'm
not
sure
to
whom
she
sent
it,
but
I'll
ensure
you
have
it
by
yes.
So
I
do
know.
F
H
So
the
the
other
things
I
just
want
to
highlight
is
again
our
debt
profile.
So,
as
I
just
mentioned,
rapid
repayment,
seven
percent
ceiling-
and
this
slide
shows
that
our
outstanding
debt
service,
so
given
that
we
are
paying
it
back
quickly,
given
that
you
know
right
now
we're
paying
the
most
in
fy
23,
because
we
are
paying
down
what
we
previously
borrowed.
So
if
you
look
at
this
by
fy41,
you
know
it
appears
that
we
have
nothing.
H
That's
assuming
we
repay
only
what
we've
borrowed
at
this
point,
but
this
is
just
illustrative
of
our
quick
repayment,
our
seven
percent
debt,
so
that
that
really
was
the
point
of
including
this
slide
was
just
to
show
our
debt
profile.
H
With
that,
I'm
going
to
pass
it
back
to
jim,
so
he
can
discuss
a
pension.
G
Sure
so
so,
in
addition
to
debt
service,
which
is
a
substantial,
you
know
requirement
that
the
city
budget
pay
for
pension
is
the
another.
What
we
group
in
the
category
of
fixed
costs
and
as
we
know,
the
current
schedule,
is
based
on
evaluation
that
was
done
january
1
2020..
It
needs
to
be
done
every
couple
of
years,
so
this
is
going
to
be
a
new
valuation
done
during
during
the
upcoming
fiscal
year.
That
will
be
values
as
of
january
1.
2022.
G
right
now,
our
liability
is
about
outstanding.
Pension
liability
is
about
75.6,
funded
on
that
city
sydney,
employees,
not
excluding
teachers,
which
is
a
responsibility
of
the
commonwealth
and
we're
scheduled
to
be
fully
funded
by
2027,
and
then
the
the
talking
point
in
the
in
the
approach
to
is
once
we've
got
through
the
unfunded
liability
of
the
pension
system.
G
We
will
turn
our
attention
to
the
unfunded
liability
associated
with
opeb
and
one
of
the
things
that,
with
this
valuation
is
you
can
you
can
go
from
being
fully
funded
to
being
not
fully
funded,
as
you
do
evaluations
in
future
years.
So,
if
the,
if
the
stock,
if
the
market
doesn't
doesn't
perform
as
you
would
anticipate
it
or
other
phenomenons
occur,
you
might
have
to
go
back
and
try
to
get
build
back
up
that
unfunded
liability.
G
So
this
is
just
a
just
a
a
visual
of
the
the
commitment
that
we've
made
over
the
through
2027
for
the
pension
schedule
in
in
also
one
of
the
things
that's
built
in
the
pension
schedule.
That
also
has
some
variability
is.
Every
year
the
boston
retirement
system
evaluates
a
cola
which
is
a
cost
of
living
and
justin.
G
For
retirees,
you
probably
get
lots
of
inquiries
from
retirees
about
advocating
to
increase
that
that
cola
percentage
and
then
there's
a
base
on
which
our
retirees
get
a
pension
calculated
off,
and
it
was
recently
changed.
It's
it's
up
to
15
000
of
the
pension
is
eligible
for
that
cola
base
increase.
We
can
move
into
the.
F
F
Before
you
move
on
jim
just
for
those
at
home,
open
our
other
pension,
other
post-employment
benefits
are
basically
our
long-term
health
care
costs
for
retirees,
and
that
is
a
unfunded
liability
that
the
city
has
akin
to
our
debt
service,
which
is
our
bonds
that
we're
talking
about
today
and
our
pension,
which
are
things
we
owe
to
our
employees.
So
I
think
jim's
point
is
that
basically
we
have
a
good
handle
and
aggressive
handle
on
getting
those
down.
F
So
I
think
that
there
are
certainly
those
are
all
sort
of
perceived
as
credit
positives
for
the
city
right.
We're
not.
I
won't
name
names,
but
there
are
other
cities
who
have
defaulted
on
their
pensions,
who
have
had
to
restructure
them,
who
have
had
to
you
know,
file
for
bankruptcy
for
lack
of
a
better
word
because
of
their
unfunded
liabilities,
and
the
fact
that
we
are
so
far
ahead
gives
us
a
lot
of
you
know:
breathing
room
to
absorb
some
of
those
types
of
market.
Volatilities
right
we
lost.
You
know.
F
I
think
the
whole
market
was
down
10
to
20
in
the
past
couple
months,
so
we
feel,
like
you
know,
as
jim
mentioned,
we're
going
to
do
a
revaluation
this
year.
So
obviously
we're
going
to
see
where
that
we
go
the
rest
of
the
year
as
far
as
returns,
but
we
feel
like
we
are
well
far
ahead
on
on
paying
down
our
pension
and
op
liabilities.
F
G
So
this
this
two
pie
charts
is
sort
of
visual
visualization
of
the
city's
fy
22
capital
plan.
So
on
on
the
left
side,
you
you
could
see
how
how
the
expenditures
are
broken
out
by
by
department
grouping.
So
our
largest
borrowing
is
for
the
streets
cabinet,
then
schools
and
and
so
on,
and
on
on
the
right.
You
can
see
the
funding
source.
G
So
what
we're
talking
about
is
general
obligation,
bonds
for
the
city
so
right
now,
that's
67.3
percent
of
the
this
of
the
current
capital
plan
is
funded
via
bonding
authority
and
the
rest
are
funded
through
through
federal
grants,
state
grants
and
other
grants
that
we
get
you
guys
are
approved
throughout
the
fiscal
year
and
with
that
we
can
move
on
to
the
operating
budget.
So
this
is
a
chart
that
you
guys
are
very
familiar
with
because
it
was
played
at
every
four.
The
four
community
listen
sessions.
G
You
know
to
council
of
finn's
point
we're
we're
really
working
hard
to
make
sure
that
this
is
consumable
information
by
citizens
and
they
understand,
what's
what's
in
their
budget
in
and
not
always
sort
of
talking
about
it
in
very
technical
and
financial
terms
and
to
be
as
straightforward
and
simple
as
possible.
So
this
this
chart
is
the
current
city's
operating
budget
and
we've
talked
about
that.
G
The
41
of
our
our
budget
is
dedicated
to
public
education,
and
that
includes
both
the
district,
the
boston
public
school
district
and
this
assessment
for
charter
schools,
which
are
public
schools
in
our
city,
and
you
know
just
to
point
in
one.
So
debt
service
is
built
into
the
the
fixed
cost
component
and
I
think
what
just
justin
had
highlighted
that
we,
if,
when
you
grow
the
size
of
your
borrowings,
you
increase
the
size
of
your
capital
plan.
You
increase
your
debt
service,
it's
just
like
your
home.
G
You
know
you
get
a
mortgage
on
your
home,
the
bigger
your
mortgage,
the
less
money
you
have
for
other
things,
but
the
other
things
in
terms
of
the
city's
budget
is
things
that
are
the
bread
and
butter
of
what
constituent
services.
So
we
have
to
be
very
mindful
to
have
that
balancing
act
to
to
focus
on
the
long-term
investments
while
making
sure
that
the
city
runs
day-to-day
so
and
just
on
the
right
side.
G
It's
been
talked
about
many
times
that
in
every
this
is
every
city
in
town
in
the
commonwealth
is
very
dependent
on
property
taxes
to
support
its
operating
budget.
We
live
in
the
phenomenon,
as
council
flynn
talked
about
a
proposition
two
and
a
half,
and
it's,
but
by
the
good
grace
of
of
economic
activity
in
the
city,
we've
we've
been
able
to
continue
to
grow
from
there,
and
with
that
I
will
turn
it
back
tomorrow.
H
Great
I'm
going
to
talk
a
little
bit
about
our
recent
bond
issuances.
So,
first
and
foremost
is
our
aaa
rating,
and
you
know,
as
as
councilor
flynn
said,
we're
fortunate
we've
had
it
for
eight
years
and
that
enhances
our
buying
power.
If
you
will-
and
so
it's
important
for
us
to
to
maintain
that
because
we
we
get
the
the
best
we
can
get,
you
know
if
you
have
a
to
jim
talking
about
your
mortgage.
H
H
It's
really
the
the
team
of
making
sure
that
we're
fiscally
responsible
we're
conservative
we're
keeping
our
fund
balances.
You
know.
Within
the
thresholds
and
a
an
annually
balanced
budget,
you
know
basic
what
would
seem
to
be
basic
tenants
of
a
fna,
a
f.
Whichever
way
you
prefer,
we
maintain
that,
and
we
do
it
well:
debt
pension,
opeb,
conservative
and
on
target
as
justin
says:
that's
not
the
same
for
all
municipalities
that
plays
well
for
us
in
our
in
our
rating.
H
The
capital
improvement
plan
to
address
our
long-term
needs.
That's
another
tenant
that
is
looked
at
for
our
rating
and
and
finally,
you
know,
as
jim
said,
our
economy
is
strong
and
that
matters
obviously
the
idea
that
we
will
have
those
incomes
to
pay
back
our
debt.
So
those
are
the
you
know
four
major
tenants
of
our
aaa
rating
to
move
on
from
there.
H
I
don't
know
I
can't
move
forward
the
slide
for
some
reason,
but
anyway
to
move
on
from
there.
I
just
wanted
to
mention
our
2022
series
that,
as
justin
said,
we
just
closed
on.
H
We
had
a
paramount
of
330
million
dollars
with
proceeds
of
approximately
400
million
dollars
and
again
we
we
received
a
tremendous
premium,
and
that
is
because
of
our
buying
power,
so
that
you
know
60,
plus
million
dollar
premium
is,
is
partially
accomplished
through
our
aaa
rating
partially
accomplished
through
a
very
good
market
right
now
it
continues
to
remain
strong,
and
these
are
general
obligation,
bonds,
that
of
new
all
new
money.
H
We
had
at
the
time,
looked
at
perhaps
doing
a
refunding,
but
the
market
changed
a
little
bit
and
and
that
wasn't
available
to
us
at
the
time.
But
this
is
new
money
that
will
go
into
many
of
the
needs
of
the
city
and
on
the
next
slide
we
discuss
what
was
included
in
there.
So
you'll
see
that
it
supports
affordable
housing
in
partnership
with
boston
housing
authority.
H
There's
also
work
being
done
to
mitigate
the
sea
level
rise,
so
included
in
this
are
improvements
at
garvey
park
in
dorchester,
malcolm
x
park
in
rochester,
in
roxbury,
as
as
well
as
langone
park
in
the
north
end.
So
again
trying
to
look
at
the
many
needs
of
the
city
and
the
final
piece
of
that
is
city
hall
plaza,
which
will
serve
as
a
catalyst
for
civic
and
community
engagements.
So
a
big
piece
of
it
and
but
we're
hopeful
that
it
brings
the
people
into
the
city.
H
Also
wanted
to
include
some
conversation.
Counselor
brock
brought
it
up
earlier
with
regard
to
the
2020
series
that
was
done
in
december
2020,
and
there
was
a
social
component,
and
that
was
35
million
dollars,
for
that
was
to
support
bha
to
support
the
housing.
H
The
there
was
a
green
series
of
32
million
dollars,
renew
boston,
trust,
boston,
arts
academy,
langone
park
and
the
bcyf
crowley
community
center,
similar
to
the
2022
series,
just
segregated
out
as
a
green
bond.
A
Thank
you
so
much.
Mr
counselor.
B
Yes,
thank
you
for
that
presentation.
It
was
very
helpful.
I
just
have
a
few
questions
and
again,
I
think
it's
probably
rare
among
cities
that
we
have
this
plan
to
have
our
pension
fully
funded
by
2027.
So
that's
a
credit
right
to
reasons
that
we
have
a
strong
rating
is
strong
management
and
also
things
that
are
can
be
constant
and
have
been
constant
in
the
city
of
boston.
B
For
quite
some
time
is
a
very
strong
economy,
and
those
things,
I
think,
are
the
pillars
of
a
very
strong
city,
and
it's
because
of
our
ability
to
have
this
fully
funded
pension
by
2027.
It's
like
wow.
What
else
are
we
doing
to
make
sure
if
we're
able
to
do
that
that
other
big
cities
like
ours
are
not
able
to
do?
It's
to
me,
that's
in
dishes
that
we
can
always
be
doing
more
understanding,
of
course,
that
none
of
this
is
free
money.
B
I
don't
think
anyone
thinks
it's
free
money,
but
a
lot
of
us
think
that
we
can
be
leaning
a
lot
more
into
our
fiscal
strength,
depending
on
you
know
from
different
angles,
but
something
that
I
wanted
to
explain.
Just
for
the
record
and
for
everyone,
the
difference
between
maureen,
if
you
could,
between
the
general
obligation,
bonds
and
the
green
and
social
bonds
that
were
issued,
explaining
like
the
green
washing
of
bonds
and
what
is
the
actual
difference
when
we're
talking
about
green.
B
You
know
the
type
of
bonds
that
we
issue
when
it's
green
and
social
bonds
and
when
we're
just
issuing
general
obligation
bonds,
which
you
know
generally
the
same
thing,
but
I
think
for
new
counselors
and
for
folks
who
are
new
to
this
world
and
trying
to
understand.
It
would
be
helpful
for
us
to
really
understand
that
distinction.
H
Thank
you
counselor.
So,
at
a
at
a
million
feet,
there's
no
difference.
So
we
had
a
conversation
yesterday
with
our
bond
council
to
this
very
effect
because,
and
he
used
the
exact
phraseology
you
just
used.
The
greenwashing
of
you
know.
People
are
many.
Municipalities
are
trying
to
package
bonds
and
saying
it's:
it's
they're
green
and
there
there's
some
concern
in
the
industry
that
maybe
we're
trying
too
hard
to
to
package
it
as
green
as
opposed
to
doing
the
green
work.
We
are
doing
the
green
work
of
the
city.
H
We
are,
we
didn't
separate
it
out
as
I
referenced
their
specific
projects
within
the
2022.
There
is
a
an
additional
reporting
requirement
with
the
green
bonds,
but
it
isn't
significant
it.
We
have
done
it
for
our
2020,
but
we
had
a
little
conversation,
as
I
said
with
the
council
bond
council
yesterday,
and
he
told
a
little
story
of
a
recent
green
bond
sale
that
he
he's
affiliated
with
and
that
that
municipality
received
a
call
from
one
of
the
investors
and
the
investor
thought,
because
he
made
that
specific
investment.
H
H
It
is
the
project
we
were
the
first,
I
think
in
in
saying
this
is
a
green
bond
and
we
were
able
to
identify
it
as
such.
But
at
this
point,
council
has
decided
that
really
it
adds
no
value.
Now
in
2020
it
added
a
tremendous
value
to
to
separate
it
out.
The
market
said
we
will.
We
will
reward
that
and
we
will,
you
know,
pay
it
differently.
F
No,
I
was,
I
was
just
gonna,
add
the
the
end
goal
of
green
bonds,
housing
bonds,
sort
of
differentiating
them
is
to
get
a
better
price
right
and
it's
sort
of
the
market
is
saying
we
want
you
as
a
city
as
a
company
as
a
institution
to
be
investing
in
whatever
the
sort
of
dynamics
around
that
segregated
bond
is
and
we're
going
to
reward
you,
as
maureen
said,
with
a
better
price,
the
the
market
in
2020
for
the
first
time
actually
in
municipal
history
and
throughout
the
entire
country,
we
did
get
a
better
price
for
sort
of
a
regular
geo
bond
versus
a
green
bond.
F
Bond,
okay,
it
was
small,
we
did
get
a
national
award
for
it,
but
it
was
a.
It
was
a
small
price
difference,
but
it
was
one
of
the
first
times
it
had
been
demonstrated
on
a
municipal
level,
but
in
the
sort
of
past
two
years
I
think
exactly
as
you
alluded
to
there's
been
sort
of
a
green
washing,
as,
as
everyone
said
today
and
they're
sort
of
like
the
market,
isn't
quite
mature
enough
to
be
rewarding
those
issuances
as
handsomely
as
I
think
it
would
be.
B
It's
just
a
follow-up
to
that.
I
think
councilor
block
mentioned
this
as
well
is
that
you
know
there
are
other
cities,
especially
in
other
cities
like
maryland
and
on
the
west
coast
that
are
doing
specific,
targeted,
affordable
housing
bonds,
but
I
think
that's
in
part
because
of
their
state
regulation,
their
state
laws
require
them
to
issue
bonds
a
certain
way.
We
never
necessarily
have
to
do
that.
B
F
I
mean
I
knock
on
wood.
The
only
13
people
who
have
to
vote
on
a
issuance
of
general
obligation
bonds
is
the
13
people
around
this
this
table.
That
is
not
true
for
other
cities
and
towns
where
they
have
to
do.
You
know
campaigns
and
they
have
to
do
ballot
questions
they
have
to
get
it
voted
on
by
the
voters
themselves.
B
Great
yeah,
and
just
so
we're
clear
that
this
is
the
body
the
city
council.
We
vote
on
the
issuance
of
the
general
bonds
general
obligations
bond,
but
it's
in
a
f
in
the
administration
that
really
does
is.
B
Is
it
takes
the
lead
on
deciding
the
policy
around
that
the
seven
percent
policy,
or
whatever
policy
it
is
or
that
that,
even
though
we
have
this,
you
know
seven
percent
ceiling
right
now
we're
only
it's
only
five
point:
three
percent
of
the
city's
operating
budget
right
that
those
are
the
policies
that
are
set
in
a
f
without
necessarily
income
input
from
the
city
council.
That's
set
by
the
administration.
Is
that
correct.
F
B
I
I
wanted
to
get
one
thing
sort
of
out
of
the
way,
because
I
know
folks
have
been
asking
me
this
question
others,
just
how
does
inflation
in
this
moment
in
time
affect
our
ability
to
bond
and
how
we're
bonding?
So
if
you
could
just
address
that
to
assuage
any
concerns
or
to
address
any
any
issues
that
that
you
may
be
thinking
of
right
now,.
H
H
Totaling
cost
was
considerably
lower
than
our
and
I
say
considerably
we're
still
in
very
good
times
as
far
as
rates
go,
but
the
federal
reserve
steps
in
and
raises
rates
to,
you
know
to
try
and
ease
some
of
the
burden
of
the
impacts
of
of
inflation.
So
with
that
said,
we
see
a
one-to-one,
it's
a
inverse
correlation,
but
we
see
a
one-to-one
impact
on
our
on
our
borrowing.
H
So
I
think
it
was
in
the
1.4
neighborhood
in
2020,
and
it
was
two
point
2.2
that
this
year,
so
obviously
an
impact,
but
we're
still
in
very
good
times.
H
We
are
going
to
see
continued
rate
hikes
and
we'll
see
where
we
are
next
year
with
what
the
costs
are
look
like,
but,
yes,
inflation
obviously
has
an
impact.
F
And
I
think,
from
a
construction
cost
point
of
view,
that's
actually
where
we
probably
see
it.
The
most
on
inflation
is
400
million.
Just
doesn't
buy
quite
as
much
as
it
did
two
years
ago,
and
I
think
that's
one
of
the
things
we
struggle
with
is
we're.
Thankfully,
building
100
million
dollar
schools
now
and-
and
you
know-
for
only
borrowing
able
to
borrow
four
or
500
million
dollars
a
year,
we're
just
not
making
as
much
progress
with
all
those
other
priorities
that
we
have
and
all
the
other
need
throughout
the
city.
B
Wouldn't
that
be
an
argument
be
in
light
of
inflation
in
light
of
all
the
schools
that
we're
trying
to
improve
and
all
the
affordable
housing
that
we're
trying
to
build
and
uncertainty
in
the
market
to
potentially
be
a
little
bit
more
aggressive
in
sort
of,
and
you
said
that
a
few
weeks
ago
was
our
largest
bond
issuance,
but
still
we
we
have
that
policy
of
seven
percent
that
we're
inching
towards.
Wouldn't
that
be
an
argument
to
be
more
aggressive
in
that
area,
because
we
know
what
the
market
is
doing
right
now,.
F
Yeah,
it's
both.
What
does
it
mean
for
our
overall
city
operating
budget
right?
Where
does
this
fit
into
the
pie
and
where
the
trade-offs
that
the
administration
and
the
council
are
willing
to
make
in
order
to
pay
for
that
extra
debt
service?
And
then
how
does
it
affect
our
overall
rating?
And
I
think
I
think
there
is
opportunities
to
look
at
it,
but
I
think
we
would
want
to
test
that
with
our
rating
agencies
and
obviously
have
a
good
story.
F
I
totally
agree
the
the
sort
of
the
competitive
advantages
that
the
city
has
right,
being
a
city
that
you
know,
people
want
to
live
and
work
in
and
relocate
to
and
and
spend
money
in
and
do
that
is
in
jeopardy.
If
we
don't,
you
know,
make
strides
on
our
housing
make
strides
on
our
climate
change.
So
there's
always
a
balance
between
sort
of
yes.
F
A
dollar
today
is
actually
maybe
a
good
credit
positive
for
us
because
we're
going
to
protect
our
sea,
our
close
to
a
live
region,
we're
going
to
invest
in
keeping
people
here.
So
I
do
think,
there's
trade-offs.
It's
just
a
matter
of
of
how
the
market
views
it
and
that's
just
something
we
can't
predict
before
we
get
to
it
on
an
annual
basis.
B
Thank
you
chief.
I
appreciate
that
and
I
also
appreciate
the
mentioning
that,
like
we
could
also
potentially
test
if,
if
we're
going
to
make
any
big
sea
change,
it
sounds
like
there
is
a
mechanism
to
actually
go
to
these
rating
agencies,
saying
we
have
a
deep
affordability
crisis.
We
have
deep
inequities
and
we're
trying
to
be
a
lot
more
aggressive.
What
if
we
made
this
change
to
this
policy?
Would
that
affect
where
we
stand?
B
You
know,
and
I
know
it's
on
apple's
apple's
comparison,
but
there
are
a
lot
of
municipalities
with
higher
debt
service
as
part
of
the
operating
budget.
That
also
maintain
a
triple-a
bond
rating
right.
My
last
question
before
the
chair
makes
me
stop
talking
and
moves
on
to
someone
else
is
the
debt
policy
overview,
which
I
think
is
on
page
five
of
the
presentation
which
I
thank
you
for,
including
something
that
piqued
my
interest
is
that
and
when
we
get
it,
we
have
not
yet
received
it.
B
The
the
the
debt
policy
statement,
but
that
we're
on
a
rapid
debt
repayment
schedule
that
the
city
still
structures
the
overall
debt
repayments
that
at
least
35
to
40
will
be
repaid
within
35
within
five
years
and
65
to
70
within
10..
That
sounds
to
me
very
aggressive,
and
I
don't
know
if
other
cities
are
on
this
repayment
schedule.
B
I
just
think
about,
like
we
alluded
many
times
like
a
mortgage,
you
know
that's
deciding
to
pay
off
your
mortgage
very
aggressively,
and
that
means
that
that's
going
to
be
a
higher
percentage
of
your
operating
cost
of
your
yearly
budget
when
potentially
that
money.
You
know
right
now,
it's
5.3,
but
if
we
didn't
have
such
an
aggressive
schedule,
perhaps
that
would
decrease
to
about
three
four
five
percent
or
something
lower,
and
then
it
opens
up
more
of
your
more
of
the
city's
budget.
B
To
do
things
like
public
works,
the
neighborhoods
that
we
often
forget
like
roxbury
and
matapan
and
high
park
indoor
parts
of
you
know,
and
so
I'm
just
thinking
you
know
what
is
the
rationale
behind
this
rapid
debris
payment?
What
are
other
similar
municipalities
doing?
Is
it?
You
know
level
level
payments
over
time
or
is
it
this
rapid
debt
repayment,
and
is
there
room
there
to
to
really
explore
explore
that
and
then
that's
my
final
question
until
we
move
on
to
other
folks.
F
Well,
I
was
going
to
say
definitely
room
to
explore.
Every
municipality
is
different
right,
they're,
going
to
they're
going
to
structure
their
debt
differently.
I
think
I
I
think
about
what
jim
said
at
the
beginning.
You
know
when
you
take
a
vote
on
debt
you're,
you
do
it
twice,
because
you're
committing
the
city
to
something
over
20
or
30
years
that
are
long,
gonna
outlive.
You
know,
maybe
the
folks
in
this
room.
F
You
know
if
you're
building
a
building,
you're
hoping
it's
going
to
be
there
for
at
least
30
years,
but
you
want
to
make
sure
that
you're,
not
you,
know,
really
tying
the
hands
of
future
generations
and
then,
as
maureen
alluded
to
it
also
is
a
credit
positive
that
the
rating
agencies
like
to
see
that
you're
committed
to
paying
it
back
in
a
short
time
period,
so
you're
not
sort
of
kicking
the
can
for
lack
of
better
word
down
the
road
to
future
generations.
H
You
know
every
three
years
we
go
out
and
and
look
at
our
financial
advisor
and,
and
we
put
our
debt
policy
or
tenants
of
our
debt
policy
before
them
and
ask
you
know
for
any
potential
guidance
of.
Are
we
doing
things
well?
Are
we
doing
things
com?
H
You
know
well
compared
to
our
neighbors,
if
you
will
and
we
have
not
received
any
guidance
to
either
speed
up
our
policy
or
slow
it
down
or
raise
our
debt
limit
or
decrease
our
debt
limit,
so
the
guidance
we're
receiving
from
our
fas
from
our
financial
advisors
indicate
that
we
are
doing
right,
certainly
the
guidance
we're
receiving
from
our
rating
agencies
of
a
triple
a
you
know,
so
that
again
we're
conservative
and
we
play
within
those
bounds.
A
It
seems
that
pretty
much
it's
simple,
the
more
you
borrow
the
more
you're
in
debt.
All
the
answers
are
the
same
right:
we're
trying
to
make
sure
that
the
future,
or
at
least
that
we
don't
set
up
the
people,
the
future
of
bostonians
in
a
way
that
they
have
to
worry
so
much
about
debt,
obviously
interest
increasing
or
how
whatever
it
looks
like.
But
are
you
able
to
actually
make
projections
in
terms
of
like
in
increments
of
0.5
up
to
a
certain
amount
or
borrowing
power?
What
what?
What
does
that
look
like?
F
We
do
explore
it
jack
hanlon,
our
director
of
capital,
who's
with
us,
who
is
the
sort
of
architect
of
a
lot
of
our
capital
plan.
You
know
we
think
about
bonding,
not
only
in
the
five-year
capital
plan,
but
we
do
think
about
it
in
the
10
and
20-year
window
by
which
we're
borrowing.
So
we
do
make
long-term
projections
around
how
much
we
think
we'll
have
access
to
both
under
the
existing
policy,
but
also
if
we
were
to
adjust
the
policy.
F
F
If
we
were
to
sort
of
increase
it
to
either
go
to
eight
percent
or
nine
percent,
you
would
unlock
roughly
50
to
100
million
dollars
more
depending
on
sort
of
how
much,
how
long
you're
looking
to
spread
it
out
and
sort
of
how
what
the
levers
are
that
you're
pulling
in
terms
of
how
quickly
you
pay
it
back,
but
you're
talking
about
sort
of
a
bit
on
them.
I
don't
want
to
say
on
the
margins,
because
50
to
100
million
dollars
is
serious
money,
but
it's
not
you
know
doubling
it
right.
F
So
it's
sort
of
within
the
context,
not
not
not
that
different
than
what
we're
sort
of
currently
planning.
A
I
see
I
it's
almost
as
though
the
conversation
is
really
after
we
look
at
those
projections.
Right
then
understanding
does
this
make
sense
right,
because
we
already
know
what
can
be
done.
It
can
be
done,
but
I
I
I
I
have
nothing
further.
I'm
going
to
go
on
to
my
colleague,
kenzie
bach.
C
Sure,
thank
you,
madam
chair
and
I'll
pick
up
there.
I
feel
as
though
this
is
a
theme
I've
been
on
before,
and
maybe
this
is
a
query
that
we
can
come
back
to
in
the
capital
hearing
in
a
couple
of
weeks,
but
it
seems
to
me
like
the
reason
that
we
you
know
we
do
these
projections
for
what
would
hit
the
seven
percent
threshold
and
then,
as
councilor
louisiana
alluded
to
we're
below
that
right
and
that's
because
of
project
delay
factors.
C
It's
because
we
say
we're
going
to
spend
the
money
on
this
number
of
projects
and
you
all
don't
actually
issue
bonds
without
being
able
to
tie
them
to
a
project
that
is
truly
actually
happening.
And
every
year
we
have
a
certain
number
of
projects
that
we
thought
in
good.
Faith
were
going
to
get
pulled
off
that
fiscal
year
and
they
just
don't
right,
and
we
all
know
that
there
are
some
of
those
that
hang
around
for
multiple
years
and
then
somewhere,
it's
just
a
couple
of
months
slippage
or
whatever.
I've
never
really
understood.
C
Why?
We
don't
therefore
factor
some
kind
of
project
delay,
factor
into
our
projections
and
basically
sort
of
like
over
budget
capital,
knowing
that
you
know
we're
shooting
for
the
moon
and
we're
gonna
land
among
the
stars,
because
I
just
feel
as
though,
and
I'm
not
saying
that
we
should
be
so
aggressive.
You
know
if
we're
trying
to
stick
to
the
seven
percent
policy
and
there's
a
whole
conversation
about
whether
that
should
be
eight
or
nine
percent.
But
I
sort
of
start
from
the
frustration
that
it's
not
actually
effectively.
C
Seven
percent
right,
and
I
think
that
that's
been
a
little
bit
masked
historically
by
the
fact
that
the
council
ends
up
looking
at
charts
like
the
one
that
you
presented
today.
That
looks
forward
at
what
our
debt
issuance
will
be.
If
we
hit
what
we're
budgeting
for,
but
doesn't
always
look
back
and
say:
hey
what
do
we
end
up
doing
in
the
last
few
years?
C
That's
accepting
students
and
trying
to
make
sure
that
it's
going
to
have
the
right
class
size
sort
of
looks
back
10
years
and
says
how
many
people
accepted
us
and
who
turned
us
down.
It
feels
as
though
we
could
factor
some
kind
of
like
project
delay,
factor
in
based
on
a
rolling
five-year
average
or
something.
I
C
G
Yeah,
I
think
that
is
you
know
factored
into
how
we
sort
of
plan
for
projects
is
an
assumption.
You
know
that
the
projects
and
projects
legitimately
take
some
time.
You
know
if
you're,
even
if
it's
implementation
of
a
park,
there's
going
to
be
community
meetings,
people
are
going
to
want
to
participate
and
decide
what
type
of
equipment
is
placed
there.
G
When
you,
when
you
magnify
that
by
a
larger,
you
know
master
plan
sort
of
there's
going
to
be
that
process
built
into
it.
But
I
I
completely
agree.
I
think
we
do
that.
G
To
some
extent,
it's
not
an
exact
science
to
say
when
a
project
that
you
know
could
encounter
some
sort
of
process,
slow
down
could
be
permanent,
could
be
any
number
of
different
things
that
interfered
with
sort
of
the
the
planned
execution
of
the
of
the
project,
but
similar
to
how
how
we
size
the
operating
budget,
with
the
assumption
that,
like
not
every
position,
is
going
to
be
filled
every
single
day
of
the
year
there
is
that
assumption
that
sort
of
estimate
in
project
scheduling
to
try
to
try
to
hit
that
target.
F
So
we
have
so
you're
right.
We
have
made
strides
in
recent
years
to
move
the
projects
forward.
It's
both
from
a
project
perspective,
but
also
a
city's
ability
to
deliver
perspective.
Just
departments
are
not
necessarily
set
up
to
spend
quickly
to
like
make
up
those
gaps
on
an
annual
basis,
both
from
a
contractor
perspective,
but
also
just
people
to
deliver
the
projects,
and
I
actually
think
not
to
get
ahead
of
ourselves-
you'll
be
sort
of
seeing,
hopefully,
some
investments.
F
F
So
I
think
there's
some
conservatism
we
build
into
that
as
well,
because
we
never
really
want
to
get
over
our
skis
on
on
sort
of
having
a
project
in
the
pipeline.
That's
ready
to
go
and
ready
to
break
ground
and
all
of
a
sudden
we
have
to
kind
of
stop
and
say
hold
on.
You
know.
We
can't
actually
start
this
project
because
we
have
to
wait
another
year
to
borrow
for
it.
So
I
think
you're
right,
there's,
certainly
opportunities
to
plan
better,
and
I
think
we
have
made
strides
to
get
there
recently.
F
I
C
In
some
ways
like
you
can
go
either
way
if
we,
if
we
had
more
project
management
capacity-
and
we
got
more
of
these
things-
that
we
were
budgeting
for
done
at
a
more
consistent
rate,
then
that
opens
up
space
on
the
back
end
for
new
projects
as
opposed
to
these
ones
stretching
out
across
time.
Or
we
say
this
is
our
current
failure
rate
and,
and
so
we're
going
to
like
factor
that
in
I
just
I
think
it
feels
to
me
like.
C
We
were
consistently
landing
on
one
side
of
this
line
and
something
that
put
us
a
little
closer
to
the
line.
It
wouldn't
be
a
disaster
if
you
know
if
we
found
that
I
think
the
chances
that
we
would
not
put
the
shovel
on
the
ground
on
the
project
because
it
feels
like
what
we
would
actually
do
is
pull
back
one
of
the
new
things
that
we
were
proposing
for
that
year.
C
It
just
feels
like
there's
space
here
to
get
a
bit
more
aggressive
and-
and
I
and
I
feel
like
when
we
talk
about
you-
know
50
or
100
million
a
year,
like
I
mean
that's
sort
of.
If
we
move
up
the
official
thing,
but
we're
all
we're
kind
of
under
shooting,
typically
by
that
amount
too,
I
mean
you
know
so,
and
it's
just
like
when
you
add
that
up
across
10
years,
when
we
talked
about
the
build
bps
billion
dollars
over
a
decade
right,
that's
what
that
is.
I
C
When
we
talk
about,
I
mean
I
raised
it
already
right,
but
you
know:
we've
got
these
all
these
west
coast
cities
are
they
I
mean
it's
like.
I
think
san
francisco's
done
bonds
for
910
million
in
affordable
housing
over
the
last
seven
years,
la
for
1.2
billion
over
the
last
six
years,
portland
for
900
million
over
the
last
four
years,
so
those
are
all
on
track
to
be
more
than
a
billion
over
over
a
decade.
C
I
agree,
obviously,
some
of
those
you
know
popularly
authorized
ones,
there's
a
component
of
that
that
stuff
we
couldn't
bond
for
because
it's
privately
owned
housing,
there's
a
significant
component
of
each
of
those
that
is
publicly
owned,
and
it
just
feels
like
if
we
were
actually
which
it
is
not
impossible
to
come
up
with
a
kind
of
decade.
Scale
strategy
like
like
the
conversation
that
we
had
about
the
bps
school
needs,
but
that
it
would
involve
being
a
little
bit
more
aggressive
on
these
fronts.
A
Thank
you,
council
bloc.
Did
you
have
a
thank
you?
I
just
wanted
to
acknowledge
that
we've
been
we
were
joined
already
by
councillor
warrell.
I
apologize.
I
didn't
see
you
there
if
you
have
any
opening
statements,
if
not
we'll
circle
back
to
you
when
it's
your
turn
counselor
flynn.
Do
you
have
any
questions.
D
So
I
just
been
listening
to
the
conversation
and
I
know
boston
has
made
great
strides
retiring
our
dad
looking
looking
forward
when
we
see
many
city
employees
potentially
retiring
over
the
next
five
years,
with
with
significant
salaries
and
with
the
high
cost
of
health
care
as
well.
D
F
Oh
perfect,
thank
you,
so
it
does
so,
as
jim
mentioned,
when
we
revalue
the
pension,
that's
both
from
a
what's
in
the
pot
perspective,
but
also
one
of
the
liabilities
perspective.
F
So
we
look
at
previous
year's
earnings
and
that's
a
pretty
good
indicator
of
where
salaries
are
moving,
as
well
as
the
healthcare
side
of
things
where
we're
working
with
our
pec,
which
is
again
a
sort
of
national
model
for
both
employee
relations,
ships
and
management
of
our
health
care,
but
also
just
a
good
way
to
sort
of
keep
costs
in
line
and
keep
costs
growing
at
a
consistent
pace.
So
we
work
very
closely
with
our
labor
leaders
on
that
piece
as
well,
so
we
we
feel
like
we
have
that
in
a
good
place.
F
I
think
the
question
is
you
know:
how
does
that
balance
with
the
other
priorities
that
we
have,
whether
it's
in
the
capital
plan
or
in
the
operating
budget,
and
that's
something
that
we
you
know
are
constantly
rebalancing
on
an
annual
basis?
F
The
you
know
projected
pension
growth
is
something
like
eight
to
ten
percent
over
the
next
five
years,
just
to
stay
on
schedule,
same
thing,
with
debt
service
right
just
to
stay
on
schedule
or
projecting
somewhere
between
five
to
ten
percent
growth,
so
that
five
to
ten
percent
growth
is
outsized
is
larger
than
the
overall
budget
is
growing.
So
it's
eating
up
a
disproportionate
amount
of
the
overall
pie
of
new
money
that
we
have
on
an
annual
basis.
So
it's
all
about
balancing
those
priorities
amongst
what
is
a
lot
of
need
across
the
entire
board.
D
When,
when
the
national
economy
declined
in
the
city
economy,
dakotan
2008,
2009
2010,
I
guess
if
that
happened
today
or
if
that
happened
several
years
from
now.
What
impact
would
that
have
on?
I
know
what
impact
it
would
have
on
the
bond
rating.
It
could
or
or
may
not
have
an
impact
in
the
bond
rating,
but
it
would
certainly
impact
the
capital
budget
right.
So
are
you
planning
for
some
type
of
or
thinking
about
that,
there's
the
possibility
of
some
type
of
major
economic
downturn
in
if
there
is
an
economic
downturn?
F
I'll
sort
of
echo
what
maureen
said
right,
I
think
we're
very
bullish
on
boston
right.
We
have
a
lot
of
natural
advantages
when
it
comes
to
our
industries
here,
our
retention
of
talent,
the
desire
to
locate
here,
even
though
we've
you
know
even
post
covid
we've
seen
a
shift
in
how
people
are
living
and
working.
I
still
think
demand
is
going
to
continue
to
rise
in
boston
for
development
and
is
still
going
to
values
are
going
to
continue
to
rise
as
they
have
and
as
we've
seen
recently.
F
But
that
certainly
goes
into
our
thinking
when
I
think,
when
we
think
about
five
and
ten
year
borrowings
right
when
we
think
about
how
much
we
think
the
operating
budget
is
going
to
grow.
Yes,
we
have
you
know
years
that
grow
at
five
and
six
percent,
which
is
pretty
much
as
high
as
it
can
possibly
grow.
F
But
I
I
do
think
that,
despite
the
challenges
that
covet
and
post
you
know,
postcode
work
is
going
to
bring
to
real
estate.
I
think
there's
just
such
a
tremendous
amount
of
pent-up
demand
and
desire
to
live
and
work
in
boston,
and
I
think
it's
all
about
you
know
using
that
demand
and
that
desire
to
better
serve
its
residents
and
the
residents
of
the
city,
and
I
think
that's
what
we
try
to
do
on
an
annual
basis
in
the
capital
and
operating
budget.
D
D
We
need
an
educated,
boston,
public
school
system.
That's
educating
our
children
so
that
they're
able
to
get
these
jobs
in
the
booming
economy
and
purchase
a
home,
but
when
the
school
system
is
struggling
like
it
is
now,
I
think
everyone
will
agree.
It's
struggling
right
now,
and
the
price
of
housing
is
almost
out
of
the
reach
out
of
reach
for
working
families.
D
F
That's
a
tough
one
from
a
school's
perspective.
You
know,
I
think,
we're
again
not
to
get
too
far
ever
so.
I
think
we
are.
The
mayor
is
going
to
present
a
budget
that
reflects
her,
and
I
know
the
council's
shared
priority
of
investing
deeply
in
our
students
both
from
an
operating
budget
perspective,
but
also
a
capital
plan
perspective.
There's
a
tremendous
amount
of
need.
F
There
are
a
couple
of
jewels
all
over
the
city
in
terms
of
schools
and
we
need
to
get
them
the
facilities
that
they
need
to
really
thrive
and
keep
keep
families
in
the
city
growing
in
the
city,
and
I
and
I
think
that
you'll
certainly
see
a
renewed
emphasis.
I
think
in
next
week's
operating
budget
and
capital
plan
on
just
that,
but
it
also
takes
a
tremendous
amount
of
daily.
F
You
know
work
with
the
school
department
and
and
and
everyone
to
make
sure
that
people
know
about
those
jewels
right.
I
think
what
we've
seen
is
as
a
drop
in
enrollment
in
the
city,
and
that's
both
you
know
housing,
that's
both
where
the
jobs
are.
That's
both
a
you
know,
a
reflection
of
the
schools,
and
I
think
that
we
need
to
do
everything
and
it's
it's
just
a
it's
just
as
much
about
a
budget
question
as
it
is
about
a
communication
and
policy
perspective.
F
D
F
D
A
Thank
you,
council
flynn,
just
let's
try
to
speed
this
up,
especially
in
our
answers,
hopefully
so
that
we
can
get
the
rest
of
the
panelists
on
while
you're
here.
I
think
some
cross-referencing
will
be
super
important
to
this
issue.
Counselor
mejia,
you
have
the
floor.
E
Thank
you
and
the
spirit
of
speeding
things
up.
I
will
be
within
my
five
or
seven
minutes
that
I'm
usually
allotted
so
I
just
have
two
questions
in
the
hearing
order.
Actually
this
might
be
for
the
maker,
or
maybe
you
all
might
be
able
to
provide
some
insight
in
the
hearing
order.
It
is
mentioned
that
we
could
possibly
build
2
500
deeply,
affordable
housing
units
to
meet
our
quote.
Unquote:
fair
cloth
limits
for
the
purposes
of
communicating
a
little
bit
more
clearly.
E
Can
you
just
help
explain
what
a
fair
cost
limit
is
and
how
our
limit
was
set.
So
just
some
clarity
around
that
and
then
my
next
question
for
you
guys
over
here
is:
can
you
talk
a
little
bit
more
about
the
seven
percent
debt
ceiling?
I'm
just
curious.
How
do
we
end
up
with
a
number
of
seven
percent.
C
Yeah
sure
I'll
just
be
quickly
to
the
fair
cloth
limit
issue.
So
one
of
my
interests
in
this
as
a
sponsor
is
that
the
the
federal
government
limits
every
city
and
town
in
the
country
of
how
many
public
housing
units
they're
allowed
to
have
but
boston.
Actually,
we
got
rid
of
a
bunch
of
our
public
housing
units.
Sadly,
after
that
limit
was
set
and
as
a
result,
we're
actually
limited
up
at
about
12
500
units,
but
we
only
have
ten
thousand.
C
That's
that
number
2464.,
the
feds
will
come
with
the
operating
money
for
them,
and
they've
recently
instituted
a
program
that
makes
that
operating
subsidy
more
sustainable
called
rad,
but
what
they
won't
give
us
is
the
money
to
build
and
create
them,
and
so
it's
always
been
like
a
nice
theoretical,
but
not
possible
right,
because
the
because
the
federal
government
really
retreated
from
capital
support
to
the
public
housing
portfolio.
That's
also
a
huge
issue.
H
B
B
Easiest
is
on
public
land,
and
you
know
there's
a
lot
that
we
can
be
doing
on
the
land
that
we
own,
but
also
in
partnership
with
bha,
and
so
I
think
it's
just
one
of
those
areas
where
hey
here's
an
opportunity
for
us
to
lean
into
our
borrowing
our
fiscal
strength,
we're
not
even
at
capacity
there
are
things
that
we
can
do,
even
potentially,
with
our
repayment
schedule
to
really
reallocate
some
of
that
money
towards
affordable
housing
right.
E
Yeah,
I
really
do
appreciate
that
explanation.
I
think
it's
important,
especially
for
those
folks
who
are
tuning
in
to
understand
you
know
what
we're
what
we're
trying
to
push
for
here
and
I'm
just
curious
when
I
think
about
quality
of
life,
and
I
think
about
the
fact
that
you
know
we
invest
in
the
things
that
matter
and
it
seems
like
when
it
comes
to
investing
in
affordable
housing.
This
is
just
a
no-brainer
in
terms
of
really
making
sure
that
people
are
able
to
stay
here
in
the
city
of
boston.
E
We
keep
hearing
that
the
city
is
very
attractive
and
everybody
wants
to
come
here,
but
what's
the
sense
of
doing
so
in
a
way
that's
going
to
displace
the
people
who
have
invested
so
much
time
and
energy
here
in
the
city
of
boston.
So
there
has
to
be
a
level
of
commitment
and
making
sure
that
how
we're
investing
is
to
keep
people
housed
here
in
the
city
of
boston.
So
I
think
I'm
really
excited
about
this
and
then
so,
if
you
could
just
I'm
almost
done.
E
If
you
could
just
talk
to
me
about
the
last
question,
then
I'm
done.
I'm.
A
Not
rushing
you
at
all.
I
actually
just
gave
you
five
minutes,
starting
now,
I'm
done
you're
good
yeah.
Thank
you.
Your
second
part,
sorry,
you
just
have.
H
The
the
seven
percent
so
just
to
speak
briefly
to
the
seven
percent,
the
the
city's
debt
policy
began
during
the
menino
administration
and
and
that
that
kind
of
magic
number
was
was
initiated
then,
but
we
refreshed
the
debt
policy
regularly.
H
The
most
recent
refresh
was
in
2021
and
we
work
in
in
partnership
with
our
financial
advisor
and
again
to
see.
Does
that
make
sense?
Does
that
sound?
You
know
appropriate
to
our
needs
and
and
also
to
make
sure
it
fits
within
the
city's
debt
plan
for
the
city
budget.
So
really
it's
it's
historical,
but
it's
refreshed
frequently.
Could
it
be
moved.
B
The
seven
percent
and
we'd
be
you
know,
so
I'm
just
saying
things
of
things
just
because
things
have
happened.
One
way
forever
does
not
mean
that
they
always
have
to
happen.
That
way,
especially
if
there
are
sound
fiscal
reasons
to
to
to
try
something
new
and
if
you
can
test
them
out
with
the
rating
agencies.
Yeah.
A
Thank
you
councilman
here
all
right.
I
think
if
we
can.
J
Really
just
have
one
simple
question,
but
I
was
sorry
for
being
late,
but
I
was
listening
on
the
way
here,
a
lot
of
information
to
dive
into,
and
I'm
very
interested
in.
A
F
So
we
could,
we
can
certainly
sketch
out
how
much
we
can,
how
much
more
we
can
access
by
that.
What
we
can't
really
predict
is
how
the
rating
agencies
are
going
to
respond.
What
we
do
know
is
that
it
would
be
viewed
as
a
quote-unquote
credit
negative
right
at
the
end
of
the
day,
there's
the
positives
and
the
negatives.
You
borrow
more,
that's
a
negative.
I
don't
think
it
would
be
so
detrimental
that
I
think
it
would
affect
the
city's
credit
rating
agency.
F
I
also
think
it's
part
of
the
overall
story,
you're
telling
and
as
the
counselor
mentioned,
we
would
do
so
in
a
way
that
is
proactive
prior
to
actually
changing
the
policies.
We
would
have
those
conversations
with
the
agencies
to
unders
sort
of
sell
it
right,
obviously,
you're
sort
of
saying
hey.
We
need
we
have
we're
at
a
as,
as
the
council
mentioned,
we're
at
a
crisis
of
displacement
in
the
city,
we're
at
a
crisis
of
climate
in
the
city
we're
at
a
crisis
of
housing
in
the
city.
F
We
need
to
make
investments
now
in
order
to
make
boston,
keep
boston
competitive,
and
we
actually
think
that
it's
a
bigger
credit
risk
to
not
make
these
investments.
So
I
think
that
that's
the
story
you
would
you
would
tell
to
the
agencies.
We
can't
necessarily
predict
how
they
would
react.
A
What's
the
point
of
being
so
amazing
if
we
can't
help
the
most
vulnerable,
exactly
sorry,
cultural
world
back
to
you,
but.
J
Are
there
any
other?
You
know,
cities
that
might
not
be
operating
as
conservatives
that
we're
doing
that
we
can
look
to
to
say
you
know
they're
still
maintaining
a
triple
a
bond
rating,
but
they're
operating
at
you
know
a
higher
debt
or
they're
repaying
loans
faster.
Is
there
any
examples
of
cities
that
you
can
point
to
this
to
say
that
as
well.
F
Every
city's
circumstances
are
unique
right,
so
maybe
they
pay
it
back
less
because
they
have
to
get
way
more
aggressive
on
their
pension,
because
they're
not
as
far
along
with
us
right
so
there's
definitely
trade-offs,
and
I
would
go
back
to
what
councilor
flynn
said
earlier:
the
the
seven
percent
that
the
debt
policies,
all
of
the
practices
that
we
have
in
a
f
cabinet
long
perceive
me
long
precede
us
and
they
were
based
really
in
tough
times
for
the
city,
in
the
80s
and
70s,
where
we
were
making
cuts,
we
were
laying
off
people,
we
were
closing
fire
houses
and
all
of
that
sort
of
work
over
the
intervening
40
years
since
prop
2
and
a
half
has
been
sort
of
built
on
that
basis,
and
I
think
we
are,
I
think
we,
the
mayor,
everyone,
is
trying
to
put
as
many
good
ideas
and
put
as
many
dollars
back
into
investments
as
possible,
but
it's
got
to
be
done
in
a
way
that
is
sort
of
cohesive.
A
Thank
you
counselor.
Can
we
invite
our
the
rest
of
our
panelists
to
join
in
and
please
be
there
with
us?
Please
stay
yeah?
Is
he
okay
yeah
counselor?
Are
you
okay,
all
right
anywhere?
You
like?
A
Of
course,
our
dearest
counselor
lucian
would
like
to
you.
You
want
to
introduce
them.
B
B
Oh
well,
I
just
wanted
to
say
that
you
know
I
appreciate
the
administration
for
being
here
and
it
just
sounds
like
you
know,
a
lot
of
the
policies
were
set
but
as
as,
as
chief
stated
prior
to
you
all
being
here
and
again
to
echo
just
something
I
said
and
something
the
chair
said:
what's
the
point
of
having
these
all
these
great
things
to
remark
about
the
strong
economy,
if
we're
not
using
it
for
the
for
the
most
vulnerable,
I
think
about
you
know
why
we
have
we
have
this
property
tax
boost
we've
had
this
development
boom
that
has
added
to
the
deep,
deep
inequality
in
our
city
that
is
pushing
out
black
and
brown
folks,
black
and
brown
folks,
who
actually
weren't
even
able
to
access
jobs
at
the
same
rate
at
during
this
development
boom.
B
So
what
I'm
trying
to
identify
is
at
what
point
in
this
booming
economy
can
we
actually
use
our
resources
to
really
do
the
work
of
equity
and
deep,
deep
investment
in
black
and
brown
communities
that
have
not
been
advantaged
by
the
the
housing
boom
and
the
property
taxes
and
development
right?
B
So
is
this
suppressing
where
we
part
of
the
reason
that
we're
doing
so
well
as
an
economy
and
that
we
have
this
triple
a
bouldering
is
because
of
our
management
because
of
the
richness
of
our
city,
and
so
how
is
this
an
area
where
we
can
lean
in
and
do
a
lot
of
the
deep
investments
that
we
need
to
do,
and
so
I
guess
with
that
I'll
just
ask
one
more
question
of
the
administration,
and
that
is
well
actually
two
we
didn't
bond
last
year.
B
F
So
we
borrow
when
we
need
the
money,
so,
as
I
think
councillor
bocker
or
someone
else
mentioned,
we
we
sort
of
are
limited
in
the
time
period
by
which
we
can
borrow
the
projects
actually
have
to
be
spent
within
three
years.
So
we
really
try
to
borrow
when
projects
are
hitting
the
ground
to
avoid.
You
know,
what's
borrowing
for
something
that
doesn't
actually
come
to
fruition,
let's
see
2020
we
issued
at
the
end
of
2020
and
then
I
think,
just
because
of
transitions
timing
kovid.
F
I
think
the
market
and
our
advisors
ultimately
advise
that
we
go
now,
and
I
think
that
that's
why
there
was
a
couple
month,
gap
between
2021
and
2022,
but
there
was
there's
no
sort
of
reason
other
than
we
just
needed
the
money
now,
as
opposed
to
earlier.
B
B
Last
question
I
have
is
that
so
it
looks
like
the
payment
reschedule
that
we
have
for
the
bonds
is
20
years
versus
30
years
and
you're
saying
that
that
has
been
set
out
in
a
policy
that
we've
had
for
a
long
time
since
many
mini
administration.
Do
you
know
what
other
comparable
cities
are
doing?
Do
they
do
the
20
to
versus
30?
F
It
depends
the
rule
of
thumb.
Is
you
borrow
for
the
useful
life
of
the
assets,
so
typically
20
to
30
years
is
sort
of,
like
you
know,
low
end
for
a
building
it's
high
in
for
street
tree,
it's
high
in
for
a
road
right,
so
it
sort
of
depends
when
we
actually
issue
the
bonds.
We
issue
them
in
tranches,
so
we
have
five-year
bonds
10-year
month
20-year
bonds.
You
could
certainly
look
at
going
out
to
30
years.
F
That's
the
maximum
as
allowed
by
state
law,
but
it
sort
of
is,
is
part
of
our
overall
credit
rating
that
we
pay
it
back
in
that
20-year
time
period,
but
certainly
something
we
can
look
at
changing.
I
A
I
A
K
Just
verbal,
no
okay,
no
power
points.
So
thank
you,
madam
chair.
Thank
you
to
the
sponsors
and
counselor
louis
jean,
for
the
invitation.
My
name
is
josh
zakim,
former
city
councilor
here
and
currently
the
executive
director
of
housing,
ford
massachusetts,
which
is
a
non-profit
housing
policy,
advocacy
organization
and
I've
got
to
say.
I
was
very
excited
to
hear
about
this
hearing
order
and
to
hear
the
earlier
testimony
from
the
anf
folks
from
the
administration.
K
It's
exciting!
It's
something
that
we've
talked
about
as
an
organization
broadly
for
some
time.
It's
something
that
I
think
is
a
little-known
area
of
policy
for
the
general
public
and
for
many
folks
in
the
city
of
boston
and
it's
an
important
tool
and
what
I'm
going
to
say
here.
I
hope
the
a
f
folks
aren't
too
upset
about
being
a
little
too
aggressive.
You
guys
do
it.
I
mean
a
phenomenal
job
and
the
city's
credit
rating
is
a
testament
to
that.
K
K
But
it's
important
that
we
do
a
little
more
about
that,
whether
it's
supporting
first-time
home
buyers
with
mortgage
loans,
expanding
those
programs
raising
some
of
the
limits
on
those
programs
to
the
extent
possible,
because,
while
boston
does
invest
a
lot
in
affordable
housing,
housing
costs
a
lot
of
money
in
the
city
of
boston.
You
know
you
can't
really
compare
boston
to
springfield
or
you
know
even
to
portland.
K
I
guess
you
compare
us
to
san
francisco
or
los
angeles
when
it
comes
to
cost,
but
it's
a
critical
challenge:
keeping
people
here
making
sure
that
we're
sharing
this
prosperity,
boston
is
a
prosperous,
wealthy,
rich
city,
but
that
is
not
shared
and
an
important
way
to
share
that.
Prosperity
is
making
sure
folks,
whether
it's
affordable
rental
housing
are
able
to
stay
here
and
access
those
resources.
But
just
as
importantly,
and
I
think
in
many
ways
more
so
is
creating
affordable
home
ownership
opportunities
and
that's
one
avenue
as
an
organization.
K
Housing
for
believe
should
be
explored
further,
whether
it's
tapping
the
city
of
boston's
credit
and
again
making
sure
that
bond
council,
I
think
you
know,
is
at
the
table
as
well
to
see
what
is
allowable
on
in
that
area.
Make
sure
this
is
a
public
purpose,
municipal
purpose
under
the
statutes.
But
let's
try.
K
Let's,
let's
get
creative
here
and
see,
really
what
we
can
do
and
doing
that
to
make
sure
that
folks
are
building
wealth
that
historically
in
this
country,
the
best
way
to
build
wealth
has
been
through
homeownership,
because
the
cost
of
housing
in
boston
continues
to
rise.
And
while
that's
good
from
a
taxation
perspective,
it's
good
from
a
public
resources
perspective
that
is
very
challenging
from
keeping
people
in
our
communities
perspective
from
allowing
folks
who
are
first-time
homebuyers
to
participate
in
that
growing
wealth
and
building
that
equity.
That's
really
important.
K
So
I
would
just
urge
in
this
is
that
looking
at
investing
you
know
our
capital
dollars
and
creating
more
city-owned,
affordable
housing.
To
take
advantage
of
that.
That
just
seems
like
leaving
money
on
the
table
for
the
city
of
boston.
Now.
Is
it
possible
you're
going
to
create
more
units
to
other
avenues,
of
course,
and
we
should
be
looking
at
all
of
that,
but
we
have
a
federal
government
that
has
done
far
too
little
on
affordable
housing
over
the
past
generation
or
two,
but
does
have
this
available
resources
for
the
city
of
boston.
K
I
think
that's
a
conversation
that
certainly
throughout
the
budget
process
through
future
meetings
and
hearings,
needs
to
be
tapped
into
and
look
forward
to
working
with
you
all
on
that.
I'm
happy
to
talk
more
about
any
of
these
aspects
or
other
things,
but,
like
I
said,
I'm
trying
to
keep
it
brief
and
we've
all
been
here
a
while.
This
is
a
really
interesting.
Well,
it's
interesting
topic
to
me,
but
want
to
keep
keep
things
moving.
So
thank
you,
madam
chair.
A
Thank
you
so
much,
mrs
akim
we'll
go
to
professor
bradlow
and
then
for
questions.
Thank
you.
L
Thank
you
chair.
Thank
you
to
the
counselors.
Thank
you
to
the
administration.
My
name
is
ben
bradlow
and
I'm
a
lecturer
on
sociology
at
harvard
where
I
teach
in
research
about
urban
political
economy
and
comparative
perspective.
L
L
L
L
Housing
is
a
critical
role
that
a
city
in
boston's
fiscal
position
is
well
positioned
to
take
new
types
of
institutional
mechanisms
can
drive
such
an
agenda
forward.
In
particular,
I
want
to
suggest
that
a
key
goal
should
be
the
development
of
social
housing,
including
for
rent
by
social
housing.
I
simply
mean
housing
that
is
outside
of
the
market.
Another
term,
for
this
is
decommodified
housing.
L
L
A
social
housing
development
authority
would
assist
in
financing
the
acquisition
and
development
of
these
properties
in
partnership
with
the
remarkably
rich
and
diverse
social
housing
sector
that
exists
in
the
city.
This
sector
includes
community
land
trusts,
cooperatives
and
a
range
of
other
non-profit
organizations.
L
This
may
also
be
this
most
may
also
hold
potential
for
partnership
with
the
boston
housing
authority,
as
some
have
alluded
to
already
today.
L
A
first
step
towards
establishing
this
kind
of
model
could
be
that
the
city
deploys
its
existing
debt
financing
capacity
to
guarantee
acquisitions
of
distressed
assets
directly
by
the
social
housing
sector
outside
of
the
city.
This
would
be
a
middle
ground
approach
that
would
have
the
advantage
of
being
less
risky
for
the
city.
It
would
also
have
the
disadvantage
of
lacking
the
full
convening
and
fiscal
authority
of
the
boston
city
government.
L
What
would
necessarily
begin
at
a
small
scale
would
take
longer
to
scale
up
and
councilor
bach
has
already
alluded
to
the
need
and
challenge
of
scale
in
the
housing
question
in
boston.
A
municipal
social
housing
development
authority
would
function
as
a
form
of
a
municipal
finance
facility
for
anti-displacement
in
housing
production.
L
Its
focus
would
be
on
rental
housing.
There
are
many
important
economic
benefits
to
home
ownership,
which
we've
just
heard
about.
We
are
in
a
moment
of
unprecedented
reliance
on
the
rental
market
in
u.s
history.
The
displacement
crisis
in
boston,
as
in
many
cities
and
towns
across
the
country,
is
driven
through
the
growing
unaffordability
of
rents.
L
This
means
that
reaching
the
people
most
at
risk
requires
intervening
directly
in
this
sector.
Doing
so
would
also
guarantee
predictable
returns.
If
combined
with
existing
federal
grants
for
housing
and
blended
with
financing
for
more
traditional
infrastructure
within
the
city's
portfolio
of
debt
obligations,
this
would
be
a
fiscally
fiscally
secure
and
socially
innovative
institution.
L
L
The
nyu-based
initial
proposal
in
late
2020
for
this
kind
of
authority
was
conceived
as
a
federal
agency,
but
a
city
like
boston
is
extremely
well
positioned,
positioned
from
both
a
political
and
fiscal
perspective
to
act
at
the
municipal
level,
even
without
innovation.
Forthcoming
from
our
federal
government,
the
sale
of
the
city's
first
green
and
social
bonds
last
year
met
with
strong
demand,
as
we've
heard,
like
non-market
housing.
L
This
is
likely
to
be
even
more
of
a
dominant
dynamic
in
a
world
that
faces
growing
financial
risks,
along
with
an
increased
interest
in
financing
decarbonization
and
addressing
inequality.
In
other
words,
there's
a
story
to
tell
I
want
to
emphasize
what
this
means
for
how
we
understand
the
problems
of
eviction
and
eviction
risk
in
the
city.
L
These
are
not
only
problems
that
can
or
should
be
addressed
through
legal
protections.
During
and
after
an
eviction
proceeding,
cities
need
to
be
proactive
in
developing
solutions
that
can
prevent
evictions
from
becoming
so
prevalent
in
the
first
place.
The
root
cause
lies
in
the
unsuitability
of
renting
on
the
open
market
today
in
boston
for
the
full
range
of
income
types.
L
I'm
not
suggesting
that
this
proposal
has
no
risks,
but
there's
a
strong
political
consensus
in
this
city.
Among
many
of
the
councillors
seated
here,
the
mayor
unions,
activist
organizations,
academics
and
many
business
leaders
that
the
city's
current
social
trajectory
carries
its
own
immense
risks.
L
The
social
worlds
of
wealthy
american
cities
are
once
again
becoming
sites
of
intense
segregation
and
displacement.
Robust
institutional
responses
are
required
at
the
city
scale.
Given
its
fiscal
position,
a
city
like
boston
can't
realistically
say
that
it
can
only
sit
back
and
manage
a
set
of
circumstances
that
are
beyond
its
control.
L
A
Thank
you,
professor
bradlow
councillor.
Brock
has
to
leave
soon
so
will
block
you
out
the
floor.
C
Thank
you
so
much,
madam
chair,
for
your
indulgence
and
my
sincere
apologies
to
all
the
panelists
I
six
months
ago
said
I
would
be
at
something
at
noon
today,
but
I
just
I
really
want
to
thank
you,
professor,
for
those
comments
thank
counselors
aiken
for
becoming
one
of
our
frequent
flyers.
Here.
My
predecessor
and
just
you
know
connecting
this
to
the
hearing
we
had
a
few
weeks
ago
that
counselor
zinken
was
at
about
the
boston
redevelopment
authority.
I
just
before
I
leave.
I
want
to
stress
the
fact
that
I
think
there's.
C
It
is
an
extraordinary
fact
that
in
the
city
of
boston,
we
actually
currently
have
all
of
the
competencies
to
have
a
social
housing
development
authority
without
any
changes
in
law.
We
actually
have
the
capacity
to
do
these
things
through
the
combination
of
the
existing
legal
powers
of
both
the
boston
redevelopment
authority
and
the
boston
housing
authority.
I
think
that
we
have
capital
budget
room
within
a
responsible
fiscal
policy
and
a
narrative
that
I
think
would
be
understandable
to
the
rating
agencies.
I
think
that
we
have
the
political
will.
C
C
That
that
social
housing
is
used
to
indicate
that
the
public
could
own
housing,
that
is
not
only
for
the
deeply
extremely
low
income,
although
the
only
way
we're
going
to
get
that
is
through
this
federal
support,
but
that
actually
like,
even
if
we're
building
modern
income
housing
that
there's
a
real
argument
for
public
ownership.
Of
that
you
can.
You
know
that
you
can
do
a
partnership
on
management,
but
it
allows
us
to
talk
about
something
that
we
could
actually
bond
for.
C
So
I
just
want
to
stress
that
I
I
feel
like
all
these
pieces
can
come
together
in
the
city
of
boston
and
and
before
I
leave
just
I
again
thank
chief
starrett,
because
I
think
this
is
likely
to
be
his
last
hearing
in
front
of
us,
and
I
know
that
if
he
were
staying,
he
would
be
a
part
of
the
team
figuring
out
how
we
put
all
these
pieces
together,
as
he
has
been
on
so
many
fronts
and
moving
the
ball
forward,
and
I
I
do
just
really
want
to
stress
you
know
this
is
a
council
that
is
impatient
to
figure
out
how
we
do
these
big
picture
things.
C
A
lot
of
the
a
lot
of
the
seeds
for
our
capacity
to
do
these
big
picture
things
have
been
planted
over
the
last
few
years
and
including
under
the
leadership
of
the
folks
who
are
before
us.
So
I
just
I.
C
I
never
want
you
to
mistake
that
in
patients
with
a
non-recognition
of
all
the
work
done,
I
think
it's
just
like
it
would
be
so
exciting
for
boston
to
jump
forward
and
lean
on
this,
so
grateful
to
my
co-sponsors,
counselor
lujan
and
councilor
anderson
and
I
am
so
sorry
to
have
to
go,
but
some
people
will
be
very
angry
at
me.
If
I
don't
so.
Thank
you,
madam.
B
Thank
you,
counselor
bach,
for
those
comments
also,
I
want
to
my
deep
deep
gratitude
to
professor
bradlow
for
your
great
remarks
to
help
push
us
forward
and
how
we're
thinking
about
housing
and
addressing
the
housing
crisis,
and,
of
course,
you
know,
former
city
councilor,
counselor
zach,
I'm
not
sure
which
title
you
want,
but
for
being
here
and
and
having
us
think
both
about
homeownership
and
about
rental
right
oftentimes.
We
think
about
these
things,
in
opposition
and
in
tension
when
we
can
actually
to
have
a
thriving
city,
we
need
both.
B
B
I
I
really
like
counselors-
and
you
alluded
to
this
to
professor
bradlow-
this
idea
that
we
are
in
a
prosperous
city
and
to
council
box
point
we're
all
really
I'm
happy,
I'm
jazzed
that
we
have
a
triple
a
bond
rating,
it's
something
that
we
should
be
happy
and
proud
about,
but
again
it's
about
leaning
into
that
to
the
to
that
strength,
to
make
sure
that
it's
a
shared
prosperity
that
that's
something
that
I
care
deeply
about
to
really
target
the
issues
of
inequity.
B
I
was
hoping
councillor
zaikum
that
you
could
talk
a
bit
more
about
the
homeownership,
the
ways
that
we
can
use
our
fiscal
strength
for
homeownership
a
bit
more.
If
you
had
any
ideas,
I'm
always
actually
someone
who's
very
interested
in
what
other
cities
are
doing
to
target
the
problem.
So
if
you
have
that
comparative
lens
and
professor
bradlow,
if
you
have
examples
of
other,
you
know,
cities
either
here
or
abroad,
that
are
doing
social
housing
in
a
way
that
we
want
to
would
want
to
explore.
K
Thank
you
counselor,
so
one
I
think
that's
really
important
and
I
believe
a
few
folks
have
mentioned
this
is
layering
the
different
programs
and
resources
we
have
to
address
the
problem.
So,
yes,
you
know
the
city
has
the
one
plus
mortgage
program.
We
have
down
payment
assistance.
The
state
has
some
pretty
aggressive
and
impactful
programs,
but
given
the
high
cost
and
the
high
need
here
in
the
city
of
boston
is
that
you
know
you
can't
you're
not
going
to
find
a
lot.
K
That's
at
the
half,
a
million
dollar
range
for
housing,
particularly
for
a
family
in
the
city
of
boston,
and
when
you
have
limits
on
these
programs,
there
obviously
there's
a
reason:
there's
a
necessity.
You
want
to
make
sure
there's
as
much
access
as
possible,
but
looking
at
ways
to
layer
additional
assistance
to
expand
either
the
number
there
that
allows
folks
to
buy
a
home,
or
even
just
the
number
of
folks
who
are
being
served
by
that.
I
think,
is
really
important.
K
I
think
looking
at
one
aspect
of
using
our
borrowing
authority
and
the
city's
balance
sheet
to
finance.
Some
of
that
I
think,
is
important.
I
do
also
want
to
say,
while
I
am
always
talking
about
the
combination
of
home
ownership
opportunities-
increased
rental
affordability,
we're
talking
about
you-
know
bonding
authority.
I
do
think
it's
important
to
focus
on.
You
know,
sort
of
the
capital,
investment
and-
and
that
goes
back
to-
I
think
you
know.
K
Councilor
bach
and
the
rest
of
the
body
here
have
been
talking
about
creating
more
housing,
and
it
goes
to
professor
bradlow's
comment
as
well
is
purchasing
distressed
assets,
and
the
city
has
hundreds
of
parcels
already.
You
know
on
the
city's
rolls
that
have
been
taken
through
tax
for
tax
delinquencies
that
need
to
be
looked
at.
K
A
lot
of
them
are
small
and
probably
not
suitable
for
the
kind
of
things
we're
talking
about,
but
they're
there
using
the
powers
of
the
boss
and
planning
and
development
agency
to
do
that,
and
the
technical
capabilities
to
do
something
like
this
is
really
important.
K
But
I
also
just
want
to
reiterate-
and
I
know
I'm
all
over-
because
I'm
always
thinking
of
every
aspect
and
how
we
can
do
this
and
that
when
we're
talking,
though,
about
for
for
these
purposes
here
for
this
hearing,
I
do
think
it's
about
investment
in
new
units,
whether
it's
purchasing
or
building,
because
one
from
a
bonding
perspective.
You
know
the
one-time
capital
investment
and
particularly
where
we
have
federal
funds
that
would
allow
for
the
management
and
operations
of
those
units
under
the
fair
cloth
amendment.
K
I
do
want
to
just
sort
of
refocus
on
that
and
just
being
as
efficient
as
we
can
with
creating
more
units.
L
Yeah,
thank
you
councillor
illusion.
You
know
there.
There
are
a
wide
range
of
cases
around
the
world,
but
I
I
want
to
start
in
responding
to
your
question
by
focusing
in
on
the
case
at
home
here
in
the
u.s,
and
we've
already
discussed
that
there's
a
significant
capacity
in
boston
to
be
investing
in
public
housing
that
the
city
is
already
under
the
the
fair
cloth
amendment
limit.
So
you
know,
public
housing
in
the
u.s
is
a
form
of
social
housing.
We
shouldn't
treat
the
concept
of
social
housing
as
something
that's.
That's.
L
You
know
a
foreign
import
as
an
idea,
there's
a
lot
of
scope
to
be
investing
in
the
existing
programs
of
public
or
social
housing,
non-market
housing
in
under
the
u.s
institutional
structure.
What
I
do
want
to
note
is
that
over
time
in
a
number
of
northern
european
cities,
investments
in
social
housing
have
moved
both
poor
working-class
and
middle-class
residents
into
the
non-market
housing
sector.
A
E
A
E
So
you
know
I've.
I've
said
this
in
other
spaces
around
the
fact
that
we
have
so
many
people
that
have
been
displaced,
many
of
which
are
ending
up
in
brockton,
randolph
stoughton,
but
yet
still
have
to
commute
here
to
work.
I'm
in
the
financial
burden
that
the
displacements
that
we
have
been,
I
would
say
accountable
for
you
know-
have
continued
to
impact
residents
here
in
the
city
of
boston
and
I'm
just
curious.
E
You
know
I'm
I'm
just
struggling
with
this,
because
I'm
just
wondering
how
many
people,
over
the
last
eight
years
since
we've
been
toting.
The
fact
that
we
have
this
triple
a
bonding
rating
for
the
last
eight
years.
Is
that
what
I
heard
at?
E
So
I
just
kind
of
want
to
state
that
for
the
record
and
just
be
really
adamant
about
the
fact
that,
if
we're
really
serious
about
righting
the
wrong,
this
is
an
opportunity
for
us
to
redirect
and
to
be
super
intentional
about
investing
in
what
is
going
to.
I
believe,
keep
people
here,
bostonians
here,
low-income
communities
here
in
the
city
of
boston,
and
I
think
that
that
is
our
call
to
action,
and
I
think
you
know
I
always
talk
about
growing
up
here
in
the
city
of
boston.
E
So
this
is
such
this
is
much
bigger
than
just
the
the
impact
that
this
could
make.
Justin
and
I
know
you're
leaving,
but
the
impact
that
this
could
make
will
improve
the
quality
of
life
for
all
of
our
families,
not
just
in
the
housing
space,
but
I
think
being
able
to.
There
are
people
who
work
at
boston,
public
health
commission
that
can't
even
afford
to
live
in
the
city
of
boston.
E
There
are
people
who
are
students
and
and
have
to
finagle
and
lie
oftentimes
to
be
able
to
stay
within
the
housing
lease
of
their
you
know
with
their
families
so
that
they
can
afford
to.
So
they
can
stay
here
in
the
city
of
boston.
So
this
is
not
a
moment
for
us
to
just
have
really
great
lip
service.
This
is
really
a
moment
for
us
to
the
professor's
point.
E
This
is
our
mandate,
and
this
is
now
an
opportunity
for
us
to
match
our
political
will
with
political
courage
to
do
what
is
this
moment
calling
for,
and
that
is
to
lean
in
and
and
move
this
conversation
forward,
and
I'm
glad
that
counselor
bach
really
made
the
point.
I
don't
know
who
made
the
point,
but
whoever
it
was
kudos
to
you
about
the
fact
that
we
already
have
all
the
tools,
the
resources
and
the
laws
put
in
place
for
us
to
be
able
to
do
this.
E
A
Council
mejia
beautifully
said
council
overall.
J
Yeah
no
question,
but
thank
you
counselor
zakum
and
thank
you,
professor
bradlow,
and
just
kind
of
echoing
what
julia
said
is
you
know
we
have
the
resources.
We
have
the
tools,
we
have
the
opera
dollars.
We
have
the
incredible
bond
rating.
J
I
think
now
is
the
time
to
make
sure
that
the
investments
you
know
in
affordable,
housing
and
services
are
coming
into.
Neighborhoods
have
been
disinvested
overlooked
for
far
too
long
and
it
seems
like
we
have
the
political
willpower
now.
So
it's
all
about
doing
it
so
just
wanted
to
say
that
for
the
record,
thank
you.
A
Thank
you.
Thank
you,
consumer
and
I
I
don't
know
I
was
just
some
thoughts
that
I
was
just
jotted
down,
but
I
don't
know
if
this
is
who
can
answer
this
for
me,
but
in
regards
to
other
financial
options
to
fund
affordable
housing
if
the
assessed
value
for
new
developments
are
based
on
construction
costs
and
not
initial
prices,
and
with
we're
talking
about
like
basically,
this
means
that
new
growth
revenue
will
radically
be
under
assessed
right
so
like,
for
example,
the
city
is
missing
out
on
alleged
benefits
for
luxury
development.
A
A
The
city
would
then
be
missing
out
on
a
huge
amount
of
this
new
revenue,
and
I
guess
I'm
thinking
about
over
decades
on
the
luxurious
units
which
are
arguably
driving
up
rents
and
sales
prices
citywide,
and
so
I
guess
I'm
trying
to
figure
out
how
the
assessments
work
or
how
is
it
done
and
are
there
any
opportunities
to
increase
revenue
and
additional
funds
to
dedicate
to
sustain
and
creating
more
affordable
housing?
F
F
So
we
could
certainly
look
into
state
law
change
around
that
the
the
assessing
department
does
re-value
it
every
property
every
two
years
in
five
years,
and
that's
where
we'll
look
at
the
sales
price
of
it
and
we'll
look
at
corresponding
sales
of
other
units
in
in
the
area
or
in
the
neighborhood
or
in
the
zip
code,
so
that
the
taxes
for
those
units
get
made
whole.
F
Eventually
to
your
question
about
the
overall
levy
limit,
though
you
are
correct,
we
don't
raise
values,
we
don't
raise
taxes
on
an
aggregate
level
at
the
same
rate
by
which
we
raise
the
overall
appraised
value
of
the
properties
right.
So
when
you're
looking
at
a
aggregate
of
everybody,
we
go
up
two
and
a
half
percent.
That's
what
we're
capped
at
and
that's
what
the
council
approves
on
an
annual
basis,
but
values
both
from
the
commercial
side
for
a
long
time
and
certainly
on
the
residential
side,
far
exceed
that
from
an
annual
perspective.
F
So
we
as
a
city-
and
it's
good-
you
know-
I
know
it
doesn't
necessarily
create
as
much
revenue
locally,
but
our
taxes
compared
to
many
of
our
brother
and
sister
communities
around
us
are
actually
pretty
low
compared
on
an
actual
basis,
which
is
good
for
homeowners
and
good
for
people
who
live
here
and
people
who
have
lived
here
for
a
long
time
and
get
the
residential
exemption.
It
does
limit
our
upside.
The
only
way
to
supersede.
F
A
Thank
you.
I
don't.
I
don't
have
questions
at
this
time,
but
I
just
I'm
sorry
good
morning,
maureen.
A
Thank
you
assistant,
my
vice
chair.
I,
I
guess
you
know
I
I
always
like
to
just
simplify
it,
for
myself
and
in
how,
in
terms
of
how
I
explain
things
to
my
kids
right,
we
so
we
can
borrow
more
money,
but
it
means
that
we
might
be
able
to
pay
it
longer
or
more
interest.
So
that's
the
risk.
A
A
A
I
think
you're
saying
we're
going
to
do
this
job
and
correct
me.
If
I'm
wrong
we're
going
to
do
this
job
and
we
our
job
is
assessing
risk
and
preventing
risk,
or
at
least
try
to
right,
take
as
less
the
least
as
possible,
and
we
and
I
respect
that
and
justin
you're
phenomenal
at
this
job,
and
we
we
will
miss
you
and
so,
but
for
jim
and
those
who
are
staying,
it
sounds
like
we're
about
to
make
some
huge
changes.
A
It
sounds
like
we,
it
sounds
like
that's
what
we
got
here
right.
I
mean
what
what
do
you
have
to
say.
B
No,
I
mean,
I
think
I
think
that's
right.
I
think
the
goal
of
what
and
so
many
people
said
it.
We
have
the
political
will.
We
have
the
legal
framework
we
have
counselors
and
a
mayor
with
this
ambitious
agenda
of
really
realizing
the
deep
inequities
in
our
city
that
have
been
here
for
decades
that
my
parents,
who
came
here
with
nothing,
have
lived
and
are
still
working
class
family
would
not
be
able
to
live
here
would
not
be
able
to
afford
anything
here.
B
If
you
know
if
this
is
when
they
were
trying
to
make
it
in
this
city
and
it's
about
how
do
we
match
what
is
a
strong,
stable
economy
because
of
the
schools
because
of
people
want
to
stay
here,
and
I
want
everyone,
I
want
everyone
who
comes
to
school
here
and
lands,
a
great
job
in
the
life
sciences
or
the
healthcare
industry
to
be
able
to
stay
here
and
find
a
job
but
not,
but
not
to
the
point
where
we're
pushing
out
families
who
want
to
be
able
to
call
call
boston
home.
B
B
The
purpose
of
this
is
for
us
to
say
that
we
can,
we
can
do
more
and
that
we
should
be
doing
more
and
that
you
know
these
deep
investments
by
the
city
in
our
whether
it
is
a
social
housing
development
authority,
or
you
know,
leaning
on
to
leaning
into
our
fiscal
strengths
and
doing
more
for
homeowners.
B
None
of
it
has
to
be
completely
disruptive
of
a
private
market,
and
if
there's
one
question
that
I
had
left
for
for
josh
and
for
professor
bradlow
is
like
how
does
this
these
deep
investments
that
we
make
in
housing
or
in
our
schools
and
public
investments?
K
Thanks
so
thank
you
counselor,
so
you
make
a
really
good
point.
This
would
not
be
need
to
be
disruptive
at
all
of
the
private
market.
It
is
my
view
that
we're
talking
about
low
income,
housing
or
very
low
income,
there
needs
to
be
government
intervention
to
create
the
supply
to
keep
families
and
individuals
housed.
K
So
let's
let's
go
forward
and
I
and
I'm
apologizing
again
to
the
a
f
folks,
because
I
know
they
are
so
not
looking
for
any
more
borrowing
or
more
risk,
and
that's
that's
absolutely.
You
know
reasonable.
F
But
if
you
don't
mind,
I
I
think
we
agree.
I
think
there
is
a
tremendous
amount
of
need
and
I
think
there
is
a
tremendous
amount
of
desire
to
do
more.
We
are
still
in
the
infancy
really
as
a
city
and
investing
in
housing
right.
It
was
only
three
years
ago.
Counselor.
I
think
you
were
here
when
we
did
our
first
housing
vouchers,
which
took
decades
before
before
we
actually
got.
K
F
And,
and
really
only
in
year,
two
or
three
of
investing
in
the
boston
housing
authority,
whether
it's
for
the
redevelopment
of
those
units
and
hopefully
generating
more,
I
think,
as
we've
we've
talked
about
or
just
the
preservation
of
them,
because
they
need
to
be
upgraded
stuff.
Like
mildred
haley.
I
think
you're
going
to
see
a
mayor
who's
going
to
continue
to
invest
deeply
in
that
in
in
all
the
types
of
buckets,
whether
it's
the
operating
budget,
whether
it's
federal
funding,
whether
it's
capital
dollars.
F
But
it
is
it's
a
it's
a
tool
in
the
tool
belt
and
it's
got
to
be
everything.
It
can't
just
be
sort
of
one.
So
if
you
see
any
reservation
from
us,
it's
not
because
we
don't
share,
and
I
don't
think
this
administration
shares
the
deep
desire
to
do
more
in
all
of
those
areas.
It's
just
there's
a
tremendous
amount
of
need,
and
it's
going
to
be
about
working
with
the
council
to
prioritize
amongst
all
those
different
needs.
You
know
I
know
councillor
flynn
is
has
left,
but
how
do
we
invest
more
in
schools?
F
A
L
I
I'm
struck
just
on
the
question
of
what
is
or
isn't
disruptive
to
the
market.
I'm
struck
by
the
the
finance
team's
incredible
presentation,
where
the
one
main
risk
that
I
heard
was,
that
is
precisely
housing.
Unaffordability
is
actually
the
main
economic
risk
to
the
city
so
to
the
extent
that
anything
threatens
the
market
in
boston,
it's
precisely
the
incapacity
of
the
city,
or
so
far
lack
of
investment
in
the
city
to
deal
with
housing
unaffordability.
L
This
is
you
know,
not
not
every
investment
that
a
municipal
government
makes
is
or
should
be,
entirely
functional
to
the
market.
The
city
is
responsible
for
a
whole
range
of
public
goods
that
were
enumerated
in
these
various
pie,
charts
taking
up
most
of
the
the
sections
of
the
pie,
charts
that
we
saw
today,
including
an
especially
public
education,
is
done
outside
of
the
market,
but
I'm
struck
that,
even
if,
on
a
market
basis,
these
kinds
of
investments
that
we're
discussing
are
entirely
functional
to
this
discussion.
E
Thank
you.
I
wanted
to
just
thank
my
my
esteemed.
I
always
forget
all
of
these
parliamentary.
You
know.
H
E
Blah
blah,
but
I
wanted
to
thank
you
counselor
second,
for
for
joining
us
here
again
and
you
as
well
professor
and
you
know,
I
think
I
just
want
to
underscore
again-
that
we
don't
have
the
luxury
to
keep
on
waiting
right.
I
think
we
keep
hearing
the
same
thing
and
maybe
it's
like
molasses,
trickle-down
economics
and
waiting
for
superman
to
arrive
and
when
he
does,
he
forgets
the
cape
all
right
and
so
there's
nothing.
E
There's
no
real
progress
made,
and
I
really
do
think-
and
I
have
to
just
I
know-
we're
going
to
be
entering
budget
season
and
we're
going
to
hear
a
lot
about
all
of
these
competing
interests.
But
I
do
think
that
if
you
are
housed,
then
you
could
find
employment.
E
If
you
are
housed,
you
know
it
impacts
your
mental
health
and
wellness.
I
mean
like
it's
a
no-brainer
and
I
just
want
to
underscore
that
I
am
in
full
support
of
what
this
work
will
look
like,
and
I
look
forward
to
all
the
budget
hearings
that
are
coming
down
the
pipeline
so
that
we
can
have
these
conversations.
So,
thank
you
all
for
for
being
here
and
I
don't
that's
that's
my
closing
remark.
Thank
you.
Thank.
A
You
so
much
counsel
me
here.
I
I'll
go
to
my
actually
to
the
panel.
If
you
have
any
final
remarks
before
we.
F
No,
I
just
want
to
thank
both
the
maker
and
and
the
committee
for
sponsoring
the
hearing
and
the
other
panels
for
being
here.
It
is
a
shared
priority.
I
totally
agree
counselor.
It
is
fundamental
to
what
we
do
and
I
think
you'll
see
a
proposal
by
this
mayor
next
week
that
reflects
that
type
of
urgency
and
that
type
of
commitment
as
a
core
fundamental
tenant
of
her
priorities
is
investing
in
housing
across
all
the
different
types
of
avenues,
operating
capital
and
federal.
B
I
just
want
I
thank
you.
This
this
conversation
is
really
important
because
you
know
as
again
as
counselors
we
are
called
on
to
approve
and
to
authorize,
but
there's
a
lot
more
behind
that
that
we
gotta
understand,
because
our
residents
are
calling
us
and
asking
us
to
make
sure
that
we're
doing
more.
And
so
you
know
I
took
a
you
know.
B
A
local
finance
class
in
grad
school
mostly
ran
late
to
it
all
the
time,
but
I
do
understand
that
we
have
this
power
right,
that
we,
this
is
strength
and
our
strong
economy
is
our
responsibility
to
make
sure
that
that
prosperity
is
shared.
B
And
so
you
know,
I
know
that
folks
in
anf
tends
to
be
protective
of
your
area
and
you
all
are
the
experts
when
it
comes
to
balancing
the
budget
and
making
sure
that
we
are
being
strong
fiscal
stewards,
but
there's
also
a
call
in
there
to
make
sure
that
our
residents
are
taken
care
of
in
a
moment
of
deep,
deep,
deep
inequality.
And
so
this
is
just
you
know,
peeking
behind
the
current
to
see
what
we
can
do
and
there's.
B
This
is
a
place
where
I
think,
there's
a
lot
more,
that
we
can
do
to
respond
to
the
urgency,
so
the
conservatism
that
we've
had
for
years
that
has
led
to
this
prosperity
needs
to
also
address,
be
used
urgently,
to
address
the
issues
that
we
have
as
a
city,
and
so
I
just
thank
you
all
for
being
here.
I
learned
a
lot
and
hopefully
we're
able
to
to
marry
the
the
strength
of
the
city
with
the
urgency
of
the
issues
at
hand.
So
I
just
thank
you
to
everyone
for
being
here.
A
Thank
you
consolation.
It's
exciting
the
prospect
of
utilizing
our
municipal
bonds.
Isn't
it
it's
super
exciting.
I
mean
the
only
thing
that
it
conflicts
a
little
bit
minor.
Obviously
it's
with
my
own
personal
beliefs.
I
also
practice
something
in
my
personal
life
that
limits
me
to
how
much
risk
I
take
on
interest.
A
I
thank
you
all
for
being
here,
a
wonderful
presentation,
everyone
and
thank
you
so
much
to
the
original
co-sponsor,
my
original
co-sponsor
and
I
look
forward
to
seeing
miss
garcia
and
jim
very
soon
and
chief.
I
bid
you
a
deal
until
next
time,
then
all
right
and
if
there
are
no
one,
no
one
signed
up
for
public
testimony,
so
this
meeting's
adjourned.
Thank
you.