Chair, Opening Statement of the Ranking Member, Opening Statement from chairwoman waters, the witness of will be introduced, witnesses were given Opening Statement then will have two and a of witnesses and adjournment. The title of todays hearing is protecting homeowners during the pandemic oversight of mortgage servicers implementation of the cares act. Without objection that shares authorized to declare a recess of the subcommittee at any time. Also without objection members of the committee who are not members of the subcommittee may participate in todays hearing for the purposes of making an Opening Statement and asking questions of witnesses. Members are reminded to keep their video function on at all times, even when they are not recognized by the chair. Members are also reminded they are responsible for muting and and getting themselves. I think this is something thats worthy of repeating because i have made the mistake of not honoring this responsibility. I hope i dont make tha
And lane college. They talked about Financial Assistance provided by the cares act and the important of addressing the hardships of minority students and those of lower socioeconomic status are facing. [inaudible conversations] good morning. The hearing of the senate health, education, labor and Pensions Committee will come to order. We want to thank our staff for working through some technical difficulties this morning and thank the senators that are witnesses who are joining us from around the country in various offices. We are all following the attending physicians protocol for safe distancing and those of us who are here are Wearing Masks on our way in and sitting at least six feet apart while we are here. Senator murray and i will each have an Opening Statement, then we will turn to our witnesses for their statement of about five minutes each, if they could summarize. There it is. Senators will each have five minute round of questions. We have a vote at 11 40 so we will need to fi
Committee heard from the president of urdu and lane college, they talked about Financial Assistance provided by the cares act and the important of addressing the hardships of minority students and those of lower socioeconomic status are facing. [inaudible conversations] [inaudible conversations] good morning. Hearing of the Senate Health Prevention Committee will come to order. We want to thank our staff for working through some technical difficulties this morning and thank the senators that are witnesses who are joining us from around the country in various offices. We are all following the attending physicians protocol for safe distancing and those of us who are here are Wearing Masks on our way in and sitting at least six feet apart while we are here. Senator murray and i will each have an Opening Statement, then we will turn to our witnesses for their statement of about 5 minutes each, if they could summarize. There it is. Senators will each have five minute round of questions. We
Retailers, local and big box and just about everybody and nobody could make it work. Even using the global reach of our company, we couldnt make it happen. Nowhere in this country is there a shopping sent we are as many floors as westfield San Francisco center. Not in chicago, not in new york. The retail is why they succeed which is why the body amended the planning code to eliminate the need for a cup for the seventh and eighth floors and above. So we believe this investment is good for San Francisco center and mixed use buildings are inherently complementary with the office use supporting the retail and retail an amenity for the office. And we are going to do a full renovation and that includes improved lighting at the street level and the largest nordstrom in the portfolio and will remain one of the largest in the country. Letters of support including one from nordstrom and they couldnt make it br are supportive of this project. We believe they must continue to be the Retail Destina
And i want to tell you that what were seeing right now is not a cycle change. Its a structural change, and i am sure you are aware and seen the retailers and the retailers are shrinking the footprint and it is not the Large Department stores but even tenants that used to be 5,000 feet are shrinking to 1,000 feet and trying to deal with how to market the goods online and cross market both aspects. It has had a very structural change and quite frankly t vacancy rate at union square is the lowest that i have seen in 25 excuse me t highest in 25 years of business in union square. This there is, as we all know, a lot of vacancies that are happening. Barneys is going to close, forever 21 is closing, Williams Sonoma and the multifloor retailers are going out of business and those are the only ones that can occupy the upper floors. They are just not there. We have been marketing 146 geary for four years and talking to tenants initially to take the entire building because that works the best fo