the property. we can t enter the home. the only appraisal available to us would be a drive by. there are some limitations on assessing a complete value of the property not knowing what s interested or what sort of problems there maybe? that s correct. gentlemen, what happens to your entire rate of return? it declines. well, it s unknown. it very much depends on the path of future price appreciation in san francisco. suppose that rate is very stable over a reasonable time period is is the rate of return does decline over time because that embedded gain of about 55% is that now gets amortized over a long period of time. it would slightly decline every year. although it sounds like there is a very large profit number already baked in, the reality is, the longer these people hold properties, the longer the irr will be? it could be. assuming it does not continue great appreciation for property values. that would be correct. i m sorry for the lengthy list of quest
the property. we can t walk onto the property. we can t enter the home. the only appraisal available to us would be a drive by. there are some limitations on assessing a complete value of the property not knowing what s interested or what sort of problems there maybe? that s correct. gentlemen, what happens to your entire rate of return? it declines. well, it s unknown. it very much depends on the path of future price appreciation in san francisco. suppose that rate is very stable over a reasonable time period is is the rate of return does decline over time because that embedded gain of about 55% is that now gets amortized over a long period of time. it would slightly decline every year. although it sounds like there is a very large profit number already baked in, the reality is, the longer these people hold properties, the longer the irr will be? it could be. assuming it does not continue great appreciation for property values. that would be correct. i m so
regarding commercial loan portfolio. i believe it is in our best interest to see the background. this recommendation in the light that prima is one of our best performers, and as a manager and one of our longest standing managers. in addition to that, i would like to have analyze the issue of our custodian, who was also responsible for reporting, and i would like to commission to know whether it is a prima reporting issue, or our custodians issue and if there is any difference between the two of them. then, i would like to continue item number 17 and direct staff to bring us that item back into meetings. one meeting to be a discussion item first, and the second to begin an action item that is a very large issue economically, to our organization. i would like is to have time to hear the full background of it, be able to reflect on it, be able to get public comments and whatever due diligence whatever commissioner wants on the subject matter and be able to vote on it the subj
the sake of investing in making money. this is the point, it shouldn t be just to make profit. it has to be something real, something that supports this community. i support herb in the mix too. i think you have to see how this works and i will be back too to look at the individual investments, but i just have to say there is a principal in the charter that it s called the precautionary principal and it mandates that we have investments that environmentally safe and positive and also in terms of health. we don t know what happens with these investments and where are they going and what the ethics are and after reading that business about $16 million being lost because someone was behaving and i have to say it didn t look very ethical. i wonder who you have as investors. thank you. [ applause ] good afternoon, commissioners. i have prepared a statement of 149 words in total that i would like to be entered into minutes so i will hand my statement over to the secretary. deja v
to look at the individual investments, but i just have to say there is a principal in the charter that it s called the precautionary principal and it mandates that we have investments that environmentally safe and positive and also in terms of health. we don t know what happens with these investments and where are they going and what the ethics are and after reading that business about $16 million being lost because someone was behaving and i have to say it didn t look very ethical. i wonder who you have as investors. thank you. [ applause ] good afternoon, commissioners. i have prepared a statement of 149 words in total that i would like to be entered into minutes so i will hand my statement over to the secretary. deja vu. i will say it again, deja vu. i i do not mean the song recorded by dion warwick. what i mean is bu fu. are you crazy? despite the fact this city made millions from the.com boom. there is two grand jury reports. city hall remains very silent on this very