Rep. Scott PetersVerified account

The very modest inclusionary housing updates being put forward to city council probably won't result in any reduction in new units built. The amount of money behind global housing investments is staggering (>$225 trillion w/ 3/4 of that in residential housing).

Housing is >60% of the total value of all global assets. If one global investor goes, another will take their place.

Housing is now used as the primary financial security for investments, and as an asset class, is larger than all stocks, shares, and bonds in the world combined.

This shift to housing not just primarily, but almost exclusively as a commodity has displaced its first social use as the place to foster the smallest community - family. The effects are manifest on our streets, in our schools, and around the dinner table.

I hope that my Coucilmember @ChrisWardD3 will join Council President @GGomezD9 today in passing one small piece of a very large effort necessary to make San Diego a place that families can thrive for generations to come.