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<br /> REPORTER'S TRANSCRIPT OF PROCEEDINGS TAKEN 6-7-04 <br /> 1 concerns can be mitigated. And I know for a fact <br />I 2 that this community desperately needs housing. <br /> 3 I have probably a different perspective <br /> 4 than many people on the Council and many people in <br /> 5 this room, which I am one of those people who had <br /> 6 to fight to buy a house in this market in the last <br /> 7 five years. And let me tell you, that is no easy <br /> 8 feet. We did not have any financial support from <br /> 9 our family members, we went into situations where <br /> 10 we went $50,000 over the asking price only to be <br /> 11 out bid by a dotcom millionaire with stock options <br /> 12 who could go $100,000 over the asking price. <br /> 13 The reason why housing prices are so out of <br /> 14 control is supply and demand. We are not building <br /> 15 housing fast enough to meet the demand. <br /> 16 One of the things, as Council Member Ruskin <br /> 17 said, that attracts people to the Peninsula is the <br /> 18 amount of open space that we have. We have a vast <br /> 19 amount of beautiful open space which I enjoy with <br /> 20 my family, but at the same time, it creates a lack <br /> 21' of land to build on. <br /> 22 The only way that projects like this can be <br /> 23 built is if there is enough land to build them. <br /> 24 And the cost of acquiring land is very high. I've <br /> 25 heard it said that this is the right project in the <br /> UCCELLI & ASSOCIATES 40 <br /> (650) 952-0774 <br /> ... <br />