All posts by LosAdmin

Working with Baby?

Employment, ,

What would people’s finances look like if they could bring their newborns to work?  How would this impact their quality of life and family dynamics?  These questions may soon be answered if the recent proposal by lawmakers in California of bringing newborns to state offices to work is approved.  With Assemblyman Randy Voepel’s Assembly Bill 2481 – that has already gained bipartisan support – people would be able to stop worrying at the office about their kids’ wellbeing!

Women have complained for years that they stay at home simply because it just doesn’t pay for them to get childcare while they are out at work.  If ultimately little or no money is made after childcare costs, women decide to stay home with their children.  If it is accepted, it would be for babies between 6 weeks and 6 months.

This is not the first state to do this.  a similar program has been at work in various state offices in Arizona and Washington, primarily with workers with flexible desk jobs. In addition to it being good for the parent, the babies actually get sick less often.

Enhancing LA

Infrastructure, ,

There have been some moves to alter some of the infrastructure in LA.  The question is, are these ultimately going to beneficial?  The reason this question is posed is due to the recently  CoolSeal project.  This substance is being painted on many streets in LA as a way of potentially “cooling the city down and fighting global warming effects.”

With a $40,000 price for LA taxpayers per mile (LA having 6,500 miles of road), one really has to look at if this is a good idea even if not all of the roads are painted.  In addition, the effects only last 7 years so the process must be repeated at this time.  Still, if it does decrease the Urban Heat Island (UHI) effect, then it might be worth it…

Two new laws were recently approved by the LA City Council which would help homeless issues.  One is that projects intended for homeless will be able to avoid the oft-difficult City Hall process that delays matters.  Parking requirements would also be eliminated and “permanent supportive housing” projects would be built higher/more solid than otherwise permitted.  This would result in an additional 200 units of homeless housing annually with government funds.  According to proponents of the homeless this will sustain around 200 extra units of homeless housing every year with government funds.

LA: Economy is Thriving

Economy,

When it comes to working in LA or finding a job, 2018 is looking very good.  In fact, even when looking at the figures for last year, job growth was much higher than expected.  In January 2018 there were an additional 33,500 jobs created.  According to statistics from LA’s Employment Development Department  (EDD) this resulted in a record low for state unemployment to 4.4 percent.  What’s even more positive is that these figures were even better than those for 2018.

Historically this is impressive.  According to former director at the EDD Michael S. Bernick, these figures show that LA is approaching its “longest employment expansion since World War II.  Each time it looks like the expansion might end it continues going.”

So where are all these jobs coming from?  Which industry is growing most?  The highest growth came in construction and trade with an additional 11,100 jobs being created in the building sector between December 2017 and January 2018 and 10,800 jobs in trade, transportation and utilities. Other increases occurred in education, health, hospitality, leisure and manufacturing services.

And it seems this isn’t the end either.  It looks like jobs through LA are going to increase even more and this is partly to do with the $1.5 trillion federal tax cut package in the first quarter of this year.

LA: Sourcing Water Locally?

News

More than a hundred years ago, William Mulholland was responsible for the construction of the infrastructure which provided water supply allowing LA to become one of the world’s largest cities.  Today, LA Mayor Eric Garcetti believes his city could be witnessing a “second Mulholland moment.”

This “second Mullholland” effort began a few years ago. Back in 2015, a goal was set: to reduce imported water by 50 percent within the next decade.  Further, by 2035 the goal is to locally produce at least half of the city’s water supply.

How realistic is this though?  According to Liz Carson, Director of Infrastructure at the Mayor’s Office, very.  She said: “When we set that 50 percent goal we knew it was ambitious, but we also really feel like it’s achievable.”

Indeed, the LA Sustainable Water Project: LA City Wide Overview believes the city has even more potential in this regard.

Los Angeles: Economic Performance

News,

There are many areas in which the LA economy is proving to be undergoing an enhanced performance than it has done in many years.  The Los Angeles County Economic Development Corporation (LAEDC) has just put together a report forecasting that the GDP in the area is actually on a more escalated growth spurt than the average of the entire country.

With an unemployment rate of less than 5 percent (which is still decelerating and some say could drop to as low as 4.1 percent by as soon as next year), economists believe that the next two years will see even more solid growth. Which is quite incredible when you look back to the figure of 12.5 percent in 2010.  Even though some people might not be in the best-paying most stable jobs, economists are quick to point out that when unemployment jumps to such a low rate, employers will need to offer higher pay for workers.

Still, Somjita Mitra – an LAEDC economist and one of the report’s contributors – said wages are likely to continue growing “slowly but steadily as the labor market continues to tighten.”  Most of the job growth is however, in the low-education/wage sector with a loss of around 111,000 manufacturing jobs since 2007 that paid “a middle class annual salary of approximately $68,000.”

And then there is the increase in housing prices which complicates matters further.  Still, these statistics have to indicate a reason for optimism.

Cycle-Friendly LA?

Infrastructure, ,

LA has never been known for being cycle-friendly.  Hollywood fame?  Yes.  Glamor, fashion and wealth? Absolutely?  Pretentiousness?  You bet.  But cycling?  Absolutely not.

But before you bemoan the City of Angels for its lack of cyclability (is that a word?), let’s take a closer look at any developments that have been made in this realm recently.

Because it should be.  Everyone knows that in a city congested with traffic cycling has to be a good thing.  So what exactly is the city doing to encourage it?

For a start there is a new (tongue-in-cheek) hashtag #LAsucksforcycling which has become a kind of meting place for views and treks in and around the greater LA area.  Also, safe-cycling lanes – initially introduced in New York – was one of the other cities that quickly jumped on the bandwagon. And then there was the Santa Monica scooter startup Bird which fast expanded across Los Angeles.  And Limebike, the Lime-S too.

So there is movement (excuse the pun) to encourage cycling and related-ways of travel in LA.  And more is likely to come as start-ups battle for success.

 

Promoting Equity Across the Region

News,

In this video, Propel LA Executive Director Marianne Haver Hill talks about how their latest plan is going to be implemented. The plan – which incorporates over 500 stakeholder groups and is “designed to promote greater equity across the region, as well as more prosperity for all area residents through improved education and workforce development, job creation, and livable communities” – is starting to be implemented.

Propel LA is involved in facilitating an “unprecedented economic transition is underway, and we all need to row together to navigate the changing tide.”

Living and Working in LA: The Numbers

Employment, ,

While LA is renowned for high housing rental prices, the March 2018 LA Rent Report showed that thankfully there has been little increase in pricing since December of 2017. While of course prices are still high, the good news is that they are not getting even higher. Still, making housing more affordable has to be a priority for state officials.

How do the locals feel about life in California?  When looking at community life, personal relationships and physical attributes, it seems that California ranked very well.  On the Gallup’s Quality of Life 2017 poll, California came in at Number 14.

Workplace safety is improving in California too.  US Bureau of Labor Statistics showed a drop in work-related fatalities from 2016 and anyway the state was the fourth lowest in the nation between 2015 and 2016.  There was a drop in non-fatal injuries too.

New Developments in LA

Architecture, , , ,

Knoll recently opening a Home Design Shop in LA.  It is hoped that this endeavor – that coincided with Knoll being in business for eight decades – will bring networking opportunities for local designers and Knoll’s accessories, furniture and textiles.

The store – at 314 North Robertson Boulevard – was designed by Benjamin Pardo (a design director at Knoll), Johnson Marklee, Barbara Reimelt and the NinetyNine Group.  The first direct-to-consumer retail operation of the store was opened in NYC and, given how successful that was, the idea emerged to create one in LA.  According to Pardo:

“Los Angeles interior designers set the benchmark for modern with a special passion for stunning materials and finishes. Our LA Shop experience is designed to deliver their bold vision by offering unsurpassed customization of furniture forms that complement architectural space.”

For those passionate about their city but don’t want to leave their homes, there is now an online store for purchasing Santa Monica themed memorabilia.  As CEO and President of Santa Monica Travel & Tourism (SMTT) Misti Kerns said:

“We are delighted to have launched Shop Santa Monica in celebration of our charming oceanfront city.  Inspired by a destination that is truly like no other, our collection allows people from around the world to enjoy a piece of Santa Monica.”

Regional Business Transactions

Transactions, , ,

OpenGate Capital is in the process of purchasing stove/fireplace manufacturer Jøtul Group.  The company – headquartered in Norway – provides a wide range of fireplace and related items throughout Europe, Asia and North America, while manufacturing in Europe and the US. For fund facilitation of the transaction a senior secured bond with Nordic institutional investors was raised by OpenGate.  The deal was engineered by an OpenGate MD, Fabien Marcantetti.  Chief Executive and founder of OpenGate, Andrew Nikou explained:

“Jøtul is located in the Nordic region, a market that OpenGate is very familiar with having acquired Kotka Mills in Finland and where we created tremendous success during our pre-fund investment days.  Through diligence we have already identified operational levers and accretive M&A opportunities that we believe will drive growth and ultimately create a stronger, healthier business.”

The Magellan Financial Group (specializing in real estate investment and related industries) recently sold its 144,000-square-foot building to the U.S. Storage Center.  With a $36 million price tag, this transaction – at 5415 E. Olympic Boulevard – was the final part of Magellan’s three-year, $375 million investment strategy within the Southern Californian region.