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☆ This $38 million LA palace — and many others — are in a rush to be sold this week to avoid millions in the new California 'Mansion Tax'
▼ + stars: | 2023-03-30 | by ( Aaron Mcdade | ) www.businessinsider.com time to read: +4 min

A new "mansion tax" approved by voters in November goes into effect April 1. LA voters approved Proposition ULA, commonly referred to as the "mansion tax," by a 58% to 42% margin. The Star Resort, lit up from the perspective of the 70-foot infinity pool. Yann Ippolito/Ikon AdvisorsThe Star Resort features a Kobe Bryant-themed half basketball court. Yann Ippolito/Ikon Advisors

LONDON, March 23 (Reuters) - Credit Suisse (CSGN.S) bondholders are seeking legal advice after the Swiss regulator ordered 16 billion Swiss francs ($17.5 billion) of Additional Tier-1 (AT1) debt to be wiped out under its rescue takeover by UBS (UBSG.S). Not only did bondholders expect protection, but UBS is paying $3.23 billion to Credit Suisse shareholders. One Paris-based manager of a debt fund that held Credit Suisse AT1s said he had been "spammed" with emails from lawyers. Facing any challenge could be Credit Suisse, its new owner UBS, Swiss regulator FINMA or the Swiss government. It also cited an emergency March 19 ordinance which it said authorised FINMA to instruct Credit Suisse to write off the bonds.

☆ Swiss regulator says central bank loan to Credit Suisse justified AT1 bond writedown
▼ + stars: | 2023-03-23 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

Swiss regulator FINMA on Thursday defended its decision to instruct Credit Suisse to write down its AT1 bonds — a controversial part of the lender's emergency sale to UBS — saying it was a "viability event." The regulator said the loan Credit Suisse received from the Swiss National Bank last week, backed by the federal government, meant the conditions for a writedown had been met. The regulator instructed Credit Suisse to write down 16 billion Swiss francs of AT1 bonds, widely regarded as relatively risky investments, to zero, while equity shareholders will receive payouts at the stock's takeover value. "As Credit Suisse received extraordinary liquidity assistance loans secured by a federal default guarantee on 19 March 2023, these contractual conditions were met for the AT1 instruments issued by the bank." The Swiss federal government enacted an emergency ordinance to guarantee the additional liquidity assistance from the SNB to Credit Suisse, in order to ensure the successful implementation of the UBS takeover.

☆ Memphis approves police reforms after beating death of Tyre Nichols
▼ + stars: | 2023-03-08 | by ( Daniel Trotta | ) www.reuters.com time to read: +3 min

March 7 (Reuters) - The Memphis City Council on Tuesday approved a series of police reforms in the wake of the death of Tyre Nichols following his beating by police during a Jan. 7 traffic stop, with more far-reaching measures under consideration. The death of Nichols, 29, an unarmed Black man, prompted outrage and calls for change. In the Nichols case, five officers, all Black, have been charged with second-degree murder. Some officers in the Nichols case drove unmarked cars and formed part of a special unit that has since been disbanded. A more far-reaching reform named the "Tyre Nichols Justice in Policing Ordinance" passed a first reading but needs to be heard by the council two more times to get approved.

☆ Former Goldman Sachs partners represent the powerful allies and formidable foes the bank has across the Street
▼ + stars: | 2023-03-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

In many ways, it's easier to become a brain surgeon than a Goldman partner (doctors, please spare me your hate mail). Unlike other esteemed white-collar groups — the partners at law firm Cravath, Swaine & Moore, for example — turnover is somewhat common within the Goldman partnership. Insider's Carter Johnson and Dakin Campbell took a look at how many partners have left the bank since CEO David Solomon took over in 2018. In many ways, it's demonstrative of the allies the bank has across the Street. Former Goldman partners can be like missionaries for the bank, spreading the good word to anyone who will listen (and paying their fees).

☆ Four-time NBA champion Steph Curry joins his rich neighbors in opposing much-needed new housing near their Bay Area backyards
▼ + stars: | 2023-02-01 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

Steph and Ayesha Curry penned a letter opposing a townhouse development near their home in Atherton, California. "This is a tough thing for a community like Atherton to change," Atherton City Manager George Rodericks told NBC. Since 1969, California law has required cities to update their housing and land use needs, known as "Housing Elements," every eight years to ensure enough affordable housing is available to residents. Cities who fail to comply with the deadline could lose grant funding and face lawsuits from the state Attorney General. Cities spanning from San Francisco to Los Angeles have had their plans approved by state regulators, with many plans including efforts to increase density on developable land.

☆ Tyre Nichols: After his fatal beating ignited rage, Memphis streets remained calm despite warnings
▼ + stars: | 2023-01-29 | by ( Haven Orecchio-Egresitz | ) www.businessinsider.com time to read: +12 min

Some residents told Insider they hunkered down all of Saturday expecting the worst. "It could have been me," he told Insider, asking only to be identified by his first name in fear of his job. Demonstrators protest in Memphis on Jan. 28, 2023 following the release of video showing the deadly encounter between Tyre Nichols and police. Demonstrators protest in Memphis on Jan. 28, 2023 following the release of video showing the deadly encounter between Tyre Nichols and police. Demonstrators protest in Memphis on Jan. 28, 2023 following the release of video showing the deadly encounter between Tyre Nichols and police.

☆ Idaho boy dies and mother injured after being attacked by four dogs, police say
▼ + stars: | 2023-01-25 | by ( Julianne Mcshane | ) www.nbcnews.com time to read: +3 min

Four dogs fatally attacked a boy in Idaho on Saturday and caused injuries to his mother, leading the dogs to be put down and their owners to be cited with 15 local violations, police said. Both the boy and his mother — neither of whom are tribal members — suffered injuries and were transported to the Portneuf Medical Center, about 13 miles south. Their relationship to the dogs' owners was not immediately clear. A GoFundMe page identifies the mother as Emily and the boy who died as Kellan, and states Emily "did everything in her power to protect Kellan from that attack." There is no federal dangerous dog law, according to the Animal Legal Defense Fund, so it is unclear what federal charges, if any, the dogs' owners could face.

☆ New Mexico asks court to overturn cities' abortion bans
▼ + stars: | 2023-01-24 | by ( Andrew Hay | ) www.reuters.com time to read: +2 min

The move comes after the New Mexico cities of Hobbs, Clovis and two surrounding counties bordering Texas passed ordinances in recent months to restrict abortion clinics and access to abortion pills. New Mexico Attorney General Raul Torrez filed an extraordinary writ in New Mexico Supreme Court to block the ordinances which he said were based on flawed interpretations of 19th century federal regulations on abortion medication. Right-to-life activists said the regulations remained valid under federal law and vowed to work on bringing such ordinances to more cities in New Mexico, the only state bordering Texas where abortion remains legal. New Mexico's largest cities of Las Cruces and Albuquerque have become regional destinations for women seeking abortions since the U.S. Supreme Court in June ended the nationwide constitutional right to the procedure. In direct response, New Mexico Democrats have drafted legislation to prevent cities from overriding state laws guaranteeing womens' rights to reproductive healthcare.

☆ Abandoned shopping carts cost taxpayers thousands of dollars
▼ + stars: | 2023-01-21 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

Abandoned shopping carts are a scourge to neighborhoods, as wayward carts block intersections, sidewalks and bus stops. There is no national data on shopping cart losses, but US retailers lose an estimated tens of millions of dollars every year replacing lost and damaged carts, say shopping cart experts. They pay vendors to rescue stray carts and fork over fines to municipalities for violating laws on shopping carts. “It is the shopping cart.” Another New York Times article in 1957 called the trend “Cart-Napping.”There’s even a book, “The Stray Shopping Carts of Eastern North America: A Guide to Field Identification,” dedicated to the phenomenon and a system of identification for stray shopping carts, much like guides for bird-watching. Coin-lock shopping cart systems are popular in Europe, and Poulos said more US companies are requesting coin-lock systems in response to the costs of runaway shopping carts.

☆ Under West Virginia bills, exposing minors to transgender people could be a crime
▼ + stars: | 2023-01-20 | by ( Jo Yurcaba | Jo Yurcaba Is A Reporter For Nbc Out. | ) www.nbcnews.com time to read: +5 min

Two West Virginia bills aim to protect minors from obscene performances and materials, which the bills define, in part, as anything that includes exposure to or performances by transgender people. People who violate the bill regulating venues and performances, SB 278, could face a misdemeanor, a fine of up to $1,000 and/or jail time. Advocates in the state say the bills declare transgender people’s existence as inherently sexual and harmful to children. In West Virginia, legislators have introduced at least 10. Another West Virginia bill would allow 15% of voters in a city to recall “any ordinance or city code provision previously enacted by the governance.” Schneider said this bill, though it doesn’t explicitly name LGBTQ issues or people, could be used to repeal local nondiscrimination protections for LGBTQ people, which have passed in 18 cities in West Virginia.

☆ Amazon's drone delivery unit hit with layoffs just as 10-year-old project finally launches
▼ + stars: | 2023-01-20 | by ( Annie Palmer | ) www.cnbc.com time to read: +12 min

Two employees said Carbon, who replaced Prime Air co-founder Gur Kimchi, was hired to turn Prime Air into a real business with a sensible budget. Sources with knowledge of Prime Air said cuts in the drone delivery business were expected considering the division's many struggles. Monica Williams, a College Station resident, poses with a Prime Air drone at a community event in July. College Station residents also expressed concern about the prospect of drones harming the deer, foxes and birds that are native to the area. "As we continue to expand, we will update you when drone delivery is available for your household."

Jan 19 (Reuters) - Florida can punish local governments and officials that try to pass gun restrictions that are tougher than state laws, Florida's top court affirmed on Thursday. The Florida Supreme Court, by a 4-1 margin, rejected local officials' argument that they were immune to the penalties, which the court found were within the state's power to impose. Florida in 1987 passed a law stating that state gun control law preempts, or overrides, any local gun control measures. The local governments and officials sued the state to challenge a 2011 state law that authorizes the state to penalize local leaders for passing gun control measures that are subsequently struck down by courts for conflicting with state law. A trial court ruled in favor of the local officials, but the 1st District Court of Appeal upheld the 2011 law in 2021.

☆ Two researchers aim to better understand L.A.’s homelessness crisis with smartphone surveys
▼ + stars: | 2023-01-16 | by ( Jake Traylor | Jake Traylor Is An Associate Producer For Msnbc. | ) www.nbcnews.com time to read: +6 min

Two California researchers aim to get a real-time understanding of homelessness using a perhaps unexpected resource found among unhoused people: smartphones. Larry Posey works in MacArthur Park to share information about the PATHS study. Amy Stein / USC/UCLAOnce a month, a growing number of PATHS participants in Los Angeles County are texted a link to a 15-minute survey. Recruiters for the PATHS study share information with participants via postcard and directly into a web-based interface. The PATHS study found that 90% of participants would be interested in some type of interim or permanent housing.

The former Jackson Women’s Health Organization will become a luxury consignment shop called Hunt, owner David Carpenter said this week. Carpenter purchased the pink-stucco building known as the Pink House shortly after the Supreme Court overturned Roe v. Wade. The Las Cruces Women’s Health Organization has been nicknamed the Pink House West in a nod to the Jackson clinic. Carpenter said he bought the Jackson building in July from a local developer who had purchased the property from Derzis. The Jackson Women’s Health Organization opened in 1995.

☆ Oil companies sue Los Angeles over ban on oil and gas drilling
▼ + stars: | 2023-01-11 | by ( Emma Newburger | ) www.cnbc.com time to read: +1 min

An oil company with a drilling operation in the Wilmington neighborhood of Los Angeles has filed a lawsuit against the city over its law to ban new wells and phase out all drilling within city limits. Warren Resources, which operates the 10-acre, oil-extraction site, filed a lawsuit on Tuesday in LA Superior Court seeking to stop the ordinance from taking effect. The company argued the city failed to conduct an adequate environmental review of the potential impacts of halting extraction. There are 26 oil and gas fields and more than 5,000 active and idle wells in LA, in areas like Wilmington, Harbor Gateway, downtown, West LA, South LA and the northwest San Fernando Valley. Ian Thompson, a spokesperson for the LA City Attorney's office, declined to comment on the lawsuit.

☆ List: All the weapons and ammunition provided to Ukraine by the US after Russia's invasion
▼ + stars: | 2023-01-01 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +2 min

Since February, the US has committed more than $19 billion in security assistance to Ukraine. The US has also provided over 104 million rounds of small arms ammunition. Loading Something is loading. On December 21, the Biden administration announced a further $1.85 billion in security assistance, including the first supply of Patriot Air Defense Systems, with tens of billions in additional military aid set to be provided in 2023. According to a fact sheet released by the State Department, the US had by early December provided Ukraine with the following weapons systems and ammunition:

☆ Three emergency services workers killed while demining Ukraine's Kherson
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: +1 min

Dec 25 (Reuters) - Three Ukrainian emergency services workers were killed on Saturday when a mine exploded while they were demining parts of the Kherson region, said the emergency service of another region, in which they served. "All three selflessly served in the emergency and rescue squad of the Special Purpose Unit of the State Department of Ukraine in Zhytomyr region and performed the task of demining territories liberated from the enemy in the Kherson region," the Zhytomyr emergency service said on its Facebook page. Russia, which invaded Ukraine 10 months ago, controls most but not all of Kherson region. By mid-November, Ukrainian forces retook Kherson city - the region's administrative centre - and a number of settlements in the region. On Saturday, Ukrainian authorities said a Russian strike had killed at least 10 people in the Kherson City, while Moscow blamed Ukrainian forces for the attack.

☆ 5 surprising things your homeowners insurance covers
▼ + stars: | 2022-12-18 | by ( Jason Stauffer | Benji Stawski | ) www.cnbc.com time to read: +11 min

A home is the biggest purchase most people make in a lifetime, and homeowners insurance is essential for protecting your biggest asset. Homeowners insurance covers the cost of fixing or replacing your home when it is damaged by a covered event, such as a fire, or certain types of bad weather. It's important to do a detailed review of your homeowners insurance policy to understand exactly what is and isn't covered. But finding the right homeowners insurance for you isn't as simple as locking in the lowest monthly premium. To file a homeowners insurance claim, you'll want to notify your insurance company as soon as possible after the event.

☆ Feds settle with California city and sheriff's department over discriminatory rental housing program
▼ + stars: | 2022-12-16 | by ( Deon J. Hampton | Deon J. Hampton Is A National Reporter For Nbc News. | ) www.nbcnews.com time to read: +4 min

The U.S. Department of Justice has reached a first-of-its-kind agreement with a California city and sheriff's department over a "crime-free" rental housing program that led to Black people and Latinos being evicted from their homes based on allegations they had committed crimes. The consent decree announced this week requires Hesperia, California, and the San Bernardino County Sheriff's Department to end the program. The sheriff's department released a statement saying it could not comment because the case has not been formally dismissed by a federal judge. In one instance, the Justice Department said, a Black woman called police repeatedly because she did not feel safe with her boyfriend at her home. The sheriff’s department then notified her landlord about the domestic disturbances and threatened the landlord with a misdemeanor for violating the crime-free ordinance.

☆ DOJ touts first-of-its-kind settlement in racial discrimination case targeting ‘crime-free housing’ policy
▼ + stars: | 2022-12-14 | by ( Tierney Sneed | ) edition.cnn.com time to read: +2 min

CNN —The US Justice Department on Wednesday filed what it is describing as a first-of-its-kind settlement in a racial discrimination case challenging a so-called “crime-free housing ordinance.”The proposed consent decree was filed Wednesday in a lawsuit the Justice Department brought in 2019 against the central California city of Hesperia, alleging that the city’s ordinance violated the Fair Housing Act’s prohibitions on racial discrimination in housing access. Hesperia continues to deny the allegations. She noted under the program, Black renters were almost four times more likely to be evicted than White renters and Latino renters were 29% more likely to be evicted. According to the Justice Department, Hesperia and its co-defendants – the county of San Bernardino and the San Bernardino Sheriffs Department – have agreed to pay a $950,000 settlement. It will compensate people who were harmed under the policy and will cover anti-discrimination training and other initiatives.

☆ Regular homebuyers feel they struggle to compete with investors who turn properties into Airbnbs and Vrbos. Government officials are trying to change that.
▼ + stars: | 2022-12-07 | by ( Robert Davis | ) www.businessinsider.com time to read: +6 min

Atlanta lawmakers want short-term rentals to be licensed and to fine owners who violate city laws. In some cities, government officials are trying to regulate the number of short-term rentals that investors can purchase. The debate over short-term rentals in Atlanta is emblematic of similar debates in other cities. For instance, voters in Colorado towns like Dillon, Aspen, and Steamboat Springs this year approved measures to tax short-term rentals to help regular homebuyers afford homes. There are more than 1,300 short-term rentals in Joshua Tree, according to AirDNA, compared with a population of 7,700.

☆ Remote Work Is Gutting Downtowns, Will Cost Cities $453 Billion
▼ + stars: | 2022-12-06 | by ( Emil Skandul | ) www.businessinsider.com time to read: +13 min

Even 2 1/2 years later, most city downtowns aren't back to where they were prepandemic. Without more-robust policies to address failing downtowns, cities are going to start hurting. The increased cancellations of office leases have cratered the office real-estate market. Since 2016, only 112 commercial office spaces in the US have been converted, while 85 projects are underway or have been announced, according to CBRE's data. The birth of the central social districtTo avoid a commercial real-estate apocalypse, cities will need to streamline conversions.

☆ Los Angeles bans oil and gas drilling within city limits
▼ + stars: | 2022-12-05 | by ( Emma Newburger | ) www.cnbc.com time to read: +1 min

The Los Angeles City Council has voted to ban new oil and gas drilling and phase out existing wells over the next two decades, a historic decision that comes after years of complaints by residents about how pollution from nearby drilling has caused them health issues. More recently, the state banned the sale of new gasoline-powered cars by 2035, and New York state soon followed suit. There are 26 oil and gas fields and more than 5,000 active and idle wells in LA. Wells are spread out all over the city, including Wilmington, Harbor Gateway, downtown, West LA, South LA and the northwest San Fernando Valley. The oil industry has largely opposed the city's ban, arguing that phasing out production will make LA more dependent on foreign energy.

☆ A woman had to move out of her tiny home after 1 day because the city threatened to fine her $1,000 a day
▼ + stars: | 2022-12-04 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +3 min

A woman is suing the city of Meridian, Idaho over its ban on living in mobile homes. Chasidy Decker bought her tiny home because she couldn't afford a traditional house. City officials told her she can't live in it legally despite her paying rent to park it in a yard. In May, a day after Decker moved in, a Meridian city code enforcement officer threatened both Decker and Calacal with criminal prosecution and fines of $1,000 a day unless she moved out, the Institute for Justice wrote in a blog post. Chasidy Decker is a 46-year-old woman who bought a 252-square feet tiny home.

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