Topic: Public Finance
News
March 21, 2017
The possibility of a tax-code overhaul is casting a shadow over the $10 billion affordable-housing industry, which receives tax credits so valuable they often determine whether or not projects get off the ground. . . Developers said investors are valuing the credit 10% to 20% lower since Election Day. In some cases, investors have walked away, opening up funding gaps in projects already in motion. Because developers already walk a financial tightrope to build low-income housing, some projects are simply failing.
News
March 21, 2017
"There are many ways governments can support the construction of affordable housing. One is to pare back some of the byzantine regulations that control housing development at the state and local level—NIMBY land use and zoning restrictions, unrealistic regulations regarding construction and labor procurement methods—that drive the cost of new housing through the roof. And when that doesn’t work, city and state governments can subsidize rents. But to create an elaborate investment tax code workaround to problems that blue model governance has created through overregulation, cost inflation, and bureaucratic micromanagement only builds new layers of cost and complexity over the old ones. And of course there is the problem of moral hazard created when it becomes impossible to build housing for the average person with an average income in a given area without getting ‘help’ from insiders who can help you navigate the bureaucratic morass.
News
March 20, 2017
Since 2012, the Los Angeles Unified School District has had the highest percentage of its bond funds going toward staff salaries and benefits. In that district – the state’s largest – 19.9 percent of school bonds have been spent on salaries and benefits.
News
March 20, 2017
The Legislature’s budget analyst, Mac Taylor, says Brown’s proposal is “violating the spirit of Proposition 4.” He describes the $22 billion in school-related spending Brown wants to exempt as “nowhere money” and is telling legislators that “the plan would be highly vulnerable to legal challenges.
News
March 17, 2017
Recent labor agreements, costly court settlements and funding for combating homelessness are driving up expenses and could hamper plans to expand city services in the coming years, a new City Administrative Office report suggests. Despite an improving economy in Los Angeles, the report warns of “renewed fiscal challenges” for the city.
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