SPECIAL REPORT—(Editor’s Note: Legal Marijuana is the fastest growing industry in the U.S. As you are aware, medical marijuana is legal in California and beginning next January, recreational marijuana will be legal in the Golden State as well. This the first of a number of CityWatch reports on the politics and business of this industry.) When Mona Zhang told her parents she wanted to leave her job to report full-time on cannabis and build up her newsletter, Word on the Tree, they were skeptical to say the least.
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CORRUPTION WATCH-Unlike many taxes, the Wall Street tax gets us taxpayers nothing in return. We do not get sewers or streets or parks or police or paramedics. Each month, millions of Angelenos cough up anywhere from $500 to $4,000 for the Wall Street tax. No one has taken the time to calculate the exact amount of it, but we know that newcomers pay a higher tax than Angelenos who are long-time residents. The Wall Street tax is the extra rent or mortgage Angelenos pay each month for housing costs over and above the fair market value. One way or another, our rent and mortgage payments end up on Wall Street.
BELL VIEW--Yesterday, a memory popped up on my Facebook feed from eight years ago. In 2009, the East Hollywood Neighborhood Council took part in a citywide event known as "Parking Day LA." The event began in 2005 in San Francisco as an effort to draw attention to the lack of public space in major cities. Admittedly, the event is a bit precious. A bunch of hipsters get together and make a temporary “park” out of a metered parking space.
UNDERFUNDED LIABILITY-A recently completed actuarial report shows that Los Angeles County has over $25 billion in unfunded retiree healthcare liabilities — and this constitutes the greatest threat to the county’s long term fiscal sustainability. LA County’s Other Postemployment Benefit (OPEB) unfunded liability turns out to be greater than its unfunded pension liability.