The National Association of Realtors released a survey report showing a surge in foreign home buyers, with 71 percent of California buyers to be from Asia and Oceania this year alone. But other reports contradict these numbers - we dive into analysis. We also check in with LAPD Chief Beck; speak with Lt. Gov. Gavin Newsom about his gubernatorial candidacy; and more.
A look at the impact of foreign buyers on LA’s housing market
The National Association of Realtors released a survey Tuesday, which showed a surge in foreign home buyers - about a third more than last year.
As reported by the Los Angeles Times, Chinese nationals bought the most, with $31 billion worth of property purchases, an increase from $27.3 billion the previous year. Buyers from Canada, however, contributed to the largest overall increase according to the survey. This could be due to Chinese investment in Canada, where property prices have been rising. In California, 71 percent of foreign buyers were shown to be from Asia and Oceania. Last year, that number was 51 percent.
These survey results contradict what SoCal real estate agents have been seeing, as they’ve noticed a decrease in Chinese buyers. But nationally, the survey showed that foreign buyers still only account for 5 percent of sales from previously owned homes. So what are the factors of this potential boost? What causes outside the U.S. may be contributing? And how could all of this affect the housing market here in California?
Guests:
Ken Fears, director of housing finance and regional economics at the National Association of Realtors, which put out this new report
Jordan Levine, senior economist at the California Association of Realtors
Chris Thornberg, founding partner of Beacon Economics; his focus includes economic forecasting, employment and labor markets and economic policy
LAPD Chief Beck talks about future of cadet program, plus a check-in on mid-year crime stats
We’re more than halfway through 2017, if you can believe that, and Los Angeles Police Department Chief Charlie Beck says crime in L.A. has plateaued – which he told the L.A. Times is a sign that cops are eating away at the gradual increase in crime in L.A.
As of the first of July, overall crime was up less than a percentage point when compared to July of last year, when it was up 6.6 percent from the previous year and 12.7 percent the year before that. So how is the Chief feeling about crime trends for the rest of the year?
The LAPD’s cadet program has been in the media spotlight for the last several weeks as well after two separate incidents, one involving an LAPD officer having sex with an underage cadet and another involving three cadets who stole a cruiser and police equipment. These incidents have led the Police Commission to request that Inspector General Alex Bustamante look into the program.
We’ll also talk to Chief Beck about his thoughts on legislative efforts to make California a ‘sanctuary state,’ ask him to weigh in on a LA County civil grand jury report on the risks of police pursuits, ask him about his trip to D.C. last week at the request of Senator Kamala Harris, and learn about the World Police and Fire Games, which Los Angeles will host for the first time ever next month.
Guest:
Charlie Beck, Chief of Police of the Los Angeles Police Department
Lt. Gov. Gavin Newsom on the 2018 gubernatorial race and his plans for California
It’s still early in the California gubernatorial race for 2018. But the state’s Lt. Gov. Gavin Newsom has consistently lead with nearly $3.6 million in fundraising from January to June 2017, according to the Los Angeles Times.
Newsom has held political office since 1997, and gained notoriety as a member on the San Francisco Board of Supervisors. He then became mayor of that city before taking a seat as lieutenant governor in 2010 under Jerry Brown.
A Democrat, the focus of Newsom’s campaign has included climate change issues, touting his membership of the State Lands Commission, which controls parts of state shorelines. But controversy has erupted over a bill that would limit the height of waterfront developments in San Francisco, putting Newsom in a tight spot with those wanting to build on public land. On the issue of gun control, Newsom has publicly opposed the National Rifle Association, most recently regarding an NRA video which the Lt. Governor said villainizes political opponents of the group’s interests.
Larry spoke with Newsom Wednesday about these issues and his plans for the state:
Interview highlights:
On performing the first marriages for same-sex couples in San Francisco in 2004:
We challenged the law. It's always the right time to do the right thing. You don't run the 90 yard dash on civil rights. I'm not one of those politicians that has much respect, candidly, for people that know what the right thing to do is and are unwilling to do it. We wanted to challenge the law, we wanted to put a human face on it. And the idea was Phyllis Lyon and Del Martin had been together close to half a century and they were willing to be that first couple to get married. And the idea was not just to file a brief against Proposition 22 in the state of California but to put on trial the life of this extraordinary couple. They were, for me, the manifestation of faith, love, devotion, constancy, what marriage is all about.
On the governor's role in regulating Airbnb:
The governor has a profound role in organizing new thinking as it relates to the dramatic change to the plumbing of the world. We had this great debate in this country in the last presidential cycle, this populist debate. On the left Bernie Sanders, wherever Trump is on the right, both exploiting the issue, the populist issue of globalization. But no one talked about technology. And with all due respect to globalization, it's a small part of the bigger picture and that is technological disruption. And that substantively, the issue of technology and globalization detonating at the same time is front and center in my thinking, front and center in terms of what I'm trying to advance in terms of new approaches as governor.
On California's ability to provide universal healthcare:
As mayor of San Francisco, we provided universal health care, regardless of pre-existing conditions, ability to pay, and controversially but I say proudly, regardless of your immigration status. San Francisco has the only county-level universal healthcare plan in the nation and we have a specific tangible proposal to bring that to the rest of the state of California.
On the bullet train project:
We have a real question mark around this proposal which I initially was again a very passionate champion of whether or not we can fulfill the original vision to get it through the Tehachapi and the San Gabriel mountains, bring it down to southern California, ultimately not just L.A. but San Diego. I’ve questioned the business plan and the financing because of the significant changes from the original proposal, so yes I want to see this vision manifested and realized, but... I have an open ended question of how we ultimately fulfill the original vision.
To see all our past interviews with the 2018 gubernatorial candidates, click here.
Guest:
Gavin Newsom, lieutenant governor of California; he is running for governor of California in 2018
The reasoning and science behind Fresno’s bacteria-infected mosquito release program
Last Friday, July 14, the life science branch of Google’s parent company Verily launched its “Debug Fresno” plan, which aims to eliminate the Aedes aegypti mosquito by releasing 1 million bacteria-infected male mosquitoes into the County, over the course of 20 weeks.
More commonly known as the yellow fever mosquito, and known to spread diseases such as Zika and dengue, this mosquito arrived in Fresno in 2013. The plan to fight this dangerous mosquito is to release Wolbachia bacteria-infected mosquitoes into the population, which are sterile to female mosquitoes that don’t have the naturally occurring infection.
The technology for this was developed by the University of Kentucky and commercialized by Mosquito Mate, which released a smaller batch of these infected mosquito in Fresno last summer. Now the Consolidated Mosquito Abatement District, the government agency that provides mosquito control in portions of Fresno, has partnered with Verily for this 20-week release plan.
What’s the technology and science behind this bacteria-infected mosquito and the release plan? What can we expect over the course of these 20 weeks? What are the larger implications of this experiment?
Guests:
Steve Mulligan, district manager of the Consolidated Mosquito Abatement District
Stephen Dobson, professor of medical and veterinary entomology at the University of Kentucky; president of Mosquito Mate, the company that is commercializing the pesticide technology used in the Fresno release
Fans, naming rights experts react to Dodgers soliciting deals for naming rights to field
The Los Angeles Dodgers have called Chavez Ravine home for almost the entirety of their time here since moving from Brooklyn.
And ever since they started playing in Dodger Stadium in 1962, the home of Big Blue has been called just that – Dodger Stadium. Fast forward 55 years, and now the team is looking to change that.
On Tuesday, Dodgers President Stan Kasten announced that the naming rights to the field at Dodger Stadium would be up for grabs and that the team was seeking $12 million in exchange for them. He noted that the Dodger Stadium name is not for sale, so whoever does decide to buy the rights would end up with (Insert Sponsor Name Here) Field at Dodger Stadium. Kasten says he’s not worried about sullying the name of a historic stadium with a naming rights deal, but not all fans may feel the same way. There’s also the issue of whether it’s worth it for a sponsor to spend money on a naming rights deal when most people will probably never refer to the corporate name on the field when describing the actual venue that is Dodger Stadium.
Do you support the team selling the naming rights to the field or do you think it would tarnish the history of an iconic ballpark? What do you see as the return on investment for a potential sponsor, if you see one at all?
Guest:
Bob Wagner, executive vice president of business operations at Sports One Marketing in Lake Forest, CA; former senior vice president & chief marketing officer for the Anaheim Ducks Hockey Club
Michael Leeds, professor and chair of the economics department at Temple University