The Business Perspective

California and Los Angeles are in the midst of a housing supply and affordability crisis that is threatening our economy and our quality of life. We are only building one new housing unit for every eight new residents. Last month, an analysis of data from the U.S. Census Bureau showed that millennials are leaving L.A. at one of the highest rates in the country. Over the last 10 years, the number of County residents between the ages of 18 and 35 decreased by 7.4 percent. The home of Hollywood, Silicon Beach, world-class universities and a revitalized downtown is losing some young wage earners because they can no longer afford to buy or rent a home in our city.

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It has now been more than a year since the Aliso Canyon gas leak temporarily shuttered one of this region’s most critical pieces of energy infrastructure. The impact on adjacent communities was significant, but after much work, the leak was stopped and new, stringent safety measures have been implemented. Yet, the facility still sits idle. It’s time to change that.

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The story of the growth of Los Angeles and its economy is highlighted by the ingenuity and vision of entrepreneurs. During National Entrepreneurship Month, I want to share with you what the Chamber is doing to ensure that L.A. builds on its fastest growing entrepreneurial sector: technology.

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Last week, the Chamber held its 15th annual Cash for College Convention, providing an opportunity for Los Angeles students and their families to explore college opportunities and receive individualized assistance in completing their Federal Student Aid (FAFSA) application. We’re proud to say that through this program, the Chamber and its partners have been able to help students secure an average of $35 million dollars annually in state and federal aid to make their college dream a reality. This work is vital since the number one barrier for many students aspiring to go to college is the cost.   

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This past week I've been reminded of how important leadership is. We rely on leaders for direction, for courage and for inspiration -- in business, the social sector and, of course, in government.

Nowhere is leadership more important than at the local level, where real nuts-and-bolts change happens. We are most successful at addressing society's biggest challenges by working together with those in our region who are committed to common causes.

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Last night we saw Los Angeles vote overwhelmingly for a commitment to our infrastructure and future. More than 75 percent of Angelenos approved Measure HHH, the $1.2 billion bond to build permanent supportive housing for the homeless. Nearly 70 percent of the County approved Measure M, the ½ cent sales tax for Metro’s Traffic Improvement Plan, which surpassed even the approval of the original Measure R. Measure CC, a $3.3 billion bond for upgrades to our Los Angeles Community College District’s nine campuses, passed with 75 percent of the vote.

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Tomorrow is Election Day. Months of campaigning and advocating will come to a close as California voters head to the polls to elect a new President, a new U.S. Senator and state legislative representatives. California voters will also decide the fate of 17 ballot propositions. Los Angeles County voters will be choosing two new supervisors and deciding three ballot measures. City of L.A. voters will see an additional four measures on their ballots.

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The Los Angeles Times says No on JJJ. The Daily News says No on JJJ. Why? Because there is broad consensus by those who have studied JJJ that this poorly crafted measure will do the opposite of what it purports to do by making it more costly to build housing that our city desperately needs.

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Last Friday, 1,200 transportation experts at the annual Mobility 21 Summit in Anaheim voiced their support for Measure M, the Los Angeles County transportation measure on the Nov. 8 ballot. Metro Chairman John Fasano and City of L.A. Mayor Eric Garcetti were articulate spokespersons for the dramatic improvements that Measure M will provide to mobility and quality of life in L.A. County.

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Three weeks from today, Americans across the country will be heading to the polls. Here in California, you should have already received your state and local voter guides, sample ballot and an actual ballot if you are registered to vote by mail.

The California voter guide, issued by the Secretary of State, is 224-pages, covering 17 propositions that include nine new laws, six constitutional amendments, one referendum and one ballot question. Los Angeles County voters will have three additional measures and City of L.A. voters will have four more. The local measures are the last items on the ballot, but they address several high priorities of the Chamber and the community.

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