City Processes Likely Defeat of Cheval Blanc Beverly Hills Project

On June 2nd, the May 23 special election results revealed that the Special Election for the Cheval Blanc Hotel project did not pass. The razor thin margin of around 125 votes separating the approximately 49.10% of voters in favor of the project and the 50.90% against it. The election drew a 31.71% voter participation rate with 7,028 ballots recorded, per the first post-election ballot count. The result is a huge blow to the company, as LVMH will now take time to evaluate next steps for the vacant property.
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Mayor Bass Promised To House 17,000 Angelenos.
How Is She Doing?

In her first year in office, Los Angeles Mayor Karen Bass set a goal to obtain housing for 17,000 unhoused Angelenos. An enormous challenge for any politician, especially in Los Angeles, where the solution remains elusive. During Mayor Bass' first five months in office, at least 4,292 Angelenos have been housed through her Unhoused Program. By December 2023, Mayor Bass hopes to achieve her goal, and updates will be provided to the public on a quarterly basis. To read more click here. 

High Living Costs Solidify California’s Two-Tier Economy!

The high cost of living is the single most important reason why California, despite its world class economy, has the nation's highest rate of functional poverty, as measured by the U.S. Census Bureau. Its supplemental poverty index is weighted for the the cost of living and California's high costs, especially for housing, drive the state's ranking. California's extremely high housing hurdles not only explain why so many residents are fleeing the other states, but why it's so difficult for working-class families to build generational wealth via home ownership. It solidifies the state's two-tier economy. A new study by Moneywise, a website devoted to consumer finance, reveals that the first-time home buyers in California has the nation's second highest average down payment, $98,904, topped only by Hawaii's $110,360. 

California has a long road ahead if it wishes to change the environment to stop mass exodus. To read more, click here. 

LA City Council Motion Seeks to Raise Minimum Wage for Tourism Workers to $25 an Hour

Earlier this month, Los Angeles City Council introduced an ordinance raising the minimum wage for tourism workers to $25 an hour. This is in accordance with rising living standards throughout California. The motion was introduced by City Councilman Curren Price of District 9, and its purpose is to ensure that a stable workforce is provided for tourism in Los Angeles as the city prepares to host global events such as the 2026 World Cup and the 2028 Olympic Games to ensure the future growth of the tourism industry.

Based on the success of the motion, Los Angeles County could make a similar change to the tourism industry. To read more, click here.

Click here to View More Information About Beverly Hills Chamber Of Commerce: Government Affairs Update - June 7, 2023