Economy
A bill passed by the Republican-dominated House of Representatives on Thursday aims to cut food stamps or the Supplemental Nutritional Assistance Program (SNAP) by $40 billion. An estimated 4,522 Richmond households might be affected if the federal food stamps program were to be dramatically cut back.
As critics point out, the people behind Mortgage Resolution Partners bear some striking similarities to the Wall Street bankers they’re ostensibly fighting. Chairman Steven Gluckstern says that although all three of the firm’s partners have worked for financial institutions in various capacities, none of them have any connection to the mortgage-backed securities that created the financial crisis of the mid-2000s.
The Richmond real estate market, like the rest of the state, is on the rebound. And some of that recovery is thanks to investors who are able to buy homes without taking out a loan. That’s great news for both sellers and real estate agents, but it leaves limited selection for buyers who don’t have access to a lot of cash.
In forty years, a humble scattering of buildings along Richmond’s south shoreline could become an internationally recognized hub for scientific research. But presently the site remains just a small cluster of offices, warehouses, and labs, primarily used by UC Berkeley for engineering projects, and many in Richmond are asking when will the project get underway.
Ten years ago, the average East Bay Municipal Utility District (EBMUD) consumer was paying $26.09 per month for water. By July 1st of 2014, that number will have nearly doubled to $48.60. The next two years alone will see rates rise 9.75 percent ($3.96 per month) in 2014 and 9.5 percent ($4.19 per month) in 2015. At last week’s City Council meeting, Richmond resident Leonard Taylor complained about the hikes, saying he may have to stop doing his laundry and…
Richmond and Contra Costa County have decided to wipe the slate clean with Chevron after nine years of ongoing property tax disputes involving millions of dollars in revenue. The Board of Supervisors voted unanimously Tuesday to adopt a settlement regarding the county assessor’s property valuations of the Richmond refinery for the years 2004 to 2012. Chevron agreed to dismiss all of its appeals of the assessed property values of its refinery for these years. The City of Richmond also approved…
A marathon donation campaign is under way in Richmond, the first of its kind in California. At 6 a.m. Wednesday, the Richmond Community Foundation’s “We Give – 2013!” campaign kicked off, a 36-hour, non-stop social media donation drive to benefit city nonprofit organizations. The campaign is at the heart of the foundation’s mission to use philanthropy to build healthy, sustainable communities. “Nonprofit organizations … in Richmond struggle with reaching out to individual donors,” Jim Becker, Richmond Community Foundation’s vice president…
Richmond’s unprecedented plan to help homeowners refinance their mortgages has sparked a national debate about the use of eminent domain, but until now officials haven’t shed much light on how they selected the list of 624 mortgages.
Richmond’s plan to seize underwater mortgages through eminent domain has come under sharp criticism. Opponents claim that the plan could depress property values, and end up costing the city millions of dollars in lost revenues and legal fees. The West Contra Costa Association of Realtors (WCCAR), which is receiving financial backing from the California Realtors Association, is the latest to join the fray. In mid-August, WCCAR began the campaign, “Stop Investor Greed,” which is trying to create opposition to the…