The Federal Reserve expressed concern over the commercial real estate market in its latest Financial Stability Report, and revealed closer monitoring by officials. More than three years since the beginning of the COVID-19 pandemic, office buildings remain empty as many office jobs shifted to remote work. That shift “could lead to a correction in the values of office buildings and downtown retail properties that largely depend on office workers,” The Fed said in its report. “Commercial Office is on the edge of falling off the cliff, and there’s no doubt it’s going to fall,” said real estate investor Steven Pesavento,…
Author: SBE Staff
LOS ANGELES – A jury has found the city of Downey and one of its officers liable for bringing false murder charges against a resident in 2017. On June 12, 2017, a violent exchange occurred between suspected associates of a Mexican drug cartel, resulting in the wrongful arrest of Fernando Garcia for a double homicide. “This is a case that highlights how police sometimes abuse their power and maliciously construct narratives that are not backed with evidence,” said attorney Anthony Willoughby, who represented Garcia. “We are fortunate that we were able to have a jury listen to the facts and…
SUN VALLEY – A man was found dead Thursday in Sun Valley in an apparent hit-and-run, and police sought the public’s help in the investigation into his death. Officers were sent to Saticoy Street and Hinds Avenue about 3:50 a.m. on a report that a man was lying in the roadway, according to the Los Angeles Police Department. Paramedics from the Los Angeles Fire Department were called to the scene, but the man was pronounced dead at the location, police said. The Los Angeles County Coroner’s Office withheld the man’s identity pending notification of relatives. A standing reward of up…
LOS ANGELES – A Los Angeles Police Department motorcycle officer was injured Thursday in a hit-and-run collision near downtown, prompting a search for the suspect. The officer was struck around 3:20 p.m. on the transition road from the eastbound Santa Monica (10) Freeway to the southbound Harbor (110) Freeway, according to the LAPD. The transition road was briefly closed while the officer was treated and loaded into an ambulance in unknown condition. The heavily traveled ramp was reopened by about 4 p.m. Police said the officer was struck by a Tesla, the driver of which continued south on the 110…
LOS ANGELES – Major reforms are needed to increase housing production in the city of Los Angeles to meet a goal of producing more than 450,000 units by 2029, according to a new report released Thursday by the Los Angeles Business Council. The report authored by UCLA and California State University Northridge examined how the long and complex housing development process has contributed to the city’s failure to keep pace with housing needs. According to California’s Regional Housing Needs Assessment (RHNA), the city must add approximately 456,643 units from 2021 to 2029, which is a five-fold increase over the 83,865…
SANTA ANA – A Lyft driver was behind bars Thursday on suspicion of sexually assaulting a 15-year-old girl last month. Fredi Rojas, 30, of Orange, was arrested Wednesday and booked on suspicion of kidnapping and sexual assault, according to Santa Ana police Sgt. Maria Lopez. He was being held on $1 million bail, according to jail records. Rojas was accused of attacking the teen on April 13, Lopez said. The alleged victim saw Rojas driving by slowly and flagged him down to help charge her phone, Lopez said. Rojas stopped and offered to help and “forced” her into the car,…
LONG BEACH – Police Thursday continued their search for at least two suspects who fled in a vehicle following a shooting in Long Beach that left a 12-year-old boy dead and a 14-year-old girl wounded. Officers were sent to the 2200 block of Lewis Avenue, between Martin Luther King Jr. and Orange avenues, at about 11:30 p.m. Tuesday, according to the Long Beach Police Department. Eric Gregory Brown III of Long Beach died at a hospital, police said. The wounded girl was treated at a hospital for a non-life-threatening wound to her lower body, police said. Last night, a child’s…
POMONA – Beginning Saturday, Metrolink trains on the San Bernardino Line will make an extra stop at the Pomona Fairplex to accommodate people heading to the Los Angeles County Fair. A free shuttle will meet trains at the Fairplex stop to carry riders to the fair entrance. The service will be offered every weekend through the end of the fair’s run on Memorial Day. “I am happy that Metrolink continues to partner with our friends at the Fairplex to provide special weekend train service to and from the LA County Fair,” Metrolink CEO Darren Kettle said in a statement. “Metrolink…
SANTA ANA – A motorcyclist was injured Tuesday in a crash at the end of a police pursuit near the San Diego (405) and Costa Mesa (55) freeways. Santa Ana police were pursuing the motorcyclist on the southbound 405 when the cycle crashed into a white Mercedes about 1:30 p.m. just south of the 55, California Highway Patrol Officer Anselmo Templado said. The motorcyclist was taken to OC Global Medical Center in unknown condition, Templado said. The southbound lanes of the 55 transition to the 405 were shut down at 1:44 p.m. but reopened at 2:27 p.m., Templado said. The…
LOS ANGELES – Geffen Playhouse announced the full cast for The Mountaintop, written by Olivier Award winner and two-time Tony Award nominee Katori Hall (P-Valley, Tina: The Tina Turner Musical) and directed by Patricia McGregor (Light’s Out: Nat “King” Cole, Skeleton Crew). Photo by Phil Provencio Photo by Cibelle Levi The cast includes Jon Michael Hill (Superior Donuts, Elementary) as Dr. Martin Luther King, Jr. and Amanda Warren (Dickinson, Gossip Girl) as Camae. It’s April 3, 1968 and Martin Luther King, Jr. returns to the Lorraine Motel after delivering his history-altering “I’ve Been to the Mountaintop” speech. When he orders room service, a young maid arrives with a revelation that calls Dr. King to…