Voters will decide in November on the creation of a cannabis-friendly, publicly owned bank to invest in affordable housing.
Los Angeles is hoping to get into the banking business. A measure on the November 6 ballot would allow the city to charter its own publicly owned bank, which would pursue investments in the public interest.
The municipal bank would be open to California's newly legal cannabis industry, which struggles to find financing from commercial banks. Investments would go toward affordable housing and small businesses, according to the proposal from Council President Herb Wesson. "A municipal bank would have as its mission to reinvest in the community, fund the construction of affordable housing, and finance small business and entrepreneurs," Wesson told The Planning Report in December.
If successful, L.A.'s would be the first public bank in the U.S. in a century; the only one currently in existence is the Bank of North Dakota, established in 1919. But Los Angeles Times writer James Koren notes that the model "has gained steam since the financial crisis and lately seen an influx of support from the cannabis industry." Oakland, San Francisco, and the state of California are also studying the idea.
Arizona’s ‘Car-Free’ Community Takes Shape
Culdesac Tempe has been welcoming residents since last year.
The Changing Shape of American Suburbs
Housing costs and availability are pushing more American households, including young families, to suburbs and exurbs — and they’re demanding changes.
4 Ways to Use AI in Urban Planning and City Design
With the ability to predict trends, engage citizens, enhance resource allocation, and guide decision-making, artificial intelligence has the potential to serve as planners’ very own multi-tool.
Beverly Hills Installs First ‘Green Street’
A three-block median featuring native plants and bioswales is part of the city’s broader effort to reduce water consumption and pollution.
Habitat for Humanity and Missoula Land Trust Team up on Affordable Housing
The partnership will ensure the new homes will remain affordable for future buyers.
Experiencing California's Antelope Valley Poppy Reserve
Located in the western Mojave Desert, this stunning state natural reserve is renowned for its breathtaking displays of California poppies and has even been referred to as California's most beautiful place.
City of Laramie, Wyoming
Colorado Department of Local Affairs
Lassen County Planning and Building Services
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.