Daily Business Report: Aug. 9, 2023
California could borrow a
record-breaking $35 billion to tackle
the housing crisis. Will voters go along?
By Ben Christopher | CalMatters
California voters regularly name out-of-reach housing costs and homelessness as among the most important issues facing the state.
Now lawmakers are calling their bluff. Next year the electorate will likely get the chance to put unprecedented gobs of money where its mouth is.
There’s the $10 billion bond proposal, spearheaded by Oakland Democratic Assemblymember Buffy Wicks and currently slated for the March ballot, that would replenish the coffers of some of the state’s premier affordable housing programs. If a majority of voters approve, it would be the largest housing-related IOU that California has issued since at least 1980.
Next, there’s the $4.68 billion measure, backed by Gov. Gavin Newsom and also scheduled for March, to build housing and expand psychiatric and substance abuse treatment for homeless Californians. That would be the largest-ever expansion of behavioral health funding in California, according to the governor’s office. As a housing-related bond, it would also be the third largest such measure in recent memory.
But both of those state measures could be dwarfed by a third proposed at the regional level. The recently created Bay Area Housing Finance Authority, tasked with funding affordable housing projects across the nine counties that surround the San Francisco Bay, is still figuring out exactly how much it wants to ask voters to sign off on in November 2024. But it could be as much as $20 billion.
Three of the largest housing bonds in California history would seem to be great news for housing advocates.
So why are some so worried?
Illustration by Adriana Heldiz, CalMatters; iStock
San Diego County on pace to meet 2023 climate action goals
By Shauni Lyles | County of San Diego
The County of San Diego is making climate action progress by providing clean air and water, green jobs and improving public health, according to the 2022 climate action report.
The county is helping the community thrive by protecting the region’s diverse natural resources. In 2022, county teleworking and alternate schedules avoided 36.5 million miles of commuting.
The county also reduced electricity consumption at its buildings by 46 percent, planted 3,913 trees and conserved more than 1,000 acres of open space. These accomplishments account for more than 25 percent of the 2030 emission reduction goals.
Here are some of the County’s climate action measures:
• The acquisition of open space and agricultural easements.
• Tree planting initiatives and rain barrel programs.
• The reduction of emissions associated with fuel consumed by County fleet vehicles.
• The use of solar photovoltaic energy which is a renewable source of energy generated at County facilities.
UC San Diego research growth tops $1.76 billion
By Debra Brass | UC San Diego
In fiscal year 2023, the University of California San Diego earned $1.76 billion in research funding, up from $1.64 billion the previous year — a more than 6 percent increase.
This marks more than a decade of sustained growth in research funding and encompasses an increasingly complex and ambitious research portfolio year-over-year.
The university received its largest research gift ever this year, a multi-year $150 million gift from T. Denny Sanford to establish the UC San Diego Sanford Stem Cell Institute, which is harnessing the power of stem cell research to address a wide range of diseases, including cancer.
Investment Map launched by San Diego Regional EDC
San Diego Regional Economic Development Corporation launched the San Diego Investment Map, a new digital tool to inform strategic, inclusive growth across the region. As part of EDC’s Inclusive Growth Initiative, the Investment Map provides a first-of-its-kind interactive data tool to support decision making across core facets of the local economy: childcare, middle-income housing, and corporate site selection.
Oceanside’s Outpost Vans will custom build your camper
Outpost Vans is a full-service custom van builder and campervan rental company, specializing in Mercedes Benz Sprinter conversions, upgrades, and gear installations. Besides the Sprinter platform, the team converts and works with the Ford Transit and RAM Promaster.
The company has decades of experience in the automotive, architecture, woodworking, design, tech, and business, to deliver a collaborative and customer-focused process and experience.
California tobacco researchers recommend
policy changes to defend against thirdhand smoke
By Bryana Quintana | SDSU
It’s well-known that tobacco smoke has harmful effects on both people who smoke and those around them who are exposed to secondhand smoke. But this threat exists in another form as well: thirdhand smoke, the chemical residue from tobacco smoke that lingers even after the smoking has ceased.
A new study led by George Matt from San Diego State University and Neal Benowitz from University of California, San Francisco reveals policy gaps that leave the public unprotected from thirdhand smoke and offers solutions for remedying this issue.
Since the 1970s, more and more public health policies have moved to protect against secondhand smoke exposure, helping establish laws that prohibit indoor smoking in workplaces, public transportation, hospitals, schools and restaurants. While these measures have been instrumental in protecting public health, saving lives, and reducing health care spending by billions of dollars, the researchers say they lack critical safeguards against thirdhand smoke.
Thirdhand smoke contains hundreds of toxic chemicals linked to detrimental health effects
including cancer, birth defects and reproductive harm, and asthma and other respiratory diseases.
NCTD Executive Director Matthew Tucker to retire
By Laura Place | The Coast News Group
Matthew Tucker, longtime executive director of the North County Transit District, will retire from the transportation agency effective next month.
Tucker has served 15 years in the driver’s seat at NCTD, which manages local transit, including the Coaster and Sprinter trains and Breeze buses and oversees the San Diego section of the Los Angeles-San Luis Obispo-San Diego, or LOSSAN, rail corridor.
Tucker’s last day with the agency will be Sept. 1, NCTD officials said.
“I want to thank the board of directors for their strong support in leading what is one of the country’s most unique and multifaceted public transit agencies,” Tucker said. “I would also like to recognize and celebrate the employees of NCTD and its contractors who show up daily to serve the public. Their hard work and their commitment to public service are so important to this region and to the people who rely on NCTD’s transit services. It has been an honor to work with you.”
The NCTD board of directors will meet on Aug. 10 to craft recommendations for a new interim executive director.
Televerde leaders to speak at Culture Summit 2023
SAN DIEGO — Televerde, a global revenue creation partner supporting marketing, sales, and customer success for B2B businesses worldwide, announced that its Chief Impact Officer Michelle Cirocco and Head of Global Marketing Kellie Walenciak will speak at Culture Summit 2023 in San Diego Sept. 25-27.
Cirocco and Walenciak will share insights on the topic, “How a Culture of Second Chances Will Help Businesses Thrive in the Future of Work.”
Sorrento Therapeutics announces auction for sale of Scilex Securities
SAN DIEGO — Sorrento Therapeutics Inc., a biopharmaceutical company dedicated to the development of life-saving therapeutics to treat cancer, intractable pain, and infectious disease, announced that, in connection with its ongoing chapter 11 case, the U.S. Bankruptcy Court for the Southern District of Texas entered an order approving a $105 million “stalking horse” bid for substantially all of the debtors’ common stock, preferred stock, and warrants in Scilex Holding Company to Oramed Pharmaceuticals Inc.
Tealium ranks a CDP leader on Everest Group’s CDP PEAK Matrix
SAN DIEGO — Tealium Matrix, a large, independent customer data platform, has been named a leader on the Everest Group CDP PEAK Matrix. Tealium was recognized as a major CDP player, touted for its strong focus on data collection and activation. According to the report, the CDP PEAK Matrix is a comprehensive assessment that evaluates the top CDP providers based on solution capabilities and broader market sentiment, including direct customer feedback. Tealium was specifically recognized for being the largest independent CDP and vendor neutrality.
Rubber Stamp Champ introduces COLOP brand
SAN DIEGO — Rubber Stamp Champ the country’s largest online provider of over 3,000 custom rubber stamp and related items, is introducing a complete new line of custom self-inking stamps, date stamps and replacement pads from COLOP. The company, COLOP Stempelerzeugung Skopek GmbH & Co. KG, is an independent commercial company which deals with the development, production, assembly and distribution of modern stamp and marking devices. COLOP is regarded as one of the region’s flagship companies.
Lucina Egg Bank introduces Lucina ReflEggction
SAN DIEGO — Lucina Egg Bank, a prominent name in the sphere of third-party reproduction, has recently introduced its latest innovation, Lucina ReflEggction, transforming the landscape of egg donor selection in the United States. This ground-breaking platform uses cutting-edge facial recognition technology to help intended parents find their perfect donor match, thus radically modernizing the traditional egg donor search. Lucina Egg Bank is an industry leader in frozen donor eggs, offering innovative technology that simplifies the process of finding a donor.
Aspen Neuroscience announces FDA clearance for new drug
SAN DIEGO — Aspen Neuroscience announced that the U.S. Food and Drug Administration (FDA) has cleared its Investigational New Drug (IND) application, enabling the company to proceed with a clinical trial for ANPD001, a personalized (autologous) cell therapy to treat Parkinson’s Disease by replacing lost dopamine neurons. Next, Aspen plans to initiate a first-in-patient Phase 1/2a clinical trial for people with moderate to severe Parkinson’s Disease. This follows the company’s 2022 Trial-Ready Screening Cohort Study to screen, enroll and begin manufacturing cells for potential patient candidates for the clinical trial.
Element Biosciences and Agilent Technologies expand partnership
SAN DIEGO — Element Biosciences Inc., developer of the Element AVITI System, an innovative DNA sequencing platform that is disrupting the genomics industry, announced an expanded commercial partnership with Agilent Technologies to cooperate in selling Element and Agilent products, starting in the United States. This partnership builds on a co-marketing agreement the companies entered last year demonstrating the integration of Element’s AVITI System and Agilent’s industry leading SureSelect target enrichment panels.
Zerigo Health appoints Lisa Rometty as CEO
SAN DIEGO — Zerigo Health, a digital health platform for the home treatment of chronic skin conditions, including psoriasis and eczema, announced the appointment of Lisa Rometty as its new chief executive officer. Rometty joins Zerigo after serving as president of CVS Kidney Care. In this role, she led the development of an innovative, personalized approach to kidney disease identification, care management, and home-first treatment. Previously, Rometty served as president of Global Client Solutions at Syneos Health.
North Island Credit Union adds 55,000 surcharge-free ATMs for members
SAN DIEGO — North Island Credit Union announced that it has joined the Allpoint Network, providing an additional 55,000 surcharge-free ATMs for its 170,000 members. Including its existing CO-OP ATM Network, North Island Credit Union members now have access to more than 85,000 surcharge-free ATMs worldwide. Allpoint Network ATMs will save North Island Credit Union members time as well as ATM fees. Through the partnership, credit union branded ATMs will be located in major retail locations in San Diego and the greater Los Angeles area.
Seismic named to the 2023 Forbes Cloud 100
SAN DIEGO — Seismic, the global leader in enablement, has been named to the Forbes 2023 Cloud 100, the definitive ranking of the top 100 private cloud companies in the world, published by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures. Seismic ranked #40 on this year’s list. “The companies of the Cloud 100 list represent the best and brightest private companies in this crucial tech sector,” said Kenrick Cai, the Forbes editor of the Cloud 100.
