Daily Business Report: May 24, 2024
Newsom promised 1,200 tiny homes for homeless
Californians. A year later, none have opened
By Marisa Kendall | CalMatters
In March 2023, Gov. Gavin Newsom stood before a crowd in Sacramento’s Cal Expo event center and made a promise: He’d send 1,200 tiny homes to shelter homeless residents in the capital city and three other places throughout the state.
The move was part of Newsom’s push to improve the homelessness crisis by quickly moving people out of encampments and into more stable environments. But more than a year later, none of those tiny homes have welcomed a single resident. Only about 150 have even been purchased.
Irontown Modular, one of six vendors the state chose to supply the tiny homes in Sacramento, San Jose, Los Angeles and San Diego County, is “absolutely shocked” that they’ve received no orders, said Kam Valgardson, general manager of the Utah-based company.
“The big problem is that the homeless people aren’t getting served,” Valgardson said. “I can complain as a business, but these homeless people are getting no support, no relief. The money’s been promised, but something’s broken in the process and nobody’s placing orders.”
Top photo: An emergency non-congregate housing site in Chico on Sept. 6, 2023. (Photo by Fred Greaves for CalMatters)
___________________________________
Shorter lines, faster service coming to DMV as services move online
Starting June 3, the DMV will reduce potential wait times for customers by requiring the following transactions be completed through alternative, “out-of-office” options — including online and at DMV self-serve kiosks commonly found at both DMV locations and retail locations like grocery stores:
- Simple vehicle registration renewals that are not past the due date.
- Driver’s license renewals that do not require an in-person visit.
- Requests for copies of vehicle registration records, which show a vehicle’s ownership history.
- Requests for copies of driver’s license records, which show a driver’s history.
- Replacing a lost or stolen driver’s license/identification card.
Over the past few years, the DMV has digitized many of their services, improved efficiency and made more than 90 percent of transactions available online. These transactions are available online or by mail, and in some cases at kiosks, over the phone or through DMV business partners, making it easier than ever to skip the trip to an office. As more customers go online and use other service channels, DMV offices can better accommodate Californians who need a REAL ID or otherwise must visit an office.
In total, this could potentially reduce DMV office visits by 200,000 customers a month – 2.4 million trips in a year.
___________________________________
What’s the cost of democracy in California?
By Sameea Kamal | CalMatters
If we calculate that based just on the pages informing the state’s 22 million voters about Proposition 1 in the official March voter guide, about $8 million.
Each page of the primary voter guide cost $117,880 for printing, translations, audio, mailing, and postage, according to the Secretary of State’s office. The total cost of the 112-page March voter guide was $13.2 million.
That compares to $7.2 million for the 64-page 2022 primary guide, $6.3 million for the 48-page 2020 guide, $7.2 million for the 96-page 2018 guide and $3.7 million for the 32-page 2016 guide according to the Secretary of State’s office.
The bulk of this year’s guide was the text for Prop.1, which took up 68 pages. The two-part measure, which barely passed with 50.2% of the vote and was placed on the March ballot by the Legislature, authorizes a $6.4 billion bond to build treatment facilities and supportive housing for people with mental health and addiction challenges, and requires cities to spend more of a specific pool of tax revenue on housing instead of other services.
It’s typical for the lower-turnout primary ballot to include fewer propositions, especially since 2011, when the Legislature passed a law so initiatives only appear on the general election ballot.
___________________________________
City tells political group to move off boardwalk in Pacific Beach
By Dave Schwab | sdnews.com
Republicans of Pacific Beach are threatening to file a lawsuit alleging their free speech rights on the boardwalk have been violated after the City told them they need to move their campaign table to a designated spot outside of a high-traffic area.
“We want to bring awareness about free-speech performers’ First Amendment rights being violated by San Diego City government,” said RPB spokesperson Blake Anderson adding, “The City government should be denounced for this.”
“Recent amendments to the City of San Diego’s Municipal Code related to Expressive Activity on Public Property clearly define the regulations for individuals or groups who wish to engage in expressive activity in certain parks, plazas, and high traffic areas in order to maintain safety and access for everyone,” said Benny Cartwright, spokesperson for the City of San Diego.
“Ocean Front Walk, which is the boardwalk that spans from South Mission Beach through Pacific Beach, is considered a high traffic area where expressive activity areas may be established so that those engaged in expressive activity using equipment, including a table, easel, stand, chair, umbrella, sunshade, or other furniture as part of their expressive activity, are not blocking access for others or causing a safety hazard,” Cartwright said.
It is Anderson’s contention their conservative-themed merchandise is covered under the Constitution’s First Amendment “protecting freedom of speech, the press, assembly, and the right to petition the government for a redress of grievances.”
Photo: Republican campaign table in Pacific Beach (sdnews.com)
___________________________________
Nuvve engages Cappello Global Investment Bank to enhance growth strategy
Nuvve Holding Corp., a green energy technology company that provides a globally-available, commercial vehicle-to-grid (V2G) technology platform designed to enable electric vehicle (EV) batteries to store and resell unused energy back to the local electric grid and provides other grid services, announced that it has engaged Cappello Global LLC as its strategic financial adviser to identify potential strategic transaction opportunities to assist with Nuvve’s capital needs that will support both its near term and long-term growth objectives.
Actress Viola Davis and journalist to star at 2024 BIO International Convention
Viola Davis, award-winning actress and producer, will discuss “The Convergence of Entrepreneurship and Innovation” with award-winning journalist and bestselling author Brooke Baldwin at the 2024 BIO International Convention on Tuesday, June 4, 2024, in San Diego. Davis will share how her 2016 diagnosis of prediabetes—a condition in which blood sugar levels are higher than normal and which can lead to diabetes— and a family history of Type 2 diabetes turned her into an advocate for diabetes research, education, and awareness.
Bionoxx Inc. to highlight innovative strategy at conference
Bionoxx Inc., an innovative biotech company developing neutrophil-directed T cell modulation technology, announced that it will unveil its novel immunomodulatory technology at the upcoming 2024 BIO International Convention. Bionoxx research has discovered that cancer patients exhibit impaired neutrophil homeostatic dynamics in their peripheral blood, a condition that may significantly contribute to T cell dysfunction and suboptimal clinical outcomes in these individuals.
Degron Therapeutics enters into license agreement with Takeda
Degron Therapeutics, the company using its molecular glue-based targeted protein degradation drug-discovery platform to advance human health, announced it has entered into a collaboration and exclusive license agreement with Takeda to discover and develop novel molecular glue degraders for multiple targets in oncology, neuroscience, and inflammation.
Provenance Bio announces proof of function for collage protein
Provenance Bio, an alternative protein company, announced that its hydroxylated type I collagen protein demonstrates proof of function by matching the cell adhesion strength of fibronectin, providing promising scalable and sustainable protein solutions across various sectors, including pharmaceuticals. Provenance Bio’s full-length hydroxylated type I collagen protein demonstrates cell adhesion properties comparable to fibronectin, a principal protein used for cell culturing in research and development and pharmaceutical production.
California introduces new teaching credential
The California Commission on Teacher Credentialing has established a new teaching credential for pre-kindergarten through third grade (PK-3) aimed at expanding a diverse workforce of educators who have the necessary knowledge, skills, and abilities to provide developmentally appropriate learning for all young children. The PK-3 Early Childhood Education Specialist Instruction Credential recognizes the importance of early education in shaping the academic, social, and emotional development of young learners.
QuidelOrtho to participate in William Blair Growth Stock conference
QuidelOrtho Corporation, a global provider of innovative in vitro diagnostic technologies designed for point-of-care settings, clinical labs and transfusion medicine, announced that members of its management team are scheduled to participate in the 44th Annual William Blair Growth Stock Conference on June 5, 2024, in Chicago, IL. QuidelOrtho Corporation (Nasdaq: QDEL) is a world leader in in vitro diagnostics, developing and manufacturing intelligent solutions that transform data into understanding and action for more people in more places every day.
Wall Street Beats welcomes investor Larry Peck as new partner
Wall Street Beats, a premier digital investment media platform known for its in-depth and independent analysis on stocks and the financial markets, announces the addition of Larry Peck to its distinguished team of investment professionals. Peck, who brings 30 years of experience across multiple sectors and market conditions, is particularly renowned for his experience in the industrials sector. Peck, who manages his own family office, has weathered several major economic downturns, including the global financial crisis, the tech bubble, and the Asian crisis.
Lynx Motors announces partnership with Fast Lane Drive
Lynx Motors is delighted to announce a new two-year global corporate sponsorship agreement with San Diego’s Fast Lane Drive, an exclusive, members-only supercar club. This strategic partnership aims for Lynx Motors and Fast Lane Drive to collaborate and engage car enthusiasts who share their passions worldwide. This partnership marks an exciting chapter for both Lynx Motors and Fast Lane Drive, promising new opportunities and experiences for elite supercar enthusiasts around the world.
Allez Health announces $60 million capital raise
Allez Health Inc., formerly known as Zense-Life Inc., an emerging biosensor venture founded by proven experts in the continuous glucose monitoring (CGM) space, announced a $60 million Series A+ financing. The round was led by Korean in-vitro diagnostics company, Osang Healthcare Co., Ltd. as a strategic investor, with participation from existing investors. The new capital is expected to be used to accelerate growth towards pivotal trials, to support regulatory approval filings, and to scale manufacturing operations.
