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Here's some good news that's flying under the radar: the Federal Reserve is offering low-interest loans to major US cities, including LA.
The program doesn’t go far enough yet, but right now LA could access about *$1.1 billion*.
What could we do with that much money?
The program doesn’t go far enough yet, but right now LA could access about *$1.1 billion*.
What could we do with that much money?
Federal loans could go towards a program to use the thousands of hotel rooms now sitting vacant to house every person who is homeless in LA.
It could also fund training and salaries for outreach workers and housing navigators -- new jobs to address the unemployment crisis.
It could also fund training and salaries for outreach workers and housing navigators -- new jobs to address the unemployment crisis.
Federal loans could help fund new green infrastructure -- stormwater capture and renewable energy projects that LA must build anyway to preserve its future.
Accelerating these projects now could put thousands of Angelenos to work and inject money back into our local economy.
Accelerating these projects now could put thousands of Angelenos to work and inject money back into our local economy.
The money could also fill in a huge gap in federal relief programs -- support for undocumented people.
LA has one of the largest undocumented populations in the US. They pay taxes, but have no access to the relief available to naturalized citizens. Our city can provide it.
LA has one of the largest undocumented populations in the US. They pay taxes, but have no access to the relief available to naturalized citizens. Our city can provide it.
What about a city rent forgiveness program for the duration of the pandemic?
These federal loans could be used to reimburse the mom-and-pop landlords who rely on rent payments for their income -- and tenants could stay in their homes without worrying about piling up debt.
These federal loans could be used to reimburse the mom-and-pop landlords who rely on rent payments for their income -- and tenants could stay in their homes without worrying about piling up debt.
The money could also go towards filling the gaps in our food supply chain.
Food is rotting in fields and in warehouses because large buyers have shuttered during the pandemic -- our city government can step in as a buyer and provide food as a human right to anyone who seeks it.
Food is rotting in fields and in warehouses because large buyers have shuttered during the pandemic -- our city government can step in as a buyer and provide food as a human right to anyone who seeks it.
We could also set aside some of the federal money to start a public bank.
Because of fractional-reserve lending, our bank would then be able to loan out 10x its capital -- vastly increasing LA’s socially-responsible lending power.
It could transform our post-pandemic recovery.
Because of fractional-reserve lending, our bank would then be able to loan out 10x its capital -- vastly increasing LA’s socially-responsible lending power.
It could transform our post-pandemic recovery.
A public bank would not only prevent big banks from profiting off our recovery, but allow new funding sources for social programs to soften the blow of the predicted recession.
By initiating the public bank process now, we could avoid cruel and ineffective austerity later.
By initiating the public bank process now, we could avoid cruel and ineffective austerity later.
This doesn't even take into account what LA County is eligible for -- another roughly $5.2 BILLION in federal loans!
Imagine all the good that could do for our most vulnerable neighbors.
This money is our opportunity to better millions of lives. Let's make sure it's well spent.
Imagine all the good that could do for our most vulnerable neighbors.
This money is our opportunity to better millions of lives. Let's make sure it's well spent.
