Local taxpayers, not private investors, may be on the hook for most of the costs of building a new stadium for the National Football League’s (NFL) San Diego Chargers.
Team officials have been threatening to relocate the team to Los Angeles if a replacement for their current publicly owned venue, Qualcomm Stadium, is not built soon.
City officials estimate building a new stadium will cost at least $1 billion, $400 million of which would be financed by the team and the NFL’s “G-4” loan program. The remaining $600 million, or about $442 per San Diego resident, would be taxpayer-funded.
Independent Institute Research Fellow Craig Eyermann says owners of sports teams are incentivized to use public money for stadium construction and renovation.
“Even if it doesn't run over budget, the team's owners will seek to refresh or update the new stadium and its amenities every several years to stay competitive with its peers, just like Wal-Mart does with its stores,” he...
In November 2014, California State Controller John Chiang published a report calculating the total value of local and state public pension programs’ unfunded pension liabilities.
Chiang reported the increase in municipal and state pensions’ liabilities exceeded the rise in assets by $191.7 billion.
In 2003, California public pension programs had overpromised benefits by $6.3 billion, or about $178.72 per resident. In 2013, liabilities exceeded assets by $198 billion, or about $5,210.53 per...
Prompted by a group of residents opposed to the popular sharing-economy website Airbnb, the Petaluma, California City Council is finalizing new housing restrictions targeted at making it harder for individuals to host travelers in their homes on a short-term basis.
The proposed regulations would limit the number of guests and the number of days an entire house can be rented. The new rules would also raise additional tax revenue for the city. The city council projects the city will receive $85,...