Different News for Different Folks

by Bonnie Donovan

Have you ever noticed someone commenting on the news, and it dawns on you that what they watched is different from what you watched?

For instance, last weekend regarding the Duke University graduation ceremony where they talked about or showed a small group of graduates walking out because Jerry Seinfeld – a Jew – was about to speak. On KEYT, Tracy Lehr reported how 30 graduates walked out….  But she stops there, as did every other broadcast but one. On this one they didn’t cut away, they continued showing what happened immediately after. The crowd started chanting “Jerry, Jerry, Jerry.”

Why do they cut away or not report the rest?

Is it because they want to push their agenda and that the chants of support from most of the graduates didn’t fit into their world view?

I believe this is the new norm in reporting.

The UCSB Economic Forum

Last week (May 9, 2024), I attended the UC Santa Barbara Economic Forecast Project 2024 South County Economic Summit. 

Peter Rupert (L), Rick Caruso, and Gene Deering. Photo: DYK Photographer

The event took place at the Granada Theatre, featuring informative presentations by Gene Deering of Radius Commercial Real Estate and Peter Rupert, Director of the UCSB Economic Forecast Project. 

Mr. Deering provided an overview of the state of State Street, complete with drone footage of State Street Promenade, emphasizing the need for adaptive re-use to revitalize downtown. He highlighted the construction of rental housing units as a positive sign for the future and emphasized the importance of making downtown an attractive destination for both locals and visitors. Mr. Deering presented data showing significant increases in construction and labor costs since 2021, which could make projects less feasible, especially with higher affordability targets. 

Mr. Rupert talked about the economy and labor market performing exceptionally well, with more jobs available than unemployed individuals. However, Santa Barbara County's retail and leisure/hospitality sectors are not growing as rapidly as the overall U.S. economy, despite recovering from the impact of the pandemic in 2020. 

Mr. Rupert expressed his disapproval of rent control and higher minimum wages. He provided graphs and data to educate us.

He mentioned that the City Council has invested significant funds in consultants to address long-term plans for downtown State Street, focusing on understanding supply-and-demand dynamics and providing incentives.

Rupert concluded his economic analysis by stating that federal interest rates would likely remain stable or even increase.

Sitting Down with Rick Caruso

Following this, Economics professor Peter Rupert led a Q&A session with Gene Deering from Radius Commercial Real Estate and Rick Caruso, Founder and Executive Chairman of Caruso, a real estate company, examining key factors contributing to his successful retail ventures in Los Angeles, and discussing revitalizing downtown Santa Barbara.

• Rent Control and Minimum Wage was discussed, and Mr. Rupert provided graphs and gave examples of why they were bad ideas.

• When Caruso was asked about a Vacancy Tax he said, “That’s like taxing someone who is dying.” Sounds about right for Santa Barbara and California!

• The closure of State Street and suggestions of where they should open it now. Charging for street parking and increasing the parking fees in garages won’t help the situation with State Street.

• The permit process continues to be an issue.

• If State Street were privately owned it would be bankrupt!

•  As Mr. Caruso asked multiple times, “Do you realize what you have here?”

•  Santa Barbara is a very special place and why many fight to save it. 

• At one point Mr. Rupert brought up the city hiring yet another blah blah and he offered to do it for half the cost.

• And yet another point, Mr. Caruso offered to host a meeting with his team at Rosewood with/for the city.

• The lack of emphasis on rent control, State Street closure, and parking charges in media stories is concerning. 

• “If we can successfully transplant someone’s heart, we can move 20 parklets for six hours for parades.”

• No rent control wouldn’t be good for the rental market. Closure of State Street is a problem. Increasing parking fees (raising costs) will hurt, not help, downtown. 

There were laughs and clapping through the whole event. But most importantly, there was education and examples.

But were the City Council members and staff listening? 

Rick Caruso expressed his enthusiasm for workforce housing and discussed his plans for Rosewood Miramar Beach. He intends to create additional retail space at the luxury hotel in Montecito to financially support the housing. Did You Know Caruso's company already provides rent subsidies for his Rosewood employees? He also proposes constructing 26 below-market-rate units for hotel employees and 10 luxury apartments for long-term guests. 

This wouldn’t cost taxpayers, and he will be paying property tax on his units to fund police, fire, streets, and schools, unlike government housing.

It was a fruitful event that provided a wealth of information and knowledge.

The event will be televised on SBTV (Cable Channel 17), and I recommend everyone watch it.

Possible Unrest on Campus

Meanwhile, at UCSB, there appears to be a gathering of students, and it is important to ensure that appropriate measures are being taken to monitor the situation. 

While it is essential to respect the right to peacefully protest, it is worth questioning their specific demand to abolish the police. Is this demand influenced by the events of the BLM riots in 2020? 

Considering the current circumstances, We ask whether UCSB will follow the lead of other campuses and cancel graduation ceremonies. Additionally, it is unclear if students involved in the protest are still attending classes or if alternative arrangements have been made by the professors. 

Back to City Council

Council members discussed changes to downtown parking at a special meeting yesterday. Did Peter Rupert and the UCSB Economic Forecast Project wake up the city?  We hear that there will be no meters or parking lot changes blah blah blah     Give Peter Rupert the win!

Rupert’s annual event also served a taste of economic stimulus. Downtown parking saw an increase in revenue thanks to the UCSB Economic Forecast Project presentation at the Granada. Visitors had to pay $5 to enter the parking garage.

Yet less than a week after the Summit, we are told Wendy Foster will close the 1220 State Street store. “After nearly 40 years of quintessential Santa Barbara Style in the heart of our coastal community,” she writes, “we have decided to take a pause on our State Street storefront, closing the doors of Wendy Foster State Street at the end of our lease term.”

All other Wendy Foster stores in the Upper Village, Montecito, in Angel on Coast Village Road, in Santa Ynez and Los Olivos will stay open. The entire State Street store is offering up to 50% off its entire inventory.