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SoCal welcomes cut to interest rates – NBC Los Angeles

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SoCal welcomes cut to interest rates – NBC Los Angeles


Americans grappled by inflation may sense a bit of relief since the Federal Reserve announced Wednesday it lowered interest rates by a half point.

Although the move primarily impacts the central bank’s federal funds rate, consumers will feel the shift since it will likely spill over to monthly credit card, auto loan, personal loan and mortgage costs. Realtors in Southern California are hoping the announcement will inspire homebuyers.

“So, this property’s been on the market for 125 days,” said Jimmy Mercado, a realtor who showed NBC4 a listing in El Sereno.

During the first two years of the COVID-19 pandemic, most homes stayed on the market for days. Since 2022, however, the dream of home ownership became unattainable when the rate of inflation increased.

“The rates went up the quickest they had in like 20 years,” Mercado said. “So, it went from 3% to about 6% in three months and that kind of started flatlining the market.”

Wednesday’s announcement from the Federal Reserve is first cut since March 2020. The federal funds rate is slated to move to a range between 4.75 to 5%.

The Federal Reserve sets the federal interest rate, which can impact everything from from your mortgage to your car loans. Here’s what you need to know.

“This is a huge day,” Mercado said. “We anticipated a quarter percent cut. It’s half a point; that’s a lot of money that now buyers can leverage out.”

For families, it’s a welcomed announcement they say will help their households.

“We were just unemployed, but we just got employed again,” said Jacki Bembridge, a mother of six. “And so, we’re just starting to climb out of things and to do budgets and then to know that this is happening will be very, very helpful.”

“I think it’s definitely a good step in the right direction,” said Alhambra resident Joe Benegret. “I guess let’s just hope it goes forward as well with groceries. I know just common living right now, it’s really taking a hit.”



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How to add California driver’s license to iPhone, Apple Watch – NBC Los Angeles

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How to add California driver’s license to iPhone, Apple Watch – NBC Los Angeles


California driver’s license holders can now add their state ID to Apple Wallet on their IPhone and Apple Watch, Gov. Gavin Newsom announced Thursday.

The digital IDs will be accepted at Transportation Security Administration (TSA) check points, including Los Angeles International Airport and San Francisco Airport, as well as select businesses. 

“With this new integration, we’re working to better serve the people of California in the 21st Century,” Newsom said in a statement.

Here’s how to add your ID to Apple Wallet

  1. Go to Apple Wallet
  2. Click the + button on the top right-hand corner
  3. Under the “Add to Wallet” section, tap “Driver’s License or State ID” to select “California mDL Pilot.
  4. Scan the front and back sides of your California ID
  5. Scan your face
  6. Take a picture
  7. Wait for verification from the California DMV.

But there’s a catch

The mobile driver’s license (mDL) pilot program is currently only limited to 1.5 million participants. 

If your license is expired or suspended, your mDL will be rejected.

Other factors that could impact your mDL applications are:

  • Wearing headwear
  • Not using plain background
  • Lack of consistent lighting
  • Other faces in the frame
  • Wearing sunglasses

More tips can be found here.

Last month, the state announced the DMV addition of Google Wallet as an option to hold driver’s licenses and identification cards. 



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New LA City Council president begins leadership role – NBC Los Angeles

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New LA City Council president begins leadership role – NBC Los Angeles


Los Angeles City Council President Paul Krekorian will hand over the position Friday to Council President Pro Tem Marqueece Harris-Dawson in a leadership shakeup for the 15-member panel.

First elected to in 2015, the 54-year-old Harris-Dawson represents Council District 8, where he won his first election with 62-percent of the vote in an area that includes Baldwin Hills, Chesterfield Square, Crenshaw, Jefferson Park and other communities.

Born and raised in Los Angeles, Harris-Dawson won his bid for the top council post in May and vowed to focus on the city’s homeless crisis. The chair of the city’s Planning and Land Use Management Committee co-authored Prop HHH, which was a $1.2 million bond measure to provide permanent supportive housing.

The council voted 14-0 to name Harris-Dawson as Krekorian’s successor as president.

As president, Harris-Dawson will preside as chair over council meetings, have the power to assign council committees and handle parliamentary duties such as ruling motions in or out of order. He was elected president pro tempore to replace Curren Price, who stepped down after he was charged in June 2023 with embezzlement, perjury and conflict of interest.

Harris-Dawson is expected to serve as president through mid-December. Following November’s election and once new council members assume their offices, another election will be held to elect a council president for a new term.

Krekorian received an ovation Thursday at his final meeting as council president. The Council District 2 representative will leave the body in December due to term limits. Councilman Bob Blumenfield unveiled plans to rename two sites in honor of Krekorian — the Victory Valley Child Care Center at 6451 Saint Clair Ave., and the Valley Plaza Sports Fields at 6980 Whitsett Ave. in North Hollywood.

Krekorian, whose district includes east San Fernando Valley neighborhoods, was first elected to the council in late 2009. He was elected council president in the wake of a leaked audio recording of colleagues, including then-President Nury Martinez, that shook City Hall.

Martinez resigned in 2022 after being heard in a recorded racially charged conversation with two other council members and a county labor official discussing the council’s redistricting process. The recorded conversation included racist comments about a colleague’s young Black adopted son.

Krekorian stepped into the council presidency during the tumultuous time at City Hall.

“I couldn’t do the work for the next 79 days and I couldn’t do the work as council president, and I couldn’t have done the work as an Assembly member or anything else without the support, guidance and love that I’ve received from my wife, Tamar, for the last quarter of the century almost,” Krekorian said.

He also thanked his staff.

“To all my staff, I hope you noticed that a number of members of this council specifically recognized you and that’s because you do extraordinary work — not only for me, our constituents, but for the entire city of Los Angeles,” Krekorian said.





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Find Riverside County Airport Fire recovery assistance – NBC Los Angeles

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Find Riverside County Airport Fire recovery assistance – NBC Los Angeles


Residents impacted by the Airport Fire in Riverside County can visit a local assistance center in Lake Elsinore.

Residents seeking assistance with food, health care support and more are welcomed to visit the one-stop resource center located at the Lake Community Center. The center will be open from noon to 9 p.m. Thursday and Friday, and 8 a.m. to 5 p.m. Saturday.

The Riverside County Department of Public Social Services, Public Health, Housing & Workforce Solutions and other local agencies will be joined by representatives from the California Office of Emergency Services and several nonprofit organizations to provide information on how to get financial, medical and related aid.

Residents seeking help also can click here.

On Tuesday, the Riverside County Board of Supervisors approved an emergency declaration, enabling the county to seek state and federal allocations for infrastructure repairs or improvements and general recovery of expenses stemming from the blaze.

As of Thursday, the Airport Fire was 41% contained at more than 23,500 acres in Orange and Riverside counties.

For information about Orange County recovery resources, click here.



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