Someday, you might be able to ride a bike from the western San Fernando Valley to Long Beach along the Los Angeles River. But not yet.
The longest unfinished stretch is the eight miles from Elysian Park through downtown to Maywood. For decades, advocates of the path have tried to complete those eight miles along the concretized river.
Yet a decade later, the unrideable gap remains. The ambitious project remains mired in planning and bureaucratic complications, with groundbreaking still two years off and the cost nearly tripling to more than $1 billion — almost $24,000 per foot — documents reviewed by The Times show.
It looked like the prospects for the bike route to the sea were getting serious after Angelenos enthusiastically passed a half-cent tax for transit projects in 2016 that earmarked $365 million for the L.A. River Path.
At the time, the Metropolitan Transportation Authority, the lead on the project, priced out a simple path on one side of the river.
An aerial view of bicyclists where the Los Angeles River Path ends near Golden Shore and Shoreline Drive in Long Beach.
But by last year, the proposed designs were much wider and added seven pedestrian bridges. They also included sections where the path would be elevated above the ground, supported by beams. The changes responded to community input and comments from the U.S. Army Corps of Engineers and L.A. Department of Water and Power, among others. Estimated completion of the initial phase is not until 2031.
Navigating the web of nearby structures, like active rail lines and historic bridges, is part of what makes the construction so complex, Metro says. An original $75 million set aside for unforeseen expenses in 2016 swelled to $309 million last year, and the rising cost of construction also added to the high price tag.
Advocates for the path say this grander plan would be great, if there were a way to pay for it.
Yuval Bar-Zemer is a board member with Streets for All, a group that advocates for safer streets in L.A. He also is a downtown loft developer and commissioned studies that helped inform a far less expensive option that would run down near the flowing river, rather than up above. The path would be unusable during heavy rains, but Bar-Zemer and others say that would be less than 20 days each year.
This option was included in Metro’s initial scoping of the path in 2016 but has since been dropped, with the agency citing safety concerns. Bar-Zemer contends that safety features could be installed to make sure pedestrians have enough time to exit the pathway if water rises swiftly. He says he’s spent $350,000 of his own funds in engineering studies and advocacy to advance the path.
A pedestrian walks with an umbrella on the L.A. River Path near Lewis MacAdams Riverfront Park.
“The benefits are so obvious, it’s such a home run and such a low-hanging fruit that for me, it’s like criminal not to make it happen,” he said.
Currently, bikers headed southbound run out of path where Riverside Drive crosses the L.A. River at Egret Park. From there, they’re forced to weave through high-traffic streets in neighborhoods including Lincoln Heights, Chinatown, Downtown L.A. and Boyle Heights before they find the path again in Vernon.
“It’s a huge chasm,” said Michael Schneider, founder and chief executive of Streets for All. He called the gap in the L.A. River path “a shame because it’s an otherwise amazing resource.”
Some 76,000 residents live within walking distance of the proposed path, and a million within three miles of the L.A. River, according to Metro estimates from 2022. Around 17% of working-age people who live within a bikeable distance already walk, bike or take transit in their regular commute.
An aerial view of downtown Los Angeles and the Sixth Street Bridge amid an unfinished eight-mile gap in the L.A. River Path.
Metro had the eight-mile gap on its list of 28 projects it wanted ready for the 2028 Olympic and Paralympic Games. As costs soared, it quietly was taken off the list.
Yet there are recent signs of progress for the L.A. River Path.
In late May, the Metro board voted to create a committee that brings together all the players needed to push it to toward completion.
The Los Angeles River runs under the Sixth Street Bridge amid an unfinished eight-mile gap in the L.A. River Path in downtown Los Angeles.
Mayor Karen Bass chairs the Metro board. Despite the project’s stagnation, she continues to convey optimism.
“Angelenos voted in 2016 to make the L.A. River Path path a reality, and Mayor Bass is marshaling the resources necessary to eliminate further distraction that have threatened the project’s pace and cost,” her office said in statement.
Metro staffers are reviewing comments on the draft environmental impact statement, the agency said. They intend to recommend a path forward in the fall.
In the United Arab Emirates, women hold half of all parliamentary seats, a threshold reached by only six national legislatures on Earth. In Afghanistan, a fellow member of the same fifty seven nation bloc, girls are barred by law from any education beyond primary school, the only country where that is true. On July 12 and 13, 2026, delegates from all fifty seven states gathered in Islamabad to adopt a single shared declaration on women’s empowerment. The distance between those two realities is the actual subject the declaration had to confront, whether its authors framed it that way or not.
The Organisation of Islamic Cooperation represents fifty seven states and close to 1.9 billion people, a demographic scale matched by few multilateral bodies. What it conspicuously lacks is a shared starting point on gender equality, and the scale of that lack is easy to understate until the two ends of the distribution are placed side by side. The World Economic Forum’s Global Gender Gap Report 2025 ranks the United Arab Emirates 69th of 146 economies overall, with full parliamentary parity and women occupying nearly two thirds of federal leadership roles. It ranks Bangladesh 24th of 148, the strongest performer in South Asia for a second consecutive year, having closed 73 percent of its overall gender gap after decades of expanding a legislative quota from 7 percent of seats to 30. At the opposite pole, three of the only five economies anywhere in the world governed by an entirely male cabinet, Azerbaijan, Pakistan, and Saudi Arabia, are OIC members, and Oman remains the sole national parliament on the planet with no women seated in it at all. Afghanistan sits outside even that range. It is the only country on Earth barring girls from secondary and higher education by law, a policy that currently excludes close to 2.2 million girls from formal schooling altogether.
This is the span the Islamabad Declaration was written into, and it is worth pausing on what that span actually implies. A framework broad enough to be endorsed by both Abu Dhabi and Kabul’s immediate neighbors within the same bloc can, almost by construction, say very little about what any single government is actually required to do. Language capacious enough to cover a country with full parliamentary parity and a country that bars girls from secondary school is language calibrated for consensus, not for consequence. The more useful question, then, is not whether the declaration reads as ambitious, most instruments of this kind do, but whether the bloc has built, or shows any sign of building, a mechanism capable of moving its weakest performers rather than simply narrating the achievements of its strongest.
Where the record earns genuine credit
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Some of what the OIC claims for itself withstands scrutiny, and is worth crediting on its own terms rather than dissolved into a general skepticism about summit diplomacy. Female enrollment in tertiary education has expanded meaningfully across member states, and the bloc’s own reporting places women at just over 39 percent of researchers across OIC countries, ahead of the roughly 34 percent global average. Maternal and child health outcomes have improved alongside it. But the most persuasive evidence for what actually moves the needle sits not in the declaration’s language but in the legislative record beneath it. Global data from the Inter Parliamentary Union shows that countries employing electoral quotas elected women at a rate of 31.2 percent in 2024, against 16.8 percent in countries without them, a gap of nearly two to one that survives across regions and income levels. Bangladesh’s own trajectory, from a 7 percent quota to 30, tracks that pattern almost precisely, and the United Arab Emirates reached full parliamentary parity through a comparable top down legal commitment rather than the slow accretion of social change. Where OIC member states have adopted binding, specific instruments, quotas above all others, the results are visible and replicable in the data. That is a genuine and transferable finding, and it rests on firmer ground than most of the rhetoric surrounding it.
The economic weakness the whole bloc shares, to varying degrees
Set the political headlines aside and the bloc’s collective vulnerability comes into sharper focus around economic participation. The OIC’s own assessment puts female labor force participation across member states at roughly 41 percent against 76 percent for men, and estimates some 106 million young people across the bloc as neither employed, in education, nor in training, with young women disproportionately represented among them. Southern Asia, the region anchoring several of the OIC’s most populous members, registers the weakest economic participation score of any region tracked in the Global Gender Gap Report, a full thirty five points separating its best and worst performing economies from one another. Even the UAE and Bangladesh, the bloc’s clearest political success stories, have not resolved this dimension with anything like the completeness they have brought to representation, which suggests economic inclusion answers to different levers than legislative quotas do, and that the declaration’s language on finance, entrepreneurship, and employment access is, whether by design or accident, aimed at the harder of the bloc’s two structural problems.
The test the declaration cannot argue its way around
Afghanistan is where the claim that voluntary declarations carry real weight meets its sharpest and least forgiving test. At the same Islamabad conference, delegates stated plainly that the Taliban’s restrictions on women harm the image of Islam and are inconsistent with Islamic teaching, echoing an OIC position from previous years that described the restrictions as contrary to the faith the bloc exists to represent. The Muslim World League, the largest Islamic non governmental organization in the world, has separately and repeatedly urged the Taliban to reverse the bans. The response from Kabul has been unambiguous. Spokesperson Zabihullah Mujahid has told international audiences that women’s rights are fully protected under the group’s interpretation of Sharia, and Taliban officials have characterized the education ban as an internal matter closed to outside comment, a position firm enough to have stalled unrelated talks over frozen central bank assets as recently as May 2026.
The stakes of this reach well beyond Afghanistan’s borders. If the bloc’s most unified and most theologically grounded criticism, the accusation that a member state’s policy is contrary to Islam itself, produces no observable change in that state’s conduct, it becomes a reasonable proxy for how much practical force softer, less unified language on labor force participation or quota adoption is likely to carry anywhere else in the bloc. The Islamabad Declaration has no enforcement mechanism for Afghanistan, and, tellingly, does not appear to need one in order to be adopted, since adoption requires only consensus on wording, not compliance with it.
Taking the structural counterargument seriously
There is a coherent case that expecting more than this from the OIC misreads what kind of institution it actually is. A consensus body spanning constitutional monarchies, parliamentary republics, and a Taliban administered emirate cannot plausibly issue binding standards on domestic labor law or family structure without member states either declining to sign or signing without any intention of compliance, an outcome arguably worse than the present voluntary model. Under this reading, the declaration’s proper function is to establish a shared reference point and let reputational pressure and peer example, the UAE and Bangladesh held up as internal proof of concept, do the work that binding law structurally cannot. The newly launched Islamabad Initiative on Women’s Digital Inclusion, a voluntary platform for digital literacy, entrepreneurship, and technology access, is built entirely on that theory of change: participation by choice rather than compliance by mandate. Judged against that more modest theory rather than against an enforcement standard it was never designed to meet, the declaration may be performing precisely as intended, and the fair critique is not that it fails at its stated purpose, but that its stated purpose may simply be too modest for the scale of the problem it describes.
Three paths from here
The most probable trajectory, roughly half of plausible outcomes by our estimate, is that the demonstration effect model continues largely undisturbed: the UAE and Bangladesh keep improving and are cited internally as proof the model works, the bloc’s lowest tier, Afghanistan most starkly, remains unmoved by rhetorical pressure however strongly it is worded, and the aggregate figures stay roughly flat because gains concentrated at the top fail to transmit downward through the distribution.
A second and less likely path, perhaps three in ten, sees middle tier member states, those possessing neither the UAE’s resources nor Afghanistan’s total exclusion, adopting elements of the proposed Gender Equality Dashboard or the digital inclusion platform in a genuine if partial way, narrowing the bloc’s middle even while its extremes remain fixed in place.
A third and least likely path, perhaps one in five, involves the range widening further still, driven by continuing instability among the bloc’s weakest performers, Afghanistan foremost among them but potentially compounded by conflict or governance stress elsewhere, at a pace that outstrips whatever gains the top and middle of the distribution manage to produce.
The indicator worth watching
The clearest available test is not whether the OIC issues further statements on Afghanistan, since it plainly will, but whether the Gender Equality Dashboard or the Digital Inclusion Initiative produces any actual, published, comparative country level data within the current reporting cycle. A voluntary framework that generates public comparison functions differently, in practice, from one that generates only communiques, since comparison is the mechanism from which reputational pressure, the model’s only real lever, actually derives. A second and narrower indicator is whether Afghanistan’s formal relationship with OIC gender programming registers any change whatsoever, even nominal engagement, as distinct from continued flat rejection, since that alone would be the first sign that unified religious framing carries weight the bloc’s other instruments do not.
What this means for institutional readers
For Western multilateral institutions and United Nations agencies, the OIC’s internal variance means that a single engagement strategy toward the bloc on gender issues is analytically weak on its face. The UAE and Bangladesh are credible technical partners on quota design and implementation, while engagement on Afghanistan specifically should continue to run primarily through humanitarian and human rights channels, given that the OIC’s own most unified criticism has already been tested there and found to carry no observable weight.
For investors and development finance institutions assessing exposure across OIC economies, a female labor force participation range running from roughly 22 percent to over 70 percent within a single fifty seven member bloc constitutes one of the more differentiated and independently checkable indicators available for human capital and productivity due diligence on any individual member state, and merits assessment country by country rather than reliance on the bloc’s aggregate language.
For rights focused organizations and donors, the quota evidence, 31.2 percent representation where legal quotas exist against 16.8 percent where they do not, is the single most defensible, causally grounded policy argument available to press within OIC forums, considerably more persuasive than the broader declaratory commitments on empowerment that lack a comparably rigorous evidentiary foundation.
Wales finished a first season under Tandy with a record of three wins, against Japan, Italy and Fiji, from 12 Tests.
They are 11th in the world rankings – bizarrely moving up a place courtesy of the Azzurri’s heavy loss in Australia – as they count down to next year’s World Cup, when they face England, Tonga and Zimbabwe in the group stages.
“The squad has developed, particularly with our performances against Scotland and Ireland during the Six Nations, and then the win over Italy,” said Morgan.
“We were pleased with the victory over Fiji at the start of the summer as well because we know how difficult they are to beat.
“We just have to keep developing and we’ve been doing that as a squad. There are still plenty of lessons to learn, but the more we play together, the more experience we gain and the more we can improve.”
Morgan, who is now officially a Gloucester player after his summer move from Ospreys, missed eight Tests after suffering a shoulder injury against Argentina in Tandy’s first game.
The British and Irish Lions flanker says that Wales are leaving no stone unturned in their bid to close the gap as quickly as possible.
“We’re a very close group and everyone wants to get better,” said Morgan, who was captain for Tandy’s first game.
“I’m proud of the effort they’ve put in, not just over these last three weeks but throughout the whole season.
“It’s clear that everyone wants to learn, improve and continue developing together as a squad.”
Wales play four Nations Championship fixtures in November against Japan, New Zealand and Australia in Cardiff before facing another southern hemisphere opponent at finals weekend in Twickenham.
John Mozeliak is in Anaheim for one clear-cut reason: to set the foundation for the Angels to get back on track.
At his introductory news conference at Angel Stadium on Saturday, the team’s new baseball operations consultant and interim general manager laid out his vision for success — while acknowledging recent woes — alongside Molly Jolly, one day after the first-year Angels president relieved general manager Perry Minasian of his duties amid his sixth straight losing season.
“Obviously, [the Angels] lacked consistency in terms of when you think about winning, right? Because that’s the proxy,” Mozeliak said. “There’s a lot of things we can use to determine if the organization is healthy or not. … Where Molly and I are connecting on this is like, we understand wins and losses matter, but how do you get to a place where that becomes consistent?
“Look at the best clubs in baseball [and] what you admire; whether they’re large-market or small-market, they have a philosophy, they have direction, and they stick to it, right? … That’s ultimately what we need to do here, and that’s hopefully something I can help bring to them.”
Mozeliak spent 18 seasons (2008-25) as general manager of the St. Louis Cardinals, a tenure consisting of 10 playoff appearances and a World Series victory in 2011.
The 57-year-old intends to “audit” the Angels in this new role alongside Jolly, with plans to hire a general manager by the time Mozeliak’s contract is up “sometime in December.”
“I brought on board John Mozeliak to assist me in preparing a baseball operation strategy as well as guide me in the search for a new general manager,” Jolly said, mentioning that her decision to fire Minasian and bring in Mozeliak had brewed for weeks.
“I did this because John has a proven track record of building and maintaining winning baseball cultures, and my goal is to bring that here to the Angels.”
Mozeliak didn’t rule himself out as the long-term answer at general manager and was emphatic about not speaking in absolutes. However, the longtime executive said he’d rather help Jolly “bridge the gap” during the Angels’ transformative period before anything else.
The Angels have plenty of gaps entering Saturday’s matchup with the Athletics. The Angels are tied for last in the American League with a 34-49 record while on the road to a 12th consecutive finish out of the playoffs.
And all of that is before mentioning the “sell the team” chants that flood the right-field upper deck at Angel Stadium at each home game oas ex-Angel Shohei Ohtani thrives with the Dodgers.
Mozeliak understands that the Angels have lacked direction in recent seasons. He asked for patience in rebuilding the team alongside Jolly.
“I knew coming in, this isn’t going to be something where Molly and I had a light switch and everything just starts working perfectly,” Mozeliak said. “It’s not going to work that way. … I would ask for some patience. We need a little time to sort of work through this … when we come out on the other end of this tunnel, we hope to be in a very successful place.”
Jolly said of Angels fans’ discontent, “I know what’s happening. I see it, I hear it. Fans have a right to have their voices be heard. Didn’t influence the decision that I wanted to make, but we all want to win. Our owner wants to win. I do. The fans deserve that, and that’s what we’re going to work toward.”
Mozeliak acknowledged he’d already forgotten some names of Angels personnel he was introduced to Saturday. But he also said that first-year manager Kurt Suzuki and the rest of the coaching staff’s jobs are secure through the season.
“I met with most of them this morning, and I told them they’re all fine for this year,” Mozeliak said. “There’s nothing they have to worry about. We’re not making any coaching changes right now. I really just need to get to know them, right?”
Mozeliak spoke to Suzuki on Saturday and said that he and his staff are “very impressive.”
Across the board, Mozeliak — who hasn’t yet met owner Arte Moreno since moving into this role — is focused on knowing who the Angels are at this point, with an “aggressive timeline” looming in the background.
With that said, Mozeliak shared that he isn’t “overly concerned” with the Aug. 3 trade deadline, nor is he worried about the MLB Draft, which starts July 11.
“My philosophy on the draft is to let the scouting director and his team do their jobs,” Mozeliak said. “The only real input I’m going to have is … understanding their process … and then if there are some financial decisions that are being banked into who we pick and why.”
Jolly brought in Mozeliak to help the Angels hire their fourth full-time general manager since 2012.
And while many might believe not much will change as long as Moreno remains the owner, Jolly said she has “autonomy” to assess the Angels’ baseball operations and is “confident in my authority and scope within the organization.”
Those invested in the Angels will believe it when they see it.
“When I think about the Angels right now, I just look at it as a very opportunistic time here,” Mozeliak said. “New leadership on the business side; we’re going to put a great team on the baseball side.
“But it’s going to be a place that I hope, in a couple years, we’re all proud of.”
The USD-bolívar exchange rate has nearly doubled in 2026. (EFE)
Caracas, June 9, 2026 (venezuelanalysis.com) – Venezuela has registered the lowest month-to-month inflation figure since October 2024.
According to the Venezuelan Central Bank (BCV), consumer prices went up by 6.3 percent in May. Inflation has fallen for four consecutive months after hitting 32.6 percent in January, following the US military attack and kidnapping of President Nicolás Maduro.
Overall, prices have more than doubled in the first five months of 2026, and accumulated 12-month inflation currently stands at 525 percent.
Despite the widespread use of the US dollar in cost structures, prices have likewise gone up by 12.5 percent over the last year when measured in USD, meaning a loss of purchasing power even for those with incomes pegged to the official exchange rate.
Venezuela’s inflation remains heavily correlated with currency instability. Despite the Central Bank devaluing the USD-bolívar exchange rate by more than 30 percent since March and providing significantly increased volumes offoreign currency to the private sector, a 30-40 percent gap remains between the official and parallel market rates.
Since January, the BCV has directed over US $5.5 billion in foreign currency via bank-run exchange tables, at more than double the rate of 2025, according to figures from Banca y Negocios. However, the chasmbetween official and parallel rates has persisted.
Many economists have identified the stabilization of the foreign exchange market as a necessary step for macroeconomic recovery, but critics have pointed to a lack of regulation and accountability in forex allocation as fueling currency speculation.
Caracas’ monetary and fiscal policy is presently subject to US control. Since January, the Trump administration has mandated that Venezuelan export revenues, principally oil sales, be deposited in US Treasury accounts. Washington returns an undisclosed portion of the proceeds at a time of its choosing.
The White House has likewise imposed that disbursed funds be channeled directly to the private sector via foreign exchange auctions, as well as outside auditing of Central Bank accounts by consulting giant Deloitte. Secretary of State Marco Rubio indicated in January that the Venezuelan government headed by Acting President Delcy Rodríguez would need to submit a “budget request” before accessing its own resources.
For its part, the Rodríguez administration has fast-tracked a series of pro-business reforms tailored to attract foreign investment, including in the oil, mining, and electricity sectors.
As part of efforts to court US investors, Economic Vice President Calixto Ortega reportedly took part in a closed-door meeting with US officials and corporate representatives hosted by the Atlantic Council, a hawkish Washington-based think tank funded by the US government, its allies, and major corporations.
The opening to foreign investment has seen Western business executives flock to Caracas in recent weeks, often escorted by White House officials, to explore opportunities. Pro-Trump tech billionaires such as Fred Ehrsam have made repeated visits, while Peter Thiel’s Erebor Bank struck a corresponding banking agreement with Venezuela’s largest public bank.
Javier Kulesz, a strategist from investment bank Jefferies, relayed optimism after a visit to the South American country and forecast an imminent “stream of announcements” related to the country’s debt restructuring and investments in key economic sectors.
France pushes euro stablecoins and tokenized deposits as EU banks race to close the gap with dollar-led digital payments.
France is pressing European banks to accelerate the development of euro-denominated stablecoins, as policymakers grow concerned that the region might fall further behind the U.S. in the shift toward digital payments and tokenized finance.
Recently, French Finance Minister Roland Lescure publicly called for more euro-based stablecoins and urged banks to explore tokenized deposits, saying the limited circulation of euro-pegged tokens compared with dollar-backed alternatives was “not satisfactory,” during a pre-recorded address to a crypto industry conference.
Meanwhile, a consortium of European banks, called Qivalis, plans to launch a more competitive alternative to dollar-pegged stablecoins in the second half of this year, subject to approval from the Dutch central bank.
Qivalis, which includes banks like ING, UniCredit, and BNP Paribas, was formally unveiled in December and has received continued praise from European authorities. Referring to the initiative, Lescure said, “That is what we need, and that is what we want.” At the same time, he strongly encouraged banks to further explore launching tokenized deposits.
Enter Fireblocks
Late in April, the consortium selected Fireblocks as the technology provider for its planned MiCA-compliant euro stablecoin, a step that provides it with the tokenization, wallet, and settlement infrastructure needed to move the project from planning to a planned launch in the second half of 2026.
Around the same time, Societe Generale’s digital assets unit, SG-Forge, said it was expanding its crypto client base to 15 firms, including exchanges, brokers, and wallet providers, showing that bank-linked activity is growing but remains small.
Stablecoins are already widely used in crypto trading and are increasingly being explored for settlement, cross-border payments, and liquidity management, but the market remains overwhelmingly dollar-based as industry participants debate whether euro-pegged coins face demand or regulatory constraints.
Recent research from RBC Capital Markets found that two-thirds of European banks surveyed still view demand for euro-pegged stablecoins as limited. Conversely, Jean-Marc Stenger, CEO of SG-Forge, has argued that a better-regulated infrastructure remains a key condition for broader adoption.
“[There is] a very, very strong need for well-regulated, robust offering in the crypto and stablecoin space,” he said in an interview with Reuters.
SACRAMENTO — Gov. Gavin Newsom will propose a new $100-million fund to help wildfire victims afford loans to rebuild their homes under a revised budget plan set to be released Thursday.
The Newsom administration estimates that thousands of victims of the Los Angeles wildfires cannot afford to rebuild, blaming a lack of access to affordable loans and a gap between insurance payouts and the cost to build again.
“We have been on the ground in L.A. since Day One of recovery from these fires, and we aren’t turning our backs now,” Newsom said in a statement. “This community deserves continued support to help them get back on their feet, and rebuild their homes and their lives. “
The new fund would be designed to cover loan-loss guarantee to lenders, in which the state would commit to paying back a percentage of a loan amount if a borrower defaults, in order to lower the risk for lenders and encourage them to award construction loans to borrowers who might not otherwise qualify or only be eligible for loans at high interest rates. The money would also be available for homeowners to buy down their interest rates during the construction period, according to Newsom’s office.
The Eaton and Palisades fires killed 31 people and destroyed over 16,000 structures in January 2025.
Under Newsom, California has also provided mortgage relief to more than a thousand wildfire survivors under CalAssist, a program that provides grants to eligible homeowners to cover mortgage payments for 12 months up to $100,000.
The governor’s new proposal will be included in his funding plan for the upcoming 2026-27 budget year that begins July 1.
State revenue from income tax collection is higher than initially forecast, a boon that is expected to wipe out a projected deficit in the year ahead. Analysts attribute the revenue increase to an artificial intelligence boom in the stock market.
Though likely temporary, the extra funding is expected to give Newsom enough cushion to balance the state budget without major cuts and lower a projected shortfall in 2027-28.
The proposal to create the rebuilding fund requires support from both houses of the California Legislature and would move forward as a trailer bill accompanying the state budget. The funding would be available to disaster survivors, though details on eligibility will be determined during the legislative process.
Gap in the L.A. River bike path downtown has a billion-dollar problem
Someday, you might be able to ride a bike from the western San Fernando Valley to Long Beach along the Los Angeles River. But not yet.
The longest unfinished stretch is the eight miles from Elysian Park through downtown to Maywood. For decades, advocates of the path have tried to complete those eight miles along the concretized river.
Yet a decade later, the unrideable gap remains. The ambitious project remains mired in planning and bureaucratic complications, with groundbreaking still two years off and the cost nearly tripling to more than $1 billion — almost $24,000 per foot — documents reviewed by The Times show.
It looked like the prospects for the bike route to the sea were getting serious after Angelenos enthusiastically passed a half-cent tax for transit projects in 2016 that earmarked $365 million for the L.A. River Path.
At the time, the Metropolitan Transportation Authority, the lead on the project, priced out a simple path on one side of the river.
An aerial view of bicyclists where the Los Angeles River Path ends near Golden Shore and Shoreline Drive in Long Beach.
But by last year, the proposed designs were much wider and added seven pedestrian bridges. They also included sections where the path would be elevated above the ground, supported by beams. The changes responded to community input and comments from the U.S. Army Corps of Engineers and L.A. Department of Water and Power, among others. Estimated completion of the initial phase is not until 2031.
Navigating the web of nearby structures, like active rail lines and historic bridges, is part of what makes the construction so complex, Metro says. An original $75 million set aside for unforeseen expenses in 2016 swelled to $309 million last year, and the rising cost of construction also added to the high price tag.
Advocates for the path say this grander plan would be great, if there were a way to pay for it.
Yuval Bar-Zemer is a board member with Streets for All, a group that advocates for safer streets in L.A. He also is a downtown loft developer and commissioned studies that helped inform a far less expensive option that would run down near the flowing river, rather than up above. The path would be unusable during heavy rains, but Bar-Zemer and others say that would be less than 20 days each year.
This option was included in Metro’s initial scoping of the path in 2016 but has since been dropped, with the agency citing safety concerns. Bar-Zemer contends that safety features could be installed to make sure pedestrians have enough time to exit the pathway if water rises swiftly. He says he’s spent $350,000 of his own funds in engineering studies and advocacy to advance the path.
A pedestrian walks with an umbrella on the L.A. River Path near Lewis MacAdams Riverfront Park.
“The benefits are so obvious, it’s such a home run and such a low-hanging fruit that for me, it’s like criminal not to make it happen,” he said.
Currently, bikers headed southbound run out of path where Riverside Drive crosses the L.A. River at Egret Park. From there, they’re forced to weave through high-traffic streets in neighborhoods including Lincoln Heights, Chinatown, Downtown L.A. and Boyle Heights before they find the path again in Vernon.
“It’s a huge chasm,” said Michael Schneider, founder and chief executive of Streets for All. He called the gap in the L.A. River path “a shame because it’s an otherwise amazing resource.”
Some 76,000 residents live within walking distance of the proposed path, and a million within three miles of the L.A. River, according to Metro estimates from 2022. Around 17% of working-age people who live within a bikeable distance already walk, bike or take transit in their regular commute.
An aerial view of downtown Los Angeles and the Sixth Street Bridge amid an unfinished eight-mile gap in the L.A. River Path.
More recent numbers could be higher since high fuel prices have motivated many to use transit, bikes, e-bikes and scooters. The path also could provide recreational benefits to an area that has some of the most limited access to green space in Los Angeles.
Metro had the eight-mile gap on its list of 28 projects it wanted ready for the 2028 Olympic and Paralympic Games. As costs soared, it quietly was taken off the list.
Yet there are recent signs of progress for the L.A. River Path.
In late May, the Metro board voted to create a committee that brings together all the players needed to push it to toward completion.
The Los Angeles River runs under the Sixth Street Bridge amid an unfinished eight-mile gap in the L.A. River Path in downtown Los Angeles.
Mayor Karen Bass chairs the Metro board. Despite the project’s stagnation, she continues to convey optimism.
“Angelenos voted in 2016 to make the L.A. River Path path a reality, and Mayor Bass is marshaling the resources necessary to eliminate further distraction that have threatened the project’s pace and cost,” her office said in statement.
Metro staffers are reviewing comments on the draft environmental impact statement, the agency said. They intend to recommend a path forward in the fall.
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Can the OIC Bridge the Gap Between Gender Parity and Total Exclusion?
In the United Arab Emirates, women hold half of all parliamentary seats, a threshold reached by only six national legislatures on Earth. In Afghanistan, a fellow member of the same fifty seven nation bloc, girls are barred by law from any education beyond primary school, the only country where that is true. On July 12 and 13, 2026, delegates from all fifty seven states gathered in Islamabad to adopt a single shared declaration on women’s empowerment. The distance between those two realities is the actual subject the declaration had to confront, whether its authors framed it that way or not.
The Organisation of Islamic Cooperation represents fifty seven states and close to 1.9 billion people, a demographic scale matched by few multilateral bodies. What it conspicuously lacks is a shared starting point on gender equality, and the scale of that lack is easy to understate until the two ends of the distribution are placed side by side. The World Economic Forum’s Global Gender Gap Report 2025 ranks the United Arab Emirates 69th of 146 economies overall, with full parliamentary parity and women occupying nearly two thirds of federal leadership roles. It ranks Bangladesh 24th of 148, the strongest performer in South Asia for a second consecutive year, having closed 73 percent of its overall gender gap after decades of expanding a legislative quota from 7 percent of seats to 30. At the opposite pole, three of the only five economies anywhere in the world governed by an entirely male cabinet, Azerbaijan, Pakistan, and Saudi Arabia, are OIC members, and Oman remains the sole national parliament on the planet with no women seated in it at all. Afghanistan sits outside even that range. It is the only country on Earth barring girls from secondary and higher education by law, a policy that currently excludes close to 2.2 million girls from formal schooling altogether.
This is the span the Islamabad Declaration was written into, and it is worth pausing on what that span actually implies. A framework broad enough to be endorsed by both Abu Dhabi and Kabul’s immediate neighbors within the same bloc can, almost by construction, say very little about what any single government is actually required to do. Language capacious enough to cover a country with full parliamentary parity and a country that bars girls from secondary school is language calibrated for consensus, not for consequence. The more useful question, then, is not whether the declaration reads as ambitious, most instruments of this kind do, but whether the bloc has built, or shows any sign of building, a mechanism capable of moving its weakest performers rather than simply narrating the achievements of its strongest.
Where the record earns genuine credit
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Some of what the OIC claims for itself withstands scrutiny, and is worth crediting on its own terms rather than dissolved into a general skepticism about summit diplomacy. Female enrollment in tertiary education has expanded meaningfully across member states, and the bloc’s own reporting places women at just over 39 percent of researchers across OIC countries, ahead of the roughly 34 percent global average. Maternal and child health outcomes have improved alongside it. But the most persuasive evidence for what actually moves the needle sits not in the declaration’s language but in the legislative record beneath it. Global data from the Inter Parliamentary Union shows that countries employing electoral quotas elected women at a rate of 31.2 percent in 2024, against 16.8 percent in countries without them, a gap of nearly two to one that survives across regions and income levels. Bangladesh’s own trajectory, from a 7 percent quota to 30, tracks that pattern almost precisely, and the United Arab Emirates reached full parliamentary parity through a comparable top down legal commitment rather than the slow accretion of social change. Where OIC member states have adopted binding, specific instruments, quotas above all others, the results are visible and replicable in the data. That is a genuine and transferable finding, and it rests on firmer ground than most of the rhetoric surrounding it.
The economic weakness the whole bloc shares, to varying degrees
Set the political headlines aside and the bloc’s collective vulnerability comes into sharper focus around economic participation. The OIC’s own assessment puts female labor force participation across member states at roughly 41 percent against 76 percent for men, and estimates some 106 million young people across the bloc as neither employed, in education, nor in training, with young women disproportionately represented among them. Southern Asia, the region anchoring several of the OIC’s most populous members, registers the weakest economic participation score of any region tracked in the Global Gender Gap Report, a full thirty five points separating its best and worst performing economies from one another. Even the UAE and Bangladesh, the bloc’s clearest political success stories, have not resolved this dimension with anything like the completeness they have brought to representation, which suggests economic inclusion answers to different levers than legislative quotas do, and that the declaration’s language on finance, entrepreneurship, and employment access is, whether by design or accident, aimed at the harder of the bloc’s two structural problems.
The test the declaration cannot argue its way around
Afghanistan is where the claim that voluntary declarations carry real weight meets its sharpest and least forgiving test. At the same Islamabad conference, delegates stated plainly that the Taliban’s restrictions on women harm the image of Islam and are inconsistent with Islamic teaching, echoing an OIC position from previous years that described the restrictions as contrary to the faith the bloc exists to represent. The Muslim World League, the largest Islamic non governmental organization in the world, has separately and repeatedly urged the Taliban to reverse the bans. The response from Kabul has been unambiguous. Spokesperson Zabihullah Mujahid has told international audiences that women’s rights are fully protected under the group’s interpretation of Sharia, and Taliban officials have characterized the education ban as an internal matter closed to outside comment, a position firm enough to have stalled unrelated talks over frozen central bank assets as recently as May 2026.
The stakes of this reach well beyond Afghanistan’s borders. If the bloc’s most unified and most theologically grounded criticism, the accusation that a member state’s policy is contrary to Islam itself, produces no observable change in that state’s conduct, it becomes a reasonable proxy for how much practical force softer, less unified language on labor force participation or quota adoption is likely to carry anywhere else in the bloc. The Islamabad Declaration has no enforcement mechanism for Afghanistan, and, tellingly, does not appear to need one in order to be adopted, since adoption requires only consensus on wording, not compliance with it.
Taking the structural counterargument seriously
There is a coherent case that expecting more than this from the OIC misreads what kind of institution it actually is. A consensus body spanning constitutional monarchies, parliamentary republics, and a Taliban administered emirate cannot plausibly issue binding standards on domestic labor law or family structure without member states either declining to sign or signing without any intention of compliance, an outcome arguably worse than the present voluntary model. Under this reading, the declaration’s proper function is to establish a shared reference point and let reputational pressure and peer example, the UAE and Bangladesh held up as internal proof of concept, do the work that binding law structurally cannot. The newly launched Islamabad Initiative on Women’s Digital Inclusion, a voluntary platform for digital literacy, entrepreneurship, and technology access, is built entirely on that theory of change: participation by choice rather than compliance by mandate. Judged against that more modest theory rather than against an enforcement standard it was never designed to meet, the declaration may be performing precisely as intended, and the fair critique is not that it fails at its stated purpose, but that its stated purpose may simply be too modest for the scale of the problem it describes.
Three paths from here
The most probable trajectory, roughly half of plausible outcomes by our estimate, is that the demonstration effect model continues largely undisturbed: the UAE and Bangladesh keep improving and are cited internally as proof the model works, the bloc’s lowest tier, Afghanistan most starkly, remains unmoved by rhetorical pressure however strongly it is worded, and the aggregate figures stay roughly flat because gains concentrated at the top fail to transmit downward through the distribution.
A second and less likely path, perhaps three in ten, sees middle tier member states, those possessing neither the UAE’s resources nor Afghanistan’s total exclusion, adopting elements of the proposed Gender Equality Dashboard or the digital inclusion platform in a genuine if partial way, narrowing the bloc’s middle even while its extremes remain fixed in place.
A third and least likely path, perhaps one in five, involves the range widening further still, driven by continuing instability among the bloc’s weakest performers, Afghanistan foremost among them but potentially compounded by conflict or governance stress elsewhere, at a pace that outstrips whatever gains the top and middle of the distribution manage to produce.
The indicator worth watching
The clearest available test is not whether the OIC issues further statements on Afghanistan, since it plainly will, but whether the Gender Equality Dashboard or the Digital Inclusion Initiative produces any actual, published, comparative country level data within the current reporting cycle. A voluntary framework that generates public comparison functions differently, in practice, from one that generates only communiques, since comparison is the mechanism from which reputational pressure, the model’s only real lever, actually derives. A second and narrower indicator is whether Afghanistan’s formal relationship with OIC gender programming registers any change whatsoever, even nominal engagement, as distinct from continued flat rejection, since that alone would be the first sign that unified religious framing carries weight the bloc’s other instruments do not.
What this means for institutional readers
For Western multilateral institutions and United Nations agencies, the OIC’s internal variance means that a single engagement strategy toward the bloc on gender issues is analytically weak on its face. The UAE and Bangladesh are credible technical partners on quota design and implementation, while engagement on Afghanistan specifically should continue to run primarily through humanitarian and human rights channels, given that the OIC’s own most unified criticism has already been tested there and found to carry no observable weight.
For investors and development finance institutions assessing exposure across OIC economies, a female labor force participation range running from roughly 22 percent to over 70 percent within a single fifty seven member bloc constitutes one of the more differentiated and independently checkable indicators available for human capital and productivity due diligence on any individual member state, and merits assessment country by country rather than reliance on the bloc’s aggregate language.
For rights focused organizations and donors, the quota evidence, 31.2 percent representation where legal quotas exist against 16.8 percent where they do not, is the single most defensible, causally grounded policy argument available to press within OIC forums, considerably more persuasive than the broader declaratory commitments on empowerment that lack a comparably rigorous evidentiary foundation.
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Nations Championship: Wales closing gap to world’s best – Jac Morgan
Wales finished a first season under Tandy with a record of three wins, against Japan, Italy and Fiji, from 12 Tests.
They are 11th in the world rankings – bizarrely moving up a place courtesy of the Azzurri’s heavy loss in Australia – as they count down to next year’s World Cup, when they face England, Tonga and Zimbabwe in the group stages.
“The squad has developed, particularly with our performances against Scotland and Ireland during the Six Nations, and then the win over Italy,” said Morgan.
“We were pleased with the victory over Fiji at the start of the summer as well because we know how difficult they are to beat.
“We just have to keep developing and we’ve been doing that as a squad. There are still plenty of lessons to learn, but the more we play together, the more experience we gain and the more we can improve.”
Morgan, who is now officially a Gloucester player after his summer move from Ospreys, missed eight Tests after suffering a shoulder injury against Argentina in Tandy’s first game.
The British and Irish Lions flanker says that Wales are leaving no stone unturned in their bid to close the gap as quickly as possible.
“We’re a very close group and everyone wants to get better,” said Morgan, who was captain for Tandy’s first game.
“I’m proud of the effort they’ve put in, not just over these last three weeks but throughout the whole season.
“It’s clear that everyone wants to learn, improve and continue developing together as a squad.”
Wales play four Nations Championship fixtures in November against Japan, New Zealand and Australia in Cardiff before facing another southern hemisphere opponent at finals weekend in Twickenham.
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Interim GM John Mozeliak aims to get Angels to ‘very successful place’
John Mozeliak is in Anaheim for one clear-cut reason: to set the foundation for the Angels to get back on track.
At his introductory news conference at Angel Stadium on Saturday, the team’s new baseball operations consultant and interim general manager laid out his vision for success — while acknowledging recent woes — alongside Molly Jolly, one day after the first-year Angels president relieved general manager Perry Minasian of his duties amid his sixth straight losing season.
“Obviously, [the Angels] lacked consistency in terms of when you think about winning, right? Because that’s the proxy,” Mozeliak said. “There’s a lot of things we can use to determine if the organization is healthy or not. … Where Molly and I are connecting on this is like, we understand wins and losses matter, but how do you get to a place where that becomes consistent?
“Look at the best clubs in baseball [and] what you admire; whether they’re large-market or small-market, they have a philosophy, they have direction, and they stick to it, right? … That’s ultimately what we need to do here, and that’s hopefully something I can help bring to them.”
Mozeliak spent 18 seasons (2008-25) as general manager of the St. Louis Cardinals, a tenure consisting of 10 playoff appearances and a World Series victory in 2011.
The 57-year-old intends to “audit” the Angels in this new role alongside Jolly, with plans to hire a general manager by the time Mozeliak’s contract is up “sometime in December.”
“I brought on board John Mozeliak to assist me in preparing a baseball operation strategy as well as guide me in the search for a new general manager,” Jolly said, mentioning that her decision to fire Minasian and bring in Mozeliak had brewed for weeks.
“I did this because John has a proven track record of building and maintaining winning baseball cultures, and my goal is to bring that here to the Angels.”
Mozeliak didn’t rule himself out as the long-term answer at general manager and was emphatic about not speaking in absolutes. However, the longtime executive said he’d rather help Jolly “bridge the gap” during the Angels’ transformative period before anything else.
The Angels have plenty of gaps entering Saturday’s matchup with the Athletics. The Angels are tied for last in the American League with a 34-49 record while on the road to a 12th consecutive finish out of the playoffs.
And all of that is before mentioning the “sell the team” chants that flood the right-field upper deck at Angel Stadium at each home game oas ex-Angel Shohei Ohtani thrives with the Dodgers.
Mozeliak understands that the Angels have lacked direction in recent seasons. He asked for patience in rebuilding the team alongside Jolly.
“I knew coming in, this isn’t going to be something where Molly and I had a light switch and everything just starts working perfectly,” Mozeliak said. “It’s not going to work that way. … I would ask for some patience. We need a little time to sort of work through this … when we come out on the other end of this tunnel, we hope to be in a very successful place.”
Jolly said of Angels fans’ discontent, “I know what’s happening. I see it, I hear it. Fans have a right to have their voices be heard. Didn’t influence the decision that I wanted to make, but we all want to win. Our owner wants to win. I do. The fans deserve that, and that’s what we’re going to work toward.”
Mozeliak acknowledged he’d already forgotten some names of Angels personnel he was introduced to Saturday. But he also said that first-year manager Kurt Suzuki and the rest of the coaching staff’s jobs are secure through the season.
“I met with most of them this morning, and I told them they’re all fine for this year,” Mozeliak said. “There’s nothing they have to worry about. We’re not making any coaching changes right now. I really just need to get to know them, right?”
Mozeliak spoke to Suzuki on Saturday and said that he and his staff are “very impressive.”
Across the board, Mozeliak — who hasn’t yet met owner Arte Moreno since moving into this role — is focused on knowing who the Angels are at this point, with an “aggressive timeline” looming in the background.
With that said, Mozeliak shared that he isn’t “overly concerned” with the Aug. 3 trade deadline, nor is he worried about the MLB Draft, which starts July 11.
“My philosophy on the draft is to let the scouting director and his team do their jobs,” Mozeliak said. “The only real input I’m going to have is … understanding their process … and then if there are some financial decisions that are being banked into who we pick and why.”
Jolly brought in Mozeliak to help the Angels hire their fourth full-time general manager since 2012.
And while many might believe not much will change as long as Moreno remains the owner, Jolly said she has “autonomy” to assess the Angels’ baseball operations and is “confident in my authority and scope within the organization.”
Those invested in the Angels will believe it when they see it.
“When I think about the Angels right now, I just look at it as a very opportunistic time here,” Mozeliak said. “New leadership on the business side; we’re going to put a great team on the baseball side.
“But it’s going to be a place that I hope, in a couple years, we’re all proud of.”
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Venezuela: Monthly Inflation Hits 18-Month Low, Exchange Rate Gap Persists
The USD-bolívar exchange rate has nearly doubled in 2026. (EFE)
Caracas, June 9, 2026 (venezuelanalysis.com) – Venezuela has registered the lowest month-to-month inflation figure since October 2024.
According to the Venezuelan Central Bank (BCV), consumer prices went up by 6.3 percent in May. Inflation has fallen for four consecutive months after hitting 32.6 percent in January, following the US military attack and kidnapping of President Nicolás Maduro.
Overall, prices have more than doubled in the first five months of 2026, and accumulated 12-month inflation currently stands at 525 percent.
Despite the widespread use of the US dollar in cost structures, prices have likewise gone up by 12.5 percent over the last year when measured in USD, meaning a loss of purchasing power even for those with incomes pegged to the official exchange rate.
Venezuela’s inflation remains heavily correlated with currency instability. Despite the Central Bank devaluing the USD-bolívar exchange rate by more than 30 percent since March and providing significantly increased volumes offoreign currency to the private sector, a 30-40 percent gap remains between the official and parallel market rates.
Since January, the BCV has directed over US $5.5 billion in foreign currency via bank-run exchange tables, at more than double the rate of 2025, according to figures from Banca y Negocios. However, the chasmbetween official and parallel rates has persisted.
Many economists have identified the stabilization of the foreign exchange market as a necessary step for macroeconomic recovery, but critics have pointed to a lack of regulation and accountability in forex allocation as fueling currency speculation.
Caracas’ monetary and fiscal policy is presently subject to US control. Since January, the Trump administration has mandated that Venezuelan export revenues, principally oil sales, be deposited in US Treasury accounts. Washington returns an undisclosed portion of the proceeds at a time of its choosing.
The White House has likewise imposed that disbursed funds be channeled directly to the private sector via foreign exchange auctions, as well as outside auditing of Central Bank accounts by consulting giant Deloitte. Secretary of State Marco Rubio indicated in January that the Venezuelan government headed by Acting President Delcy Rodríguez would need to submit a “budget request” before accessing its own resources.
For its part, the Rodríguez administration has fast-tracked a series of pro-business reforms tailored to attract foreign investment, including in the oil, mining, and electricity sectors.
As part of efforts to court US investors, Economic Vice President Calixto Ortega reportedly took part in a closed-door meeting with US officials and corporate representatives hosted by the Atlantic Council, a hawkish Washington-based think tank funded by the US government, its allies, and major corporations.
The opening to foreign investment has seen Western business executives flock to Caracas in recent weeks, often escorted by White House officials, to explore opportunities. Pro-Trump tech billionaires such as Fred Ehrsam have made repeated visits, while Peter Thiel’s Erebor Bank struck a corresponding banking agreement with Venezuela’s largest public bank.
Javier Kulesz, a strategist from investment bank Jefferies, relayed optimism after a visit to the South American country and forecast an imminent “stream of announcements” related to the country’s debt restructuring and investments in key economic sectors.
Edited by Lucas Koerner in Caracas.
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Europe Vies To Close Stablecoin Gap
France pushes euro stablecoins and tokenized deposits as EU banks race to close the gap with dollar-led digital payments.
France is pressing European banks to accelerate the development of euro-denominated stablecoins, as policymakers grow concerned that the region might fall further behind the U.S. in the shift toward digital payments and tokenized finance.
Recently, French Finance Minister Roland Lescure publicly called for more euro-based stablecoins and urged banks to explore tokenized deposits, saying the limited circulation of euro-pegged tokens compared with dollar-backed alternatives was “not satisfactory,” during a pre-recorded address to a crypto industry conference.
Meanwhile, a consortium of European banks, called Qivalis, plans to launch a more competitive alternative to dollar-pegged stablecoins in the second half of this year, subject to approval from the Dutch central bank.
Qivalis, which includes banks like ING, UniCredit, and BNP Paribas, was formally unveiled in December and has received continued praise from European authorities. Referring to the initiative, Lescure said, “That is what we need, and that is what we want.” At the same time, he strongly encouraged banks to further explore launching tokenized deposits.
Enter Fireblocks
Late in April, the consortium selected Fireblocks as the technology provider for its planned MiCA-compliant euro stablecoin, a step that provides it with the tokenization, wallet, and settlement infrastructure needed to move the project from planning to a planned launch in the second half of 2026.
Around the same time, Societe Generale’s digital assets unit, SG-Forge, said it was expanding its crypto client base to 15 firms, including exchanges, brokers, and wallet providers, showing that bank-linked activity is growing but remains small.
Stablecoins are already widely used in crypto trading and are increasingly being explored for settlement, cross-border payments, and liquidity management, but the market remains overwhelmingly dollar-based as industry participants debate whether euro-pegged coins face demand or regulatory constraints.
Recent research from RBC Capital Markets found that two-thirds of European banks surveyed still view demand for euro-pegged stablecoins as limited. Conversely, Jean-Marc Stenger, CEO of SG-Forge, has argued that a better-regulated infrastructure remains a key condition for broader adoption.
“[There is] a very, very strong need for well-regulated, robust offering in the crypto and stablecoin space,” he said in an interview with Reuters.
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Newsom to propose fund to help California wildfire victims rebuild
SACRAMENTO — Gov. Gavin Newsom will propose a new $100-million fund to help wildfire victims afford loans to rebuild their homes under a revised budget plan set to be released Thursday.
The Newsom administration estimates that thousands of victims of the Los Angeles wildfires cannot afford to rebuild, blaming a lack of access to affordable loans and a gap between insurance payouts and the cost to build again.
“We have been on the ground in L.A. since Day One of recovery from these fires, and we aren’t turning our backs now,” Newsom said in a statement. “This community deserves continued support to help them get back on their feet, and rebuild their homes and their lives. “
The new fund would be designed to cover loan-loss guarantee to lenders, in which the state would commit to paying back a percentage of a loan amount if a borrower defaults, in order to lower the risk for lenders and encourage them to award construction loans to borrowers who might not otherwise qualify or only be eligible for loans at high interest rates. The money would also be available for homeowners to buy down their interest rates during the construction period, according to Newsom’s office.
The Eaton and Palisades fires killed 31 people and destroyed over 16,000 structures in January 2025.
A recent survey of the wildfire victims found that homeowners estimate they need more than $600,000 on average above their insurance payouts to rebuild their homes, according to a report from a wildfire recovery nonprofit called the Department of Angels. The gap in Altadena was about $550,000, and between $1.19 million and $1.73 million in Pacific Palisades and Malibu.
Under Newsom, California has also provided mortgage relief to more than a thousand wildfire survivors under CalAssist, a program that provides grants to eligible homeowners to cover mortgage payments for 12 months up to $100,000.
The governor’s new proposal will be included in his funding plan for the upcoming 2026-27 budget year that begins July 1.
State revenue from income tax collection is higher than initially forecast, a boon that is expected to wipe out a projected deficit in the year ahead. Analysts attribute the revenue increase to an artificial intelligence boom in the stock market.
Though likely temporary, the extra funding is expected to give Newsom enough cushion to balance the state budget without major cuts and lower a projected shortfall in 2027-28.
The proposal to create the rebuilding fund requires support from both houses of the California Legislature and would move forward as a trailer bill accompanying the state budget. The funding would be available to disaster survivors, though details on eligibility will be determined during the legislative process.
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