Posted on 06/18/2024 1:33:46 PM PDT by Vendome
Good morning, Bay Area. the East Bay Times reports that the Richmond City Council this evening is expected to place a tax on oil refining businesses on the November ballot, an initiative that would target the Chevron refinery. If placed on the ballot by council and approved by voters, the refining business license tax would charge Chevron $1 per barrel of raw materials refined in Richmond, bringing an estimated $60 million to $90 million a year in revenue to the city.
Billionaire Michael Shvo went on a trophy property buying spree from 2018 to 2020 that culminated in his $650 million purchase of San Francisco's iconic Transamerica Pyramid. But now, as Shvo and his team are set to unveil the high-profile property to the public after years and millions more in renovations, the Wall Street Journal reports that the real estate mogul has hit a rough patch as sales at his Miami and New York properties languish. Meanwhile, here in the city, the report states that the Transamerica Pyramid’s occupancy currently is about 50%, based on data from the CoStar Group, while Shvo said the figure is closer to 70%, down from 85% at the time of purchase. But what's more is that the report says a number of big tenants have moved out or are planning to leave, including private-equity firm Thoma Bravo and Citizen Financial Group’s JMP unit.
(Excerpt) Read more at bizjournals.com ...
My nephew flew into SF for business last week. I picked him up at SFO and drove him to the city. We had lunch at Tadich Grill (excellent, as always) and walked around the financial district a bit. The pedestrian traffic was about half of what used to be normal, maybe less than half. The financial district was clean, no graffiti, no bums and looked normal. We stopped into the Wells Fargo history museum for a bit and he really enjoyed that.
Sounds like Chevron will be moving their refinery soon ... say by June 30, 2025.
Michael Shvo, never hoid of him.
Raised in Israel, served in the IDF, has no history in the US other then landing in NYC in 1996.
BUT
“In 2016, Shvo was indicted on charges that included felony tax fraud and falsifying business records.[35] [36] He pleaded guilty to the charges in 2018,[37] and paid $3.5 million in taxes and penalties.[38] SHVO was subsequently removed from major development projects in New York City, including Aman New York at 730 Fifth Avenue and 125 Greenwich.[39][40]”
From the ever reliable Wokipedia.
Note that he did no prison time for his felony conviction and simply paid a fine, which is a fraction of what Trump was hit with in a CIVIL judgement.
And he’s still going strong, owning major parts of the US urban landscape.
Good to be part of the gang.
Damn you.
I’m suppose to be on a diet and you mention Tadich...
Argh!
LOL...would you like to hear about our scrumptious seafood sauté (scallops, shrimp, and crab), rice and seasonal vegetables with sourdough bread and nice glass of chardonnay? Nah. I won’t tell you about that.
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