Stimulating New Jersey’s economy through $90 billion in available private sector capital

Guest Column by Michael Italiano and Brian Davis

New Jersey coastal properties are experiencing more flooding including from accelerating sea level rise.  Battery City in lower Manhattan is constructing $4 billion in protections to prevent a repeat of Hurricane Sandy which forced the closure of buildings
for months, with tenants fleeing to higher ground.  Massachusetts issued about $4 billion in sea level rise flooding protection bonds, Miami Beach and Miami about $1 billion, and San Francisco about $4 billion.

Massive Antarctic and Greenland ice sheets are melting at a record pace adding to the costs with the largest global contributor to sea level rise Thwaites in Antarctica about to collapse as documented by NASA JPL with 25 years of ice-penetrating aerial imagery.  Subsurface ocean waters 3.6ºF above freezing at Thwaite’s base caused “explosive and disturbing” melt as described by NASA,  identifying protections from 2’ minimum of sea level rise flooding by 2030 to preserve commerce and national security as published by 26 news entities:  https://www.theinvadingsea.com/2022/06/16/upgrading-our-building-standards-for-flooding-from-sea-level-rise-will-let-us-finance-resilient-construction-with-private-sector-green-bonds/

Architects and engineers are in a bind with their insurers’ resilience policies requiring the design of structures to the 2’ minimum of protections by 2030 even if their clients can’t pay –– an untenable position since just one lawsuit can bankrupt any design firm.

Fortunately, New Jersey’s calculated $90 billion in protection costs are available and ready to deploy. The Investor Network on Climate Risk has over $47 trillion of such assets with a priority for green affordable housing.  Using his valuable private capital markets experience, Governor Phil Murphy is evaluating a proposal to deploy these funds for New Jersey.  Familiar with the proposal, NJ State Senator Bob Smith said “we need to thoroughly explore potentially viable private sector means before resorting to taxpayer financing, but most importantly, we need to stimulate and protect New Jersey’s economy.” 

New Jersey experts in real estate finance and environmental protection are being enlisted to help deploy the financing, and are participating in the Sept. 29, 2022, national resilience standard public meeting.  Additional experts may participate by writing mts@sustainableproducts.com.

The authors are environmental attorneys Mike Italiano and Brian Davis affiliated with the nonprofit Capital Markets Partnership.  They have over 60 years of combined litigation and regulatory experience with federal, State, and local government, companies, and private practice.


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Newsstands are disappearing in Philadelphia, and fewer than 100 remain

The rise of digital news and the pandemic have decimated a once thriving business. Survivors are pivoting to snacks and lottery.

A newsstand near Philadelphia City Hall
A newsstand near Philadelphia City Hall  PAUL SABLE / FLICKR CREATIVE COMMONS

By Jacob Smollen, Billy Penn

Newsstands are slowly disappearing in Philadelphia. At the ones that remain, owners are either looking to sell, or embracing a business model that doesn’t rely on sales of newspapers and cigarettes.

The increasing dominance of digital news and lower demand for tobacco products have pummeled revenue at newsstands throughout the city, according to operators who spoke with Billy Penn. Much of the business now relies on the state lottery, snacks, and display advertising sold through the Newsstand Association of Philadelphia (NAP).

Philadelphia currently has 96 active newsstand licenses, down 41% since 2012, according to the Dept. of Licenses and Inspections. It’s not just a Philly trend, and the decline has been happening for years. Over 1,500 newsstands operated in 1950s New York; they now number closer to 300.

Atul Amin, 62, is one of the local newsstand owners looking to sell. Working in front of City Hall on a summer Wednesday afternoon, he wore a red and white t-shirt, jeans, and a small blue cloth mask on his face.

“You want to buy?” he asked, with a wink.

Multicolored scratch-off cards fluttered on the back wall of his stand, next to a collection of Cheez-it and Cheetos packs for sale. A few copies of the Philadelphia Daily News, a tabloid version of The Inquirer, lay underneath the metal counter.

When Amin bought his business in 1989 for around $35,000, the Daily News had its own newsroom — and there were many other papers next to it on the stand’s display. He’d moved to the U.S. from India a couple of years prior, seeking opportunities for a better life, he said. NAP’s website calls newsstand owners like Amin “a visible reminder of the hope in the American Dream.”

Nationwide, more than 2,500 newspapers have folded since 2005, and Amin is ready to sell.

Read the full story here

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Federal appeals court rejects Pa GOP lawmakers’ challenge to Delaware River fracking ban 

A news release from the Clean Air Council

Philadelphia, PA (September 16, 2022) Today, the United States Court of Appeals for the Third Circuit issued a decision affirming that Pennsylvania state legislators and municipalities lacked standing to challenge the Delaware River Basin Commission’s (“DRBC”) regulation banning fracking within the Basin. Additionally, the Court rejected arguments that the trust created by Article I, Section 27 of the Pennsylvania Constitution (the “Environmental Rights Amendment” or “ERA”) was injured by the fracking ban. In rejecting this argument, the Court explicitly relied on a joint amicus brief from Clean Air Council, PennFuture, and Widener University Commonwealth Law School.

Fracking ban challenge by Pa. Republican caucus rejected (Reuters)

In February 2021, the DRBC banned high-volume hydraulic fracturing (commonly known as “fracking”) within the Delaware River Basin. The ban reflected the Commission’s determination that fracking “poses significant, immediate and long-term risks to the development, conservation, utilization, management, and preservation of the [Basin’s] water resources.” The Plaintiffs—two Pennsylvania state senators, the Pennsylvania Senate Republican Caucus, and several Pennsylvania municipalities—then filed a lawsuit in federal district court challenging the ban. After the District Court dismissed the suit for lack of standing, the plaintiffs appealed to the Third Circuit and raised an argument that they had standing under the ERA.

The Third Circuit, citing Clean Air Council and its partners’ amicus brief, held that the legislative plaintiffs’ ERA argument “fundamentally misunderstands the ERA and would turn it ‘upside down’ if accepted.” The Court further held that the plaintiffs’ ERA argument “ignores the explicit purpose of the ERA and mistakes the unique public trust it created for a run-of-the-mill financial trust in which the trustees have a duty to maximize profits.” The Court concluded that the fracking ban “promotes the purposes of the trust and protects its corpus by preventing Pennsylvania’s natural gas reserves, part of the Commonwealth’s ‘public natural resources,’ from being depleted.”

Joseph Otis Minott, Esq., Executive Director and Chief Counsel of Clean Air Council, issued the following statement:

“We are thrilled that the Third Circuit recognized and re-affirmed what the Pennsylvania Supreme Court has already held in no uncertain terms: The state government is constitutionally obligated to protect our public natural resources by conserving and maintaining them for present and future generations, not by extracting and ‘maximizing’ the economic value of those resources. We are hopeful that this will deter future actions by Pennsylvania state and local public officials who would seek to consume, deplete, and monetize our natural resources, rather than uphold their sworn constitutional duty to conserve and maintain them.”

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Ken Starr, whose probe led to Clinton impeachment, dies at 76

Independent Counsel Kenneth Starr holds a copy of his report while testifying on Capitol Hill Thursday Nov. 19, 1998. AP Photo/Doug Mills, File


By JAKE BLEIBERG, Associated Press, September 13, 2022

Ken Starr, a former federal appellate judge and a prominent attorney whose criminal investigation of Bill Clinton led to the president’s impeachment and put Starr at the center of one of the country’s most polarizing debates of the 1990s, has died at age 76, his family said Tuesday.

Starr died at a hospital Tuesday of complications from surgery, according to his former colleague, attorney Mark Lanier. He said Starr had been hospitalized in an intensive care unit in Houston for about four months.

Read the full story here

Related news stories:
Ken Starr, independent counsel who pursued Clinton, dies (CNN)
Ken Starr, Independent Counsel in Clinton Investigation, Dies at 76 (NY Times)

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National concensus public meeting on building resilience standards to meet climate challenges

If you liked this post you’ll love our daily environmental newsletter, EnviroPolitics. It’s packed with the latest news, commentary, and legislative updates from New Jersey, Pennsylvania, New York, Delaware…and beyond. Don’t take our word for it, try it free for an entire month. No obligation.

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