Latest news with #Nangle
Yahoo
3 days ago
- Business
- Yahoo
Bills to help mobile park residents protect homes advance but funding remains an obstacle for some
(Photo by Getty Images) Building off of a law passed last year, the Maine Legislature has advanced a number of bills that aim to support mobile home park residents in purchasing their parks. The Senate voted in favor of two of these bills on Thursday. Others have already passed both chambers but still need to be funded. 'As legislators, we consistently hear that one of the top issues on the minds of Maine people is access to safe, affordable housing,' Sen. Chip Curry (D-Belfast), co-chair of the Housing and Economic Development Committee, said during a press conference following Thursday's votes. 'That's why our committee has been focused on two deeply connected challenges: how to build more housing in Maine, and just as urgently, how to protect the affordable housing we still have. It has become very clear to us that a critical component of this mission is protecting the residents of mobile home parks.' The upper chamber voted 25-7 on Thursday to pass LD 1145 — after much discussion and a motion to table the measure failed. This bill would give a group of mobile home owners or a mobile home owners' association the right of first refusal to purchase a mobile home park if the owner intends to sell. 'This bill is about giving Mainers a fighting chance, a chance to protect their homes, a chance to protect their communities,' Sen. Tim Nangle (D-Cumberland) said on the floor. Nangle's father bought a mobile home park in Massachusetts and ran it as a community, with the philosophy 'pay what you can and communicate,' Nangle said. Since his father died, he and his siblings have tried to keep that spirit alive, however they started getting calls from out-of-state private equity firms recently interested in purchasing. But Massachusetts has a right of first refusal law, so the park residents were afforded the time to purchase the park themselves. Last session, lawmakers passed a law that requires mobile home park owners to notify residents of their intent to sell and give them at least 60 days to make an offer. 'But it really didn't go far enough,' Nangle said. 'Right now, even if residents organize, raise the money and match or even exceed the offer, they can still be turned away with no explanation. The bill says, if you can match the offer, you have the right to pay.' The version passed by the Senate was amended to include an emergency preamble, which was the version also passed by the majority of the Housing and Economic Development Committee. If enacted as an emergency, which will require the support of two-thirds of the Legislature, the bill would take effect immediately. Having the bill take effect sooner would be beneficial for the newly created Friendly Village Cooperative, said cooperative president Dawn Beaulieu, a 30-year resident of the park. Residents formed the cooperative after being notified in March that the park was for sale. '[We] have since made a counteroffer to purchase the park,' Beaulieu said during the Thursday press conference. 'As of today, we are still waiting for a response to that offer. Our livelihoods should not be in the hands of an out-of-state conglomerate that sees us not as a community, but as an investment. The legislation being considered here in Augusta will help us put our fate in our own hands.' Whether other related bills become law will likely be a matter of funding priorities. Both chambers already backed LD 255, which would allocate $3 million in one-time funding to create the manufactured and mobile home park preservation and assistance program to help preserve parks as affordable housing and support residents in purchasing their parks. However, it now sits on the appropriations table, where bills with fiscal notes that are backed by the full Legislature are placed to vie for remaining funds after the budget is set. To save affordable housing, states promote resident-owned mobile home parks Though, the bill could still be funded in the two-year budget addition, which lawmakers have yet to set with less than two weeks remaining until their expected end date. That's also the case for LD 554, which aims to encourage resident-owned communities through tax deductions. Another bill, LD 1768, which would amend the real estate transfer tax in an effort to protect mobile home parks, has also been backed by both chambers. But it would result in a decrease to state revenue and need a one-time appropriation so it may also land on the table. On Wednesday, the Senate also passed LD 1016, which would establish the assistance program fund but also a fee to help with ongoing funding. The fee would be paid by certain park buyers equal to $10,000 for each lot in the community. 'I want to be very clear, I have no intention to de-incentivize the purchase of these parks by everyone,' said Sen. Cameron Reny (D-Lincoln), the bill sponsor. 'There are exceptions to this fee to state and municipal housing authorities, for resident owner cooperatives and for smaller businesses and individuals with net worths of less than $50 million.' However, Sen. Rick Bennett (R-Oxford), who supported the minority committee report recommending against the bill's passage, said he finds some of the carveouts troubling, specifically the one based on net worth. 'It is treating people unfairly based on an arbitrary amount of money that that person or entity owns,' Bennett said. 'I believe this is unconstitutional for that reason, although it's very well intentioned.' SUPPORT: YOU MAKE OUR WORK POSSIBLE
Yahoo
06-04-2025
- Business
- Yahoo
Advisors navigate a political divide in client outlooks
Financial advisors often advise keeping politics out of a portfolio, but do clients heed their warnings? A flood of new tariff policies from the Trump administration has sent shockwaves through the stock market. Advisors say that individual reactions, often dependent on their political views, can vary wildly from one client to another. Paula Nangle, president and senior wealth advisor at Marshall Financial in Doylestown, Pennsylvania, said market outlooks between her conservative and progressive clients can be quite different. READ MORE: Proactive comms can keep jittery clients from blowing up inboxes during market turns Following Donald Trump's inauguration earlier this year, one of Nangle's clients asked her if she could put all of her money into a "virtual mattress," she said. Nangle's conservative clients, meanwhile, have been "quite bullish" since the start of the second Trump administration, she said. That pattern is hardly new. Researchers have found that investors tend to be more optimistic when their favored political party is in power, viewing markets as less risky and more undervalued. As a result, investors whose political party is in power allocate more to risky assets. The inverse is also true. Midway through President Trump's first term, just 16% of Democrats said that the stock market would be higher a year from then, according to a poll conducted in December 2018 by Axios and SurveyMonkey. In that same survey, more than three times as many Republicans — 51% — said the stock market would be higher by the end of 2019. READ MORE: Uncertainty drives sharp decline in advisor confidence Partisan views on the stock market can have substantive impacts on individual investments. Da Ke, an assistant professor of finance at the Darla Moore School of Business at the University of South Carolina, found that even after accounting for factors like education, income and wealth, Democrats are less likely than Republicans to invest in the stock market. Financial advisors are seeing those partisan market views firsthand. Ethan Miller, founder of Planning for Progress in Washington, D.C., said that his more politically progressive clients have been pessimistic about the future of the economy as a result of the new Trump administration. "I had a client come to me recently and say, 'Oh, should we consider pulling out our money or investing more conservatively?'" he said. "And I pointed out that we were already invested what I would consider to be rather conservatively, based on our previous conversations … and they were like, 'Oh, okay, great!'" READ MORE: Crafting the perfect retirement portfolio: A financial advisor's dilemma Miller, whose firm serves left-leaning clients as a niche, said that his clients' pessimistic political outlooks shouldn't impact their long-term investment strategies. Other advisors take a similar approach. Ross Dugas, founder of registered investment advisor Scientific Financial in Houston, said market impacts from President Trump's recent tariffs have concerned some of his clients, but he reminds them that they're planning for longer time frames than any single administration. "We're looking at 10-, 20-, 30-year time frames many times, and what's happening today is usually not terribly relevant amongst really long time frames like that," Dugas said. "The market has always gone up and down, but it's also sort of maintained this upward trajectory when you look at it over long time periods. So I encourage people to kind of zoom back and just look at the big picture, as opposed to just focusing on what's happening today." Still, for clients worried about the state of the market, Dugas said there are a couple of actions advisors can take to help their clients without altering broader investment plans — namely, Roth conversions and withdrawal strategy shifts. "Roth conversions can become a little more attractive in down markets because we're essentially going from stocks and bonds to stocks and bonds, and we're just changing from a traditional IRA into a Roth IRA," he said. "So if we move $50,000 from account A to account B, we haven't lost any value. But if the market is down when we do that transaction, we're able to move more shares … into that Roth IRA, that more tax-advantaged account, potentially faster without as big of a tax impact." A down market is also a good time to reevaluate withdrawal strategies for retired clients, Dugas said. For retirees with buckets of both stocks and cash, now could be a good time to lean more heavily on their cash reserves so they're not liquidating positions in a correction. When played right, advisors say that market downturns can be full of opportunity for clients, especially those in the accumulation phase. READ MORE: Tariffs, taxes and market tumult: Navigating uncertain, volatile times "Like any market downturn, regardless of the cause, there are opportunities to … make a little bit of a silver lining out of what is, hopefully, a temporary downturn," Miller said. "What I always say to my progressive clients is, 'If the market never recovers, we have bigger problems than the balance in your 401(k), right?'" Miller said that strategies like Roth conversions don't make sense for his clients at this point, but the current correction does present a useful opportunity for other options, like tax-loss harvesting. Still, for all the unique opportunities the current market presents to investors, advisors say that client concerns aren't going away anytime soon. "We're certainly not at the end of this, right? We're not going back to the normal market cycle tomorrow," Miller said. "I anticipate having many more conversations as we get deeper and deeper into not just correction territory, but actually maybe bear market territory. I certainly am anticipating more of those conversations." Sign in to access your portfolio
Yahoo
30-03-2025
- Politics
- Yahoo
Former rep reflects on career, reputation lost to gambling addiction
BOSTON (SHNS) – When he was 17 years old, David Nangle found himself $800 in debt to a bookie. Reflecting on the situation as a 64-year-old, the former representative wishes he had not managed to get out of that jam. 'Well, didn't smarten me up. I was able to bail out of it, as we say, and I got through that. But I just wish I could go back in time to that time and have changed my life at that point, but I didn't,' he said Wednesday. 'I just couldn't stop and addiction literally cost me everything. It cost my marriage, my career and my reputation.' The Lowell Democrat was indicted by federal prosecutors and arrested in February 2020, charged with illegally using campaign funds to fund a lifestyle that included golf club memberships and casino trips to Connecticut, and lying to banks about his debt to obtain mortgages and other loans. Nangle lost his reelection bid in a September 2020 primary. He pleaded guilty to charges against him and in September 2021 was sentenced to 15 months in prison. He was released from federal prison in November 2022. Nangle was back at to the State House on Wednesday to speak at a briefing on problem gambling and ways the state can attempt to identify and offer assistance to people affected. He said he hid his gambling addiction from everyone at work and at home, but it ultimately cost him his 22-year career in the House. Nangle said he vowed in federal court to dedicate some of his time going forward to helping people, especially young people, 'not to go down the life suffering that I endured for so many years.' Today, he said he works full-time at the Bridge Club of Greater Lowell, which works with people dealing with addiction, and serves as a part-time peer specialist for the Massachusetts Council on Gaming and Health. 'I thank God that online gambling wasn't around when I was betting with the bookies in the city of Lowell and running up to Rockingham Racetrack and Suffolk Downs. I don't know what would have become of me had that been around at that time,' Nangle said. 'However, today is a whole different era. As I say, 38 states now allow individuals, via their cellphones, to place bets. And who do you think is placing all these bets on these cellphones? The old dinosaurs like me? No. There are some. But I'm telling you, it's the kids. It's the youth.' Massachusetts requires that people be at least 21 years old to bet on sports and sports betting companies are supposed to have mechanisms in place to know who is betting and to identify when someone may be exhibiting signs of dangerous behavior. Among monthly gamblers who participated in online surveys conducted in 2014, 2022 and 2023, the percentage experiencing gambling problems jumped from 12.7% in 2014 to 20.9% in 2022 and to 25.6% in 2023, the Social and Economic Impacts of Gambling in Massachusetts (SEIGMA) research team reported to the Gaming Commission last year. The Massachusetts Legislature and former Gov. Charlie Baker, now president of the NCAA, legalized sports betting in August 2022 and it went live in early 2023. Researchers stressed that the online panels of monthly gamblers were not representative of the general state population, which has held steady at a 2% prevalence of problem gambling in surveys conducted before and after casinos were introduced in Massachusetts. The SEIGMA team also said its research found that 8.4% of the Massachusetts general population was at risk of developing a gambling problem. Nangle said the people who show up for the Gamblers Anonymous meetings he attends have been trending younger, including some teenagers who are brought to the meetings by their parents. He said he sees the boom of legal gambling and its particular appeal to young people as 'a health crisis coming down the road.' 'Think of it this way: imagine if we lowered the drinking age to 14. Can you imagine the outrage that would take place if the consumption of alcohol was allowed at the age of 14? Now, I'm not saying gambling is allowed at the age of 14, but folks, the kids are doing it. They're doing it, unfortunately,' he said. 'And I bet everybody in this room — I hate to use the word bet — I am sure that, I predict, that everybody in this room has somebody, or they're going to know somebody that's addicted to gambling — not just like myself, but the younger ones.' Nangle added, 'It's coming, and it's unfortunate. I'm really concerned where we are heading.' The lawmakers who hosted Wednesday's briefing, Sen. John Keenan of Quincy and Reps. Carole Fiola of Fall River and Adam Scanlon of North Attleborough, are similarly concerned about the social impacts of the activity they voted in favor of legalizing almost three years ago. Each highlighted legislation they have or plan to file this session to address problem gambling. Keenan pitched his 'Bettor Health Act' (S 302), which would increase the tax rate on online betting platforms, ban sports betting advertising during game broadcasts, require online sports betting companies to double their financial contributions to the state's Public Health Trust Fund, and more. He likened the rise of online betting to the emergence of the opioid crisis. 'If we don't see the similarities, we're going to find ourselves again so far behind trying so hard to create an infrastructure to address it,' he said about the need to start addressing the problem before it gets out of hand. Fiola, who this session chairs the Economic Development and Emerging Technologies Committee, spoke about a bill she filed (H 2416) that aims to study the current resources available to people with gambling problems and identify ways to improve coordination and promotion of those programs. 'We know that there are several organizations and facilitators working very hard in this space to increase access to these treatment areas, problem gambling treatment, and it's imperative that these organizations work together to provide the best services for those in need,' she said. 'This legislation also wants to expand physician screening coverage for annual physicals to create another touch point for individuals to reach out. I'm proposing adding a screening question for problem gambling, the same way physicians already asked about alcohol consumption and drug use at a physical.' Scanlon said he plans to soon file a bill to address problem gambling. 'Like most of you, I do not oppose all gambling,' he said at Wednesday's briefing. 'But like many of you, I do want to make sure that all of these benefits we see do not come at the expense of those who are most vulnerable to addiction.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
16-02-2025
- Politics
- Yahoo
Sacramento's criminal justice system slapped a cop on the wrist for killing two brothers
'Sacramento CA police detective sentenced for deadly crash,' ( Feb. 3) Sacramento Police Detective Jonathan Thomas Nangle killed two citizens when his car veered and hit two brothers on the shoulder of Interstate 5 near Suttervile Road. The California Highway Patrol didn't administer a DUI test. If the situation were reversed, and it was Nangle who was hit, is there any doubt the CHP would have administered a DUI test? Meanwhile, we taxpayers paid Nangle a substantial amount to stay home and deal with the fallout from an accident he caused while off duty. Why do taxpayers owe this to Nangle and not the families of the brothers he killed? Nangle was sentenced to 120 days in jail. Judge Alyson Lewis' flippant treatment of the families adds one more insult to the injustice these families continue to endure. Tom Stephens Gold River Opinion 'McClatchy High School students walk out in protest of Trump executive orders,' ( Feb. 6) The Democratic Party needs these future leaders' passion, energy and courage if we're to take our Constitution back! Susan Tabadisto President, American River Democrats 'Sacramento mayor candidate Cofer details alleged bribe call,' ( Feb. 4) Sacramento should be grateful for the honesty and integrity of Dr. Flo Cofer who exposed the underbelly of quid pro quo between our city's government and select businesses. Cofer has also highlighted yet another reason for former City Manager Howard Chan to be released from the Sacramento City payroll as soon as legally possible., I hope Cofer runs for office again. We need more people like her in our local, state and national government. Tonja Edelman Sacramento 'Trump seeks to overturn ban on US companies bribing foreign officials,' ( Feb. 11) What better way to boost America's competitiveness and moral standing than to allow U.S.-based companies to bribe foreign officials? Repealing the Foreign Corrupt Practices Act is a big step in showing our current presidential administration's true values. Claude Poinski Sacramento 'California wildfire aid will have conditions, US House Speaker Mike Johnson says,' ( Feb. 7) Putting conditions for aiding California fire victims is heinous and hypocritical. When Texas received aid after 2017's Hurricane Harvey, were policies such as ignoring flat terrain with an outdated drainage system, paving extensive areas to prevent water absorption and unregulated urban development considered? Has Speaker Mike Johnson forgotten that his home state had inadequate flood control guidelines before Hurricane Katrina in 2005? Let's discuss how our climate crisis contributes to the severity of natural disasters and examine policy decisions that fail to protect our homes and families. By substituting partisanship for policy making, Johnson serves himself and this administration, not the American people. Barbara Smith Auburn
