The Rotary Club of Beverly Hills, where I enjoy hanging out on Mondays, has announced that Sandy Pressman will be installed as President beginning July 1, succeeding Julian Gold. David Mirharooni will be President-Elect and Tiffany Davis was elected Secretary. Pressman is a long time Beverly Hills resident and community activist. She has served on three City Commissions, Design Review, Fine Arts and has recently been appointed to the Cultural Heritage Commission. She also serves on the Board of the LA Philharmonic, the Cedars Sinai Medical Center Arts Council and the Beth Morrison Project. Sandy says that her focus is promoting “comfort and culture.” One of the highlights of the Monday Rotary lunches is the guest speaker program. Sandy will focus on having a variety of speakers from different fields. I know that she will be a great leader of Rotary.

*** Notes from the Campaign Trail Several candidates for City Council, one in particular, are attempting to ride

the ample coat-tails of “front runner” and immediate past Mayor Sharona Nazarian. Please note that the term “front runner” is simply my opinion from reading the tea leaves floating in the air (a mixed metaphor if ever there was one). So I asked Nazarian about whether the coat-tail riding was authorized. She answered in no uncertain terms: “I want you to know for the record, I am not endorsing or supporting in any way any other candidate. While I wish other candidates well, I am running my own campaign and am not part of a slate and I do not have any connection with any other candidate.” Nazarian has also been endorsed by the Beverly Hills Chamber of Commerce." Councilmember and former Mayor Les Friedman, Andy Licht and Rebecca Pynoos are reporting developments. Friedman has been endorsed by the Israeli-American Civic Action Network, the Beverly Hills Chamber of Commerce, California State Assembly Member Rick Chavez Zbur, California State Senator Ben Allen, and former Beverly Hills Mayors Julian Gold, Bob Wunderlich, Willie Brien,

Jimmy Delshad, Les Bronte, and Nancy Krasne. Andy Licht has announced endorsements from several former Mayors including Allan Alexander, Willie Brien, Barry Brucker, Jimmy Delshad, Meralee Goldman and Stephen Webb. He has also been endorsed by the Beverly Hills Chamber of Commerce. Pynoos has been endorsed by the League of Conservation Voters, the Los Angeles County Democratic Party, City Treasurer Howard Fisher, former Wunderlich and State Senate Candidate Brian Goldsmith. Roger Tanenbaum has announced endorsements from Lorraine and Jon Eastman, former Mayor Nancy Krasne, Davina and Wizeman Kangavari, Michael Lloyd, Sarah and Gerard Rechnitzer, Donna Schifrin, Susie and Jeff Wallach, and Kiarash Neman. Weekly Publisher Josh Gross has completed TV interviews of all of the council candidates which will air soon on BHTV – expect some surprises.

*** I am wrestling with the disconnect arising from the facts that the world economy, including but not in any sense limited to that of California or the U.S., seems to be starting a nosedive and the booming stock market that is generally a reliable barometer of economic conditions. The availability of oil and its by-products is constrained by the war in the middle east and, apparently, will not be fixed any time soon. And this issue hit in an environment already made uncertain by the erratic trade and

tariff policies of the Trump administration. Yet the S&P 500 index is up more than 25% (around 5400 a year ago, nearly 7200 today) in a year. The tech-heavy NASDAQ is up more than 30% (around 16,959 a year ago, nearly 25,000 today) in a year. This conundrum is not unique to the U.S. The Japanese Nikkei 225 index is up more than 40% (around 36,000 a year ago, around 59,700 today) in a year. Even the Euro Stoxx 50 (large Euro Zone companies) is up more than 20% (5000 to 5900) in a year. What is going on? I fear that, in part, it is a reflection of increasing income and wealth disparity between the very wealthy and everyone else. Financial advisors tell me: “Who knows? That’s just the stock market but my investors are doing even better.” And what would the markets be like if there was peace in the middle east, Ukraine, Sudan and elsewhere? And it would also be useful if the current occupant of the White House would cool the tariff nonsense.

*** The economic climate seems to have put a damper on large developments. I continue to believe that few, if any, of the proposed and, generally, entitled Builder’s Remedy projects will actually go forward any time soon. Luxury multi-family projects are burdened by high costs of financing and construction and sales are handicapped by the presence of low income units and a shortage of buyers. And, what, if anything is happening with the Saks project?