Tom York on Business: San Diego MTS Cited as Transit System Seeing Rapid Growth

The San Diego Metropolitan Transit System is identified as one of the key organizations among transit agencies around the world which will experience rapid growth.

This is according to a new report released by market research outfit Technavio.

According to a news release, the global public transportation market is estimated to grow $100 billion over the next five years. 

The overall market, which is largely fragmented, is estimated to grow at more than 6% during that period.  

“The global public transportation market is thriving due to the rising preference for domestic trips using efficient systems,” the report found.

“Urbanization and population density necessitate modern public transportation. Traffic congestion, environmental concerns, and cost-effectiveness drive individuals to use buses, trains, trams, and other systems.”

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Two San Diego residential real estate trade associations, the Pacific Southwest Association of  Realtors and the San Diego Association of Realtors, have received a $1.16 million grant from the Realtors Relief Foundation to help residents who suffered damage to their homes during the record January rain storms.

The relief foundation is affiliated with the National Association of Realtors, the trade group for the nation’s real estate agents and brokers.

According to a spokesman, the funds will help affected homeowners after flooding damaged their homes in several neighborhoods, including Encanto, Mountain View and Southcrest, along with Lemon Grove, National City and Spring Valley.

Officials with the two groups said they have begun meeting to coordinate application processing.

The amount awarded is limited to a monthly housing payment with a cap of $2,900. 

Flood victims can find more information about the application process at www.psar.org/floodrelief and www.sdar.com.

The rains began on Jan. 21 and continued the next day, with much of the damage occurring on Jan. 22.

It’s believed that a total of 2,400 households, nearly all in underserved communities where flood insurance coverage is low, were impacted by the ensuing floods.

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San Diego is one of the top metro areas in the nation most likely to be impacted by the recent increases in mortgage rates, according to a new study just published by online residential real estate broker Zillow.

According to the study, the region boasts 641,000 homeowners, with 200,000 owning homes mortgage-free. Only 3%, or 18,000, don’t have mortgage rate lock-ins, among the lowest percentages in the nation.

According to a news release on the study, many homeowners have mortgage rates “below the prevailing rate or an income too low to comfortably afford a mortgage at today’s higher rates, and are therefore “rate locked” — financially incentivized to keep their current home and low rate.”

However, U.S. Census data reveals that nearly 11 million homeowners are both mortgage-free and have enough income to make monthly payments on a typical home where they live, if they bought it today.

These homeowners are likely to be older and live in more affordable markets, such as Pittsburgh, PA.

Other cities most likely impacted by interest rate lock-ins include Los Angeles, San Francisco and San Jose, according to the study.

Note that all three are located in California, areas with some of the highest average home prices in the country.

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Fort Lauderdale, FL-based recreational vehicle dealer Blue Compass RV has opened an exclusive Airstream dealership in San Marcos, its 10th nationwide and its 8th in California.

According to a news release, Blue Compass is the fastest-growing RV retail company in the U.S. over the past five years, with more than 100 locations in 33 states. 

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San Diego-based Multifamily Utility Co., a utility billing and expense management, announces a rebrand to Banyan Utility.

Established in 2007  Banyan was founded in 2007 and is a leader in utility expense management and resident billing services.

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San Diego Internet security software provider ESET has launched a new product for the home office and small businesses.

The product,  ESET Small Business Security, targets the needs of the 33.3 million small businesses in the U.S., over 27 million are owned by sole proprietors, according to a news release.

“Small businesses have long demanded the power of ESET in a right-sized offering,” according to a news release. “With this launch, we provide SOHO business owners with a simple yet powerful solution for their businesses that is easily manageable, highly reliable, and tailored to their needs, enabling them to focus on their growth without compromising on security.”

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Starting the first of this month, many of the smaller fast food purveyors and other restaurants in San Diego can’t use single-use Styrofoam products.

But these businesses had a year to prepare for the ban, which had been adopted by the city.

Small businesses generating $500,000 or less in sales were extended an extra year to comply.

Since April 1, all businesses — not just eateries — that used the throw-away polystyrene foam and similar plastic containers and related products are required to follow the ordinance.

According to the city’s website, “waivers may be available for feasibility-based hardship and financial hardship.”

Exemptions could be made available if a business was impacted by the Jan. 22 storm.

For a waiver application, email sdrecyclingworks@sandiego.gov.

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San Diego-based digital estate planning and settlement platform Trust & Will has released its annual 2024 study which provides “insight from nearly 15,000 Millennials on end-of-life and estate planning preferences.”

According to a news release, “an overwhelming 62% of millennials do not have a will or trust and 56% do not know what would happen to their assets if they died without an estate plan.”

“Millennials are in a unique position as they inch closer to what experts and economists have dubbed the ‘Great Wealth Transfer,’ one of the largest transfers of assets from owners to inheritors in modern history, with an estimated $72.6 trillion expected to transfer between generations,” the release noted, adding,  “Sixty-two percent of millennials do not have a Will or Trust and, as a result, will have more barriers to a seamless transfer of wealth when the time comes.”

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Finally, North County’s largest business member organization, the Carlsbad Chamber of Commerce, recently honored two dozen local businesses and individuals during its recent annual 2024 achievement and awards program.

Among the winners were Legoland, which won for best place to work and Apex 365 Workforce Solutions, which won business of the year.

Business professional of the year recognition went to Crystal Lynn Privett while the community impact of the year award went to Bio-One.

Tim Wrisley, founder of Carlsbad Magazine, gave the keynote presentation.

For a complete list of award winners, click here.

The chamber has more than 1,000 members.

Tom York is a Carlsbad-based independent journalist who specializes in writing about business and the economy. If you have news tips you’d like to share, send them to tom.york@gmail.com.