A 400% interest rate on small-dollar loans is the average across the States. Now that 83% of Nebraska’s voters have approved Initiative 428, that won’t be the case in this Midwestern state: Payday lending interest rates will soon be capped at 36%.
Austin’s new transit plan will build a new rail system with 31 stations, four rapid bus routes, new on-demand shuttles to take people to transit stations, and new park-and-ride stations. The city will also reserve $300 million to ensure that residents aren’t displaced from their homes as a result of gentrification.
Voters in Florida tossed their outdated $8.56 per hour minimum wage in this election as the state became the eighth in the country to adopt a $15 minimum wage. Like many other states, Florida will introduce the raise slowly, upping it to $10 next year and raising it by $1 each year until it reaches $15 in 2026.
Pittsburgh Mayor Bill Peduto announced that his city is now joining 15 other American cities in a program receiving funding from Twitter CEO Jack Dorsey, in which eligible residents will receive $500 in monthly “guaranteed income.”
The money used to start the program will come from funds Dorsey gave that is allowing Pittsburgh and 15 other cities to help those who are struggling during the economic crisis brought about by the coronavirus pandemic.