Explaining Southern California's economy

In SoCal business news: House of Cards wants more tax credits, Wal-Mart's declining profits

Netflix

Netflix

Kevin Spacey stars as Frank Underwood in the Netflix show "House Of Cards."

Happy Friday! Welcome to KPCC's business blog, The Breakdown. Every weekday, I will compile a list of interesting business stories.

Earlier this week, state legislators introduced a bill that would allow a new one-hour TV series, regardless of where or how it's distributed, to apply for the California Film and Television Tax Credit Program. If it gets approved, new one-hour TV series on Netflix would qualify.

There's also talk about increasing the amount of tax credits the state gives out each year.

House of Cards is weighing its options. According to the Washington Post, House of Cards threatened to leave Maryland if the state doesn't provide millions more dollars in tax credits. The show has brought nearly 6,000 jobs to Maryland and has shot Season 1 and 2 there, according to the Post.

Retail giant Wal-Mart's fiscal year net income declined to $16 billion, down almost $1 billion from a year ago, hurt by the economy's impact on its shoppers, according to NPR

 Here are two tweets below that put that into perspective. Charles Fishman is author of "The Walmart Effect." David Shreni is a Walmart executive.

Wal-Mart is expanding through smaller-format stores, which include grocery stores like the Walmart Neighborhood Market in Altadena. I've done a lot of reporting on the impact that store has had on local businesses and am monitoring the situation there.

In Southern California, it's cheaper to rent an apartment rather than pay the mortgage, the Los Angeles Times reports. For a median-priced three bedroom home in L.A. County, the monthly payment is $1,987, $100 more than renting something similar, according to the L.A. Times

Part of the reason why the price of homes has gone up, is because there aren't enough homes for sale. More houses haven't made it onto the market, because there are still homeowners who owe more than what their property is worth. 

But the rental market isn't cheap either. My colleague Ben Bergman reported that Southern California is one of the worse places in the U.S. to rent and now he wants to know how much of your paycheck do you spend on rent.

Finding a suitable apartment for rent in Southern California can be tough, especially if you have a pet. When I was searching for a place to live, several landlords were not okay with me bringing a rabbit into the home.

But there's a landlord in North Hollywood that actually only rents out to people with pets. The Los Angeles Daily News reports that if your pet dies while you are renting an apartment with Judy Guth, she will take you to the animal shelter to adopt a new pet, or you will have to move out. 

We all heard about Dumb Starbucks. But Tommy's Original World Famous Hamburgers may have to move because of real Starbucks, according to the Santa Monica Daily Press. Tommy's general manager says its landlord is considering putting a Starbucks in its place, the Santa Monica Daily Press reports.

Got business news? Tweet me @thewendylee.

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