Business
Undocumented Workers, Fearing Deportation, Are Staying Home
The railroad tracks that slice through downtown Freehold, N.J., used to be lined by dozens of men, waiting for work. Each morning, the men — day laborers, almost all from Latin America and undocumented — would be scooped up by local contractors in pickup trucks for jobs painting, landscaping, removing debris.
In recent weeks, the tracks have been desolate. On a gray February morning, a laborer named Mario, who came from Mexico two decades ago, said it was the quietest he could remember.
“Because of the president, we have a fear,” said Mario, 55, who agreed to be interviewed on the condition that only his first name would be used because he is undocumented. His two sons are also in the United States illegally; one works in paving, the other in home construction. “We are in difficult times,” he said.
This scene has been playing out on the streets of Freehold, on the farms of California’s Central Valley, in nursing homes in Arizona, in Georgia poultry plants and in Chicago restaurants.
President Trump has broadcast plans for a “mass deportation,” and the opening weeks of his second term have brought immigration enforcement operations in cities across the United States, providing a daily drumbeat of arrests that, while so far relatively limited, are quickly noted in group chats among migrants.
Fear has gripped America’s undocumented workers. Many are staying home.
The impact is being felt not only in immigrant homes and communities, but also in the industries that rely on immigrants as a source of willing and inexpensive labor, including residential construction, agriculture, senior care and hospitality. American consumers will soon feel the pain.
“Businesses across industries know what comes next when their work force disappears — restaurants, coffee shops and grocery stores struggling to stay open, food prices soaring, and everyday Americans demanding action,” said Rebecca Shi, chief executive of the American Business Immigration Coalition.
An estimated 20 percent of the U.S. labor force is foreign born, and millions of immigrant workers lack legal immigration status.
Hundreds of thousands more have been shielded from deportation and have work permits under a program called temporary protected status, offered to nationals of countries in upheaval, which has enabled corporate giants like Amazon and large commercial builders to hire them. But Mr. Trump has already announced that he will phase out the program, starting with Venezuelan and Haitian beneficiaries.
Refugees from around the globe, who have settled in the United States after fleeing persecution, have supplied a steady pipeline of low-skilled labor for poultry plants, warehouses and manufacturing. But that pipeline could dry up since Mr. Trump shut down the U.S. refugee program. Last month, a federal judge restored it temporarily while a lawsuit is pending, but the program remains at a standstill and no refugees are arriving.
The White House did not respond to questions about the strategy of deportations and how the Trump administration envisions filling the gaps left behind by the immigrant work force.
Leaders of industries that are the most exposed warn that the impact will be widespread, with far-reaching consequences for consumers and employers.
Kezia Scales, vice president at PHI, a national research and advocacy organization focused on long-term care for older adults and people with disabilities, said her industry was already facing a “recruitment crisis.”
“If immigrants are prevented from entering this work force or are forced to leave the country by restrictive immigration policies and rhetoric,” she said, “we will face systems collapse and catastrophic consequences for millions of people who rely on these workers.”
Warning of Higher Costs
In construction, up to 19 percent of all workers are undocumented, according to independent estimates — and the share is higher in many states. Their contribution is even more pronounced in residential construction, where industry leaders have warned of an acute labor shortage.
“Any removals of construction workers is going to exacerbate that problem,” said Nik Theodore, a professor of urban planning and policy at the University of Illinois Chicago. “Inevitably, it will slow the work, which leads to cost increases, because of the production delays.” This would have a profound impact on the construction industry and everybody involved, from developers to private homeowners, Mr. Theodore said.
In commercial construction, a tightening labor market would raise costs because of upward pressure on wages, said Zack Fritz, an economist with Associated Builders and Contractors, a national construction trade association.
The group’s chief executive, Michael D. Bellaman, said he welcomed many aspects of what he deemed Mr. Trump’s “deregulation, pro-growth agenda.” But he and others in the industry also called for an overhaul of the immigration system, including by expanding work visas.
Commercial building relies on many workers with temporary protected status, Mr. Bellaman said; some have been in the industry for decades.
The mayor of Houston, John Whitmire, said people who think his city and the country can thrive without the labor of undocumented immigrants “don’t live in the real world.”
“You know who’s paving our roads and building our houses,” said Mr. Whitmire, a Democrat.
Challenges in Elder Care
The senior care industry faces a similar challenge: growing demand for workers, and not enough native-born Americans to do the work. Those jobs have increasingly been filled by immigrants with varying legal statuses.
Adam Lampert has spent 15 years in the industry in Texas, mainly managing care for the parents of baby boomers. The business is thriving — and a silver tsunami is on the horizon, he warns: The number of adults 65 or older in the United States totaled 60 million in 2022, and is projected to exceed 80 million by 2050.
“Baby boomers are yet to wash through the system, and they will be a full new generation we will have to address,” said Mr. Lampert, the chief executive of Manchester Care Homes and Cambridge Caregivers, based in Dallas.
Some 80 percent of his caregivers are foreign born. “We don’t go out looking for people who are immigrants,” he said. “We go out hiring people who answer the call — and they are all immigrants.”
Everyone he hires has permission to lawfully work in the United States, he said, but if the mass deportations promised by Mr. Trump materialize, recruitment will become tougher in an industry already struggling with it.
There are five million people working directly with clients in what is considered the formal senior care industry, made up of those who can legally hold jobs in the United States.
In New York, two-thirds of those working in homes are foreign-born, as are nearly half in California and Maryland. Countless others take part in the vast gray market, potentially worth billions of dollars, employed by families who hire in-home aides, many of them undocumented, by word of mouth or online.
The caregivers in private homes support seniors with essential activities of daily life, helping them eat, dress, bathe and use the toilet. They escort them to doctors’ appointments and manage their medications. It is low-skill, low-pay work, but requires a certain temperament, physical strength and patience.
If tens of thousands of undocumented caregivers were deported, there would be more competition for fewer caregivers, experts say. The cost of in-home care would climb.
Often green card holders and U.S. citizens have undocumented family members, and these mixed-status families have been under strain as immigration crackdowns have intensified.
Molly Johnson, general manager of FirstLight Home Care, a licensed agency in California, has rapidly expanded her roster of caregivers to meet galloping demand since starting the business five years ago. All her workers have passed background checks, she said, and are U.S. citizens or legal permanent residents.
But recently, one of the standout caregivers, a native-born American, suddenly quit because her mother was detained by immigration agents. The person she cared for was distraught.
“Unfortunately, we are going to be seeing more of this trickle-down effect,” Ms. Johnson said. “If it’s not our caregiver, it’s their loved one impacted by enforcement actions.”
A Test for Growers
During the Covid-19 pandemic, the immigrant men and women employed at Deardorff Family Farms in Oxnard, Calif. — and across the country, in vast fields and food processing plants — were anointed “essential workers” by the government.
Like other growers, Tom Deardorff, who runs the vegetable farm, printed cards for his workers to show law enforcement officers, in case they were stopped on their way to the fields, declaring that the Department of Homeland Security considered them “critical to the food supply chain.” Their immigration status was not of concern.
“These people have come into our country to do this work,” said Mr. Deardorff, a fourth-generation grower. “We owe them not just ‘thank you.’ We owe them the common decency and dignity to not be threatened by government draconian penalties.”
Now, with Mr. Trump in the White House, many immigrants who harvest strawberries, vegetables and citrus in this agriculture-rich stretch of Southern California face possible detention and deportation.
The U.S. farming sector has suffered a labor shortage for decades. Immigrants, mainly from Mexico and Central America, have filled the void: Farmers say they cannot find American-born laborers to do the strenuous work. More than 40 percent of the nation’s crop workers are immigrants without legal status, according to estimates by the Department of Agriculture, yet many have lived in the United States for decades.
“The argument that some have made, from time immemorial, is that people will do these jobs if all the immigrants leave,” said Janice Fine, a professor of labor studies and employment relations at Rutgers University. “But there is no guarantee that employers will raise wages or improve working conditions.”
She said there had been a “misunderstanding of the labor market.” The reason American citizens aren’t in the agriculture sector — or elder care, or residential construction — isn’t solely about money, she said. These jobs, she said, “are low-wage, low-status, high-exploitation unless workers organize unions.”
A three-day crackdown in California’s Central Valley in January, before Mr. Trump took office, showed the potential effects of large-scale enforcement in farming areas. Absenteeism soared after Border Patrol agents conducted sweeps in Bakersfield. They stopped and arrested people at a Home Depot, at gas stations and along a heavily trafficked route to farms, according to the Nisei Farmers League, a grower association.
Some 30 to 40 percent of workers failed to report to the fields in the days that followed, according to the league, which represents about 500 growers and packers.
Gregory K. Bovino, a Border Patrol chief in Southern California, called the operation an “overwhelming success” that resulted in the arrests of 78 people in the country illegally, including some with “serious criminal histories.” Farmworker advocates said many others without criminal records had been rounded up, too.
Bracing for More Raids
Migrants and advocacy organizations are bracing for more raids.
In Princeton, N.J., one rainy February evening, around a dozen day laborers gathered for a meeting with Resistencia en Acción, a New Jersey group focused on immigrant workers, part of a sprawling organization called the National Day Laborer Organizing Network.
The workers had different immigration statuses — some had temporary protected status or other forms of protection; others were undocumented. They worked as drivers and pavers, in restaurants and in mechanic shops. One man, who worked in a window factory, said he was terrified that federal agents would come to his workplace, where dozens of other Latin American immigrants toiled. Others said they had been working fewer hours in recent weeks, out of fear.
One man, who said he worked chopping fish, fruits and vegetables for a small grocery store, wondered aloud: “What white person is going to do these jobs?”
StubHub is getting a red card from some World Cup fans
Two World Cup customers are suing the New York-based ticket-selling company, alleging “false and misleading” advertising that left them without tickets or a refund for the World Cup games they paid to attend.
In federal court in New York last week, two Californians — Julia Reeker Moghal and Reuben Renteria — sued StubHub seeking monetary damages and a ban on the company selling World Cup tickets. The lawsuit aims to become a class action and comes after weeks of fierce criticism and complaints from customers regarding the company’s practices.
Throughout the World Cup, videos have emerged on Instagram and TikTok of StubHub customers describing their nightmare experiences with the ticket-selling platform.
Some said they had purchased tickets to World Cup games as early as November of last year, booked flights and hotels and arranged travel plans, then StubHub notified them days to weeks before the match of a refund for their tickets, which they never requested.
There were similar complaints about last-minute cancellations from people who bought Coachella tickets on StubHub.
In the lawsuit, Moghal said she had purchased three tickets for nearly $2,000 for the June 18 match between Switzerland and Bosnia-Herzegovina at SoFi Stadium in Inglewood, which were then canceled by StubHub. Moghal said she was contacted by StubHub and told her tickets would remain canceled, then was later told the tickets would be available one hour before the game.
When the match began, Moghal said she was at SoFi Stadium, but the tickets never came.
Renteria said he paid around $2,300 for the June 18 Mexico versus South Korea match in Guadalajara, Mexico, but they were canceled
“Devoted soccer fans have traveled from around the world to attend World Cup matches — and they reasonably relied on StubHub to provide the tickets they paid for as well as on StubHub’s warranty,” Blake Hunter Yagman, the attorney representing the two, said in a statement. “Instead of rewarding their business, StubHub sold them World Cup tickets that they either could not provide or on speculation, only to be stranded, in many cases, at the stadium gates without any recourse.”
According to StubHub’s website, its Fan Protect Guarantee states the platform will deliver valid tickets or refund in the event of a ticket issue, and that it will “go out of our way to find replacement tickets” of a comparable value. The lawsuit alleges the replacement tickets many fans were given by StubHub were worse than their original tickets.
FIFA, the World Cup organizer, states in its terms and conditions that the FIFA Marketplace, its own ticket-selling platform, is the only authorized platform for World Cup tickets, and that only tickets purchased through it are guaranteed by FIFA to be valid.
Despite the risk of purchasing through a third-party platform such as StubHub, many fans opted to do so to avoid the 30% FIFA resale tax, believing that the Fan Protect Guarantee would safeguard their order.
Since World Cup tickets began selling on FIFA Marketplace last September, fans have expressed disappointment in the expensive price tag. FIFA utilized a dynamic pricing system for the sale, and as sales phases progressed leading up to the games, the cost of tickets increased tremendously. In March, the extreme cost of tickets prompted 69 members of Congress to write a letter to FIFA urging them to lower their prices.
Tickets for the upcoming Friday match between Spain and Belgium in Los Angeles are selling on StubHub for over $1,300.
StubHub said in various statements to the news and in legal proceedings that ticket cancellations were a result of transfer problems and issues with FIFA’s ticketing infrastructure.
StubHub did not respond to requests for comment.
A FIFA spokesperson responded to this accusation in a statement, saying, “FIFA has no visibility over, or control of, secondary market ticket transactions carried out on third-party platforms. The transactions facilitated on these platforms occur entirely independently of FIFA’s official ticketing platform. With reference to the reliability of the services available to fans on FIFA’s official ticket platform, FIFA rejects any suggestion that the functional issues being experienced by users of third-party platforms with respect to FIFA World Cup 2026 tickets are the result of FIFA’s ticketing infrastructure.”
Business
Commentary: Trump wants to let companies make fewer disclosures, thus keeping investors in the dark
Trump’s SEC is considering eliminating the mandate for quarterly corporate financial reports, but even some big investors call it a lousy idea.
This being the “information age,” it would be understandable if investors sometimes feel inundated with too much information to wade through about the stocks in their mutual fund portfolios.
The Securities and Exchange Commission, bowing like a puppy to the urgings of President Trump, is considering exactly the wrong solution to this supposed burden. It’s proposing to allow public companies to give their investors less information, as though that’s a good thing.
On May 8, the SEC proposed rescinding its mandate that public companies report financial results on a quarterly schedule. Instead, it suggests, semiannual and annual reports should suffice.
This takes an already-unlevel playing field where Main Street investors are already disadvantaged, and makes it more unlevel.
— Dennis Kelleher, Better Markets
The SEC left its proposal open for public comment for 60 days, meaning the window closed Monday. By then, the agency had received more than 68,000 comments, according to a tracker posted online by accounting professor Tzachi Zach of Ohio State.
Almost 99.9% of the comments were negative. Several organizations of institutional investors and auditing professionals, as well as a tsunami of individual investors, expressed opposition.
A similar initiative the SEC aired in 2018, during Trump’s first term, received an overwhelmingly negative response and was eventually dropped.
The tide of opposition coming from individual investors shouldn’t be surprising. “Taking away basic quarterly information means investors are blind for six months at a time,” says Dennis Kelleher, co-founder and chief executive of the investor advocacy nonprofit Better Markets.
That’s especially true for small investors, though perhaps not so much for major institutions, insiders or deep-pocketed individuals. “If you’re a big dog, you’ll get the information anyway,” Kelleher told me. “And insiders, who are trading in their own stock all the time, will have the information. This takes an already-unlevel playing field where Main Street investors are already disadvantaged, and makes it more unlevel.”
Trump set off the latest initiative with a social media post on Sept. 15, advocating the move to a six-month reporting schedule. It read, in part, “This will save money, and allow managers to focus on properly running their companies. Did you ever hear the statement that, ‘China has a 50 to 100 year view on management of a company, whereas we run our companies on a quarterly basis???’ Not good!!!”
As was usual with Trump, his argument was a string of uninformed and irrelevant non sequiturs.
It’s doubtful that eliminating quarterly reports will save much, if any, money. Most 10-Qs are cookie cutter documents disclosing financial figures already embedded in corporate records.
The idea that managers would become empowered to “focus on properly running their companies” if only they were relieved of the burden of preparing a report every three months is just malarkey: Any CEOs who feel the impulse to drop everything and involve themselves in what is essentially an automated process can’t be very good at their jobs.
As for China’s “50 to 100 year view on management of a company,” what would that even mean, even if it were true? China doesn’t operate on a 50 to 100 year corporate horizon, but rather on a string of five-year plans. The most recent of these was adopted by the government in March, covers the period up to 2030, and is its 15th in a row.
Despite the flaws in Trump’s arguments, Trump’s SEC Chairman Paul Atkins, a former corporate lawyer and securities industry consultant, fell into line. Within a few days of Trump’s post, he showed up on CNBC to minimize the potential effect of the change. Private companies rely on semiannual reports, after all, he noted, although the idea of taking private companies as models for publicly traded corporations might not strike experienced investors as the wisest thing.
Atkins cited an enduring chestnut, for which there’s no evidence, that quarterly reporting is responsible for “short-term thinking” in corporate suites (though he admitted that his evidence was “anecdotal”). And he suggested that small investors have ample access to corporate information even without quarterly reports — why, he said, they can just tune in to CNBC!
“To propose change in what our rules are now would be a good way forward,” he said. “So I welcome the president’s putting this up for discussion.”
Something more insidious undergirds the SEC’s proposal than its immediate effect on corporate behavior. The agency rationalizes its proposal as seeking “a tradeoff between reducing regulatory burdens … and promoting efficient financial markets through timely disclosure.”
The problem here, Kelleher points out, is that “reducing regulatory burdens” isn’t part of the SEC’s mission in any way, shape or form. It’s a regulatory agency, and its mission since its founding in 1934 has been to protect investors, not to make things fluffier for stock issuers.
The history of financial disclosure in the U.S. shows a long-term trend favoring more disclosure, not less. In the 1880s, quarterly reporting by railroads and other transportation companies were common.
Early on, pressure for more frequent disclosure came not from government regulators, who barely existed before 1934, but from investors. The reporting of quarterly earnings, notes corporate finance expert Owen Lamont of Acadian Asset Management, was “a bottom-up historical phenomenon reflecting voluntary arrangements between firms and investors, not a top-down phenomenon imposed by law.”
By 1931, according to financial historians, 63% of New York Stock Exchange-listed firms were publishing their quarterly earnings. The Big Board mandated that frequency for most listed companies in 1939. The SEC mandated semiannual reports in 1955 and quarterly reports, as Atkins said, in 1970.
The evidence in favor of dropping the quarterly reports is uniformly thin. Some advocates cite a 2018 op-ed in the Wall Street Journal by JPMorgan Chase CEO Jamie Dimon and Warren Buffett that was headlined “Short-Termism Is Harming the Economy.”
Couple of points about this: First, the target of Dimon and Buffett wasn’t quarterly financial reporting, but quarterly earnings guidance — that is, the practice of some top executives who project their earnings into the future. (This guidance usually comes at the same time they issue their SEC disclosures.)
It’s guidance, they wrote, that is “a major driver” of short-termism in corporate behavior. That’s because management is giving itself a target it feels obligated to meet, even if factors outside its control interfere with the quest.
Furthermore, Dimon and Buffett wrote, “Our views on quarterly earnings forecasts should not be misconstrued as opposition to quarterly and annual reporting.” They called transparency about financial and operating results “an essential aspect of U.S. public markets … so that the public, including shareholders and other stakeholders, can reliably assess real progress.”
Individual investors may be unmoved by the SEC’s proposal because — let’s be candid — how many of them read quarterly earnings reports, anyway? But that’s unimportant, Kelleher says, because other market participants are reading them. “So that information is in the marketplace, and that’s what actually enables price discovery, so stock prices roughly reflect what’s going on at a company, most of the time.”
More to the point, the quarterly reports reflect the highest-quality, detailed information, the information the SEC requires executives to disclose on pain of facing a civil lawsuit from the agency or even criminal liability for faking data. “Main Street investors, whether they read quarterly reports or not, are the real beneficiaries,” Kelleher says.
That’s so. The bottom line is that quarterly financial reporting helps investors. It doesn’t promote short-term behavior and its costs, modest as they are, don’t outweigh its benefits.
Over the decades, scandal-ridden corporations have hidden fraudulent behavior in the interstices between mandated disclosures—think Enron, WorldCom and Tyco, among others. Why give any corporation, even an honest one, the opportunity to disclose less?
The luxury shopping center in Pacific Palisades will reopen next month after more than $100 million in renovations forced by the January 2025 wildfire that devastated the Los Angeles neighborhood.
Palisades Village will reopen Aug. 15, owner Rick Caruso announced Wednesday. The outdoor center survived the blaze that destroyed homes and other businesses but needed refurbishment to eliminate contaminants that the fire could have spread.
Crews are putting finishing touches on mall buildings after tearing them down to the studs, treating the wood and rebuilding the walls, Caruso said.
“Everybody’s working, and stores are moving their products in,” he said. “It’s a really cool feeling that people have really locked arms and are working together.”
An electrician installs lighting for a restaurant at Rick Caruso’s Palisades Village on Thursday. The shopping center is scheduled to reopen mid-August.
(Myung J. Chun / Los Angeles Times)
Pacific Palisades resident Allison Polhill, who is rebuilding the home of 30 years that her family lost in the blaze, said she is “thrilled” at the prospect of returning to the mall she used to frequent. Its comeback is a boost for the community, she said.
“Every single step that we make to reopen our commercial corridors is going to bring more people back into the Palisades,” said Polhill, who expects to move back into her home at the end of August.
A total of 6,822 structures were destroyed in the Palisades fire, including more than 5,500 residences and 100 commercial businesses, according to the California Department of Forestry and Fire Protection.
Caruso previously attributed the mall’s survival to the hard work of private firefighters and the fire-resistant materials used in the mall’s construction.
The $200-million shopping and dining center opened in 2018 with a movie theater and a roster of upmarket tenants, including Erewhon, which may be the only grocer in the heart of the fire-ravaged neighborhood when it opens.
Caruso’s company was able to fill the mall with tenants despite the long shutdown.
Palisades Village is 99% leased, with the majority of tenants returning, said Jackie Levy, chief financial and revenue officer. Nearly one-third of the shops and restaurants are new to the property.
A firefighter carries a hose back to his rig while walking through a destroyed home from the Palisades fire in Pacific Palisades on Jan. 7, 2025.
(Genaro Molina / Los Angeles Times)
Last year, Pacific Palisades-based fashion designer Elyse Walker said she would reopen her eponymous store in Palisades Village after losing her 25-year flagship location on Antioch Street to the inferno.
Other neighborhood shops destroyed in the fire that are reopening at the mall include K Bakery and Loomey’s Toys, which caters to children up to age 12 and used to be across the street from Palisades Elementary Charter School.
“It’s been a journey and I’m excited because I wasn’t sure that there was going to be a place to come back to,” said toy store owner Amanda Rastegar. “Hopefully we can bring some of that magic back.”
Rastegar’s home in the Palisades survived but was damaged by the fire. The family returned about eight weeks ago. Her last memory of the fire was a burning supermarket.
“I just couldn’t wrap my brain around what was happening,” she said. “By the time I left, Gelson’s was on fire.”
Among the returning tenants is Angelini Ristorante & Bar. Well-known Los Angeles chef Gino Angelini said he will be in the kitchen next month for a return of the Italian restaurant.
“We won’t do a big celebrity open,” he said. “We want to have a very soft opening and see our customers come back.”
Construction takes place at Rick Caruso’s Palisades Village on Thursday. The shopping center is scheduled to reopen mid-August.
(Myung J. Chun / Los Angeles Times)
An elaborate celebration would not feel “correct for me,” Angelini said, because the devastation has been “very sad” for so many.
Other new tenants include local chef Nancy Silverton, who has agreed to move in with a new Italian steakhouse called Spacca Tutto. Women’s activewear retailer LESET will open its first West Coast location.
Caruso said he is optimistic that customers will return to the center, even though many Pacific Palisades residents are still dispersed. One tracking system estimated that about 30% of the Village’s customer base was impacted by the fire, he said.
“That means 70% did not get impacted, so there’s a lot of customers still left out there,” Caruso said. Historically, the center drew customers from as far away as Beverly Hills and Calabasas, as well as Malibu, Brentwood and Santa Monica.
He also hopes many will be inspired to visit the revived mall.
“I believe in the goodness of people and I believe that people are going to want to support the Palisades,” he said. “They’re going to want to be there and support the businesses that have had the courage and the heart to reopen.”
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