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    How 'quiet quitting' became the next phase of the Great Resignation

    “Quiet quitting” is having a moment.
    The trend of employees choosing to not go above and beyond their jobs in ways that include refusing to answer emails during evenings or weekends, or skipping extra assignments that fall outside their core duties, is catching on, especially among Gen Zers.

    Zaid Khan, 24, an engineer from New York, popularized this trend with his viral Tiktok video in July. 
    “You are still performing your duties, but you are no longer subscribing to the hustle culture mentally that work has to be our life,” Khan says in his video. “The reality is, it’s not, and your worth as a person is not defined by your labor.”
    In the U.S., quiet quitting could also be a backlash to so-called hustle culture — the 24/7 startup grind popularized by figures like Gary Vaynerchuk and others.
    “Quiet quitting is an antidote to hustle culture,” said Nadia De Ala, founder of Real You Leadership, who “quietly quit” her job about five years ago. “It is almost direct resistance and disruption of hustle culture. And I think it’s exciting that more people are doing it.”
    Last year, the Great Resignation dominated the economic news cycle. Now, during the second half of 2022, it’s the quiet quitting trend that’s gaining momentum at a time when the rate of U.S. productivity is raising some concern. Data on U.S. worker productivity posted its biggest annual drop in the second quarter. 
    So, why is this trend on the rise? Watch the video above to learn whether quiet quitting is hurting the U.S. economy and how it’s being seen as part of the Great Resignation narrative.

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    Price Cap on Russian Oil Wins Backing of G7 Ministers

    The proposal aims to stabilize unsettled energy markets in the wake of Russia’s invasion of Ukraine. But it faces considerable obstacles.WASHINGTON — Top officials from the world’s leading advanced economies agreed on Friday to move ahead with a plan to cap the price of Russian oil, accelerating an ambitious effort to limit how much money Russia can earn from each barrel of crude it sells on the global market.Finance ministers from the Group of 7 nations said they were firming up details of a price cap, with the aim of both depressing the price of global oil and reducing critical revenue that President Vladimir V. Putin is relying on to finance Russia’s war effort in Ukraine. The untested plan has been pushed by the Biden administration as way of keeping sanctions pressure on Russia while minimizing the impact on a global economy that has been saddled with soaring energy and food prices this year.Hours after the G7 ministers announced their plan on Friday, Gazprom, the Russian-owned energy giant, said it would postpone restarting the flow of natural gas through a closely watched pipeline that connects Russia to Germany, known as Nord Stream 1. The unexpected delay was attributed to mechanical problems with the pipeline, but it raised concerns that it was in retaliation for the price cap, an idea that Moscow has condemned.Eric Mamer, a spokesman for the European Commission, said that the “fallacious pretenses” for the latest delay were “proof of Russia’s cynicism.”The price cap still has many hurdles to clear before it can take effect, but its goal is to keep Russian oil flowing to global markets that depend on those supplies, while substantially reducing the profit Moscow reaps from its sales. Europe still consumes nearly two million barrels of Russian oil a day, though its imports have fallen since the war began, and the European Union is preparing to wean itself off those supplies by the end of the year.Officials are racing to put the price-cap plan in place by early December to try to limit the economic fallout from the new E.U. sanctions. They would ban nearly all Russian oil imports to the European Union and block the insurance and financing of Russian oil shipments.The Biden administration has become concerned that those moves could send energy prices skyrocketing and potentially tip the global economy into a recession if millions of barrels of Russian oil were suddenly yanked off the global market, drastically reducing the world’s supply of crude. U.S. administration officials have estimated that oil could soar to $200 a barrel or higher unless efforts to impose the price cap are successful.The initiative is a novel attempt to blunt the global economic impact of the invasion. Oil prices rose as fears of confrontation grew a year ago, and spiked when Russian troops entered Ukraine in February. They have receded in recent months, in part because much of Europe has tipped into recession, reducing global oil demand.Whether the price cap can work will hinge on a variety of factors, including securing agreement by all 27 E.U. member states and determining how the actual price would be set. Maritime insurers, which are critical to making the plan work, would also have to figure out how to comply in a way that allows them to continue insuring Russian oil cargo without running afoul of sanctions.The industry, which would be responsible for making sure that oil buyers and sellers were honoring the price cap, has warned that insurers lack the capacity to police the transactions. Financial services in Europe undergird international energy shipments around the world, and fully blocking their ability to deal with Russian oil could disrupt exports globally, even to countries that have not adopted Russian oil embargoes.The G7 finance ministers said in their statement that they intended to use a “record-keeping and attestation model” to track of whether oil transactions were below the price ceiling, and that they would try to minimize the administrative burden on insurers.A tanker at a crude oil terminal near Nakhodka. Maritime insurers would have to figure out how to comply with a cap in a way that allows them to continue covering Russian oil cargo.Tatiana Meel/ReutersRachel Ziemba, an adjunct senior fellow at the Center for a New American Security, said the agreement unveiled on Friday raised more questions than answers and suggested a challenging path ahead.“This sounds like something that is very technical and technocratic that is going to be hard to monitor and fully enforce,” Ms. Ziemba said.Understand the Decline in U.S. Gas PricesCard 1 of 5Understand the Decline in U.S. Gas PricesGas prices are falling. More

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    U.S. Job Growth Slowed in August

    The monthly employment report suggested that the Federal Reserve might be able to tame inflation without causing a recession.Monthly change in jobs More

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    The U.S. unemployment rate rose in August, and Black workers' labor force participation declined

    While all demographic groups saw the unemployment rate tick up slightly in August, it rose at a sharper pace for both Hispanic and Black workers.
    Black workers marked the only group that saw labor force participation decline, and their employment-population ratio also fell.
    Black labor force participation fell to 61.8% from 62% in July, while the employment-to-population ratio dipped to 57.9% from 58.3%.

    Commuters arrive at Grand Central station during morning rush hour in New York, Nov. 18, 2021.
    Jeenah Moon | Bloomberg | Getty Images

    The August jobs report showed the U.S. unemployment rate rise across the board. Meanwhile, Black workers marked the only demographic to see their labor force participation fall.
    The unemployment rate rose 0.2 percentage point to 3.7% in August, according to data released Friday by the U.S. Bureau of Labor Statistics. Nonfarm payrolls came in at 315,000 and fell in line with estimates of 318,000.

    While all demographic groups saw the unemployment rate tick up slightly, it rose at a sharper pace for both Hispanic and Black workers to 4.5% and 6.4%, respectively, from 3.9% and 6% in July.
    However, Black workers marked the only group that saw labor force participation decline, while their employment-population ratio, which measures what percentage of the population holds a job, also fell.
    “There is some volatility in these numbers but seeing a downward trend in employment and participation is worrisome,” said Elise Gould, senior economist with the Economic Policy Institute.

    For August, Black labor force participation fell to 61.8% from 62% in July, while the employment-to-population ratio dipped to 57.9% from 58.3%
    William Spriggs, chief economist at the AFL-CIO, said that looking at Black workers is one way to gauge what’s really happening among employers.

    Black workers across the board face more discrimination than many other groups, which could be one explanation, Spriggs said. A potential slowdown in hiring — as evident through this week’s ADP private payrolls data — could also be contributing to the results.
    “When firms slow their hiring rate, that hit Black workers immediately because they’re already in line the longest to try and find a job,” Spriggs said. “What’s happened is the queue’s just gotten longer so the discouraged worker effect is much more acute for Black workers.”
    While it’s too early to assign a specific cause to the declining labor force participation among Black workers, Gould said the continued downward trend in recent months may signal something other than “a statistical anomaly.”
    That said, the Federal Reserve’s campaign to quickly raise rates to tame surging prices may be causing more damage to the labor market, which tends to appear among historically disadvantaged groups like Black workers.
    “Black workers are beginning to feel the brunt of it in a disparate fashion,” said Michelle Holder, a distinguished senior fellow at Washington Center for Equitable Growth. “Now, this is one report, but I pretty much believe that this is going to be the pattern over the next few months, particularly if the Fed continues to aggressively implement its approach.”

    Like others, Holder agrees that it’s too early to attribute a cause to the decline in Black labor force participation, but she did call attention to rising unemployment among Black female workers.
    The group saw its unemployment rate rise from 5.3% in July to 5.9%. In comparison, white female workers saw their unemployment rate tick up to 2.8% from 2.6%.
    Hispanic female workers also experienced a sharp increase in their unemployment rate, rising to 4.3% from 3.2% in the prior month.
    While the jobless rate did rise at a faster clip among Hispanic workers compared to white workers and the overall jobs market, that group’s labor force participation rate and employment trend seem to mimic the broader market, Gould said.
    “We’re seeing this rise in unemployment as accompanied by a significant increase in participation and then uptake as well in employment,” she said. “I think that’s a hopeful sign. The fact that the unemployment rate moves up is not a troubling thing on its own.”
    — CNBC’s Gabriel Cortes contributed to this report.

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    Here's where the jobs are for August 2022 — in one chart

    The strongest areas within professional and business services include computer systems design, management and technical consulting, and architectural and engineering. The sector has now added 1.1 million jobs over the past 12 months, according to the U.S. Bureau of Labor Statistics.
    Health care came in second for the month, with 48,200 jobs added. If health-care jobs were added to education and social services, as some economists do, that broad sector would have matched the 68,000 gain by professional and business services.
    Retail trade was another bright spot, growing by 44,000 jobs. That was an acceleration from the 29,100 jobs added in July.
    Even though job growth was positive across the board, it was significantly slower in some areas. Leisure and hospitality, for example, added 31,000 jobs in August after growing by 95,000 in July. The sector is still 1.2 million short of its pre-pandemic level.

    Transportation and warehousing added just 4,800 jobs after growing by more than 24,000 in July.
    Roach also pointed to a rise in part-time workers by 225,000, with 69,000 saying they could not find full-time employment, as a potential area of concern going forward.

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    Fed Officials May Be Encouraged by the Latest Labor Data

    Federal Reserve officials are likely to see the August jobs numbers as a sign their policies are working — though not that their job is done.Policymakers are closely parsing labor market data as they try to figure out how much underlying momentum the economy has and how much they need to raise interest rates to restrain growth and lower inflation.Fed officials have raised rates to a range of 2.25 to 2.5 percent in July from near zero in March, but they are still waiting for signs that those higher borrowing costs are cooling consumer spending and business expansions, lowering demand and giving supply a chance to catch up. So far, the evidence of a major slowdown has been spotty.In that context, the data released on Friday was encouraging. Job growth slowed, but not by so much that it suggested a recession was imminent. The unemployment rate rose, but mostly because more people joined the labor force, which should make it easier for companies to fill open positions. Wage growth slowed.“Overall there’s a lot to like if you’re a Fed official right now,” said Sarah House, an economist at Wells Fargo. “Hiring remains robust but on a more sustainable basis. Yes, unemployment was up, but it was for all the right reasons. We saw a surge in job seekers.”Still, Ms. House said, one good report will not convince the Fed that it is time to back off its efforts to tame inflation.Central bankers have been clear that they are carefully watching data on both employment and inflation — which is showing hopeful, but not yet conclusive, signs of slowing — as they decide how quickly to raise interest rates. Fed officials are contemplating an increase of either a half percentage point or three-quarters of a point at their meeting on Sept. 20-21.Higher interest rates work to counter inflation partly by weighing on the labor market. As businesses face steeper borrowing costs, they grow less and cut back on hiring. As job opportunities dwindle, competition for workers eases and wage growth slows — reining in consumer spending. As demand wanes, companies become less able to raise prices, lowering inflation.That process can push unemployment up and prove painful as people lose or struggle to find jobs. But Fed officials have argued that getting inflation under control is critical — and that delaying the tough choices now would only make the situation worse down the road. More

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    Payrolls rose 315,000 in August as companies keep hiring

    Nonfarm payrolls rose by 315,000 jobs in August, just below the Dow Jones estimate for 318,000.
    The unemployment rate rose to 3.7%, two-tenths of a percentage point higher than expectations.
    Wages also rose, with average hourly earnings up 5.2% from a year ago, slightly lower than the estimate.
    The biggest sector gainers were professional and business services, health care and retail.

    Nonfarm payrolls rose solidly in August amid an otherwise slowing economy, while the unemployment rate ticked higher as more workers rejoined the labor force, the Bureau of Labor Statistics reported Friday.
    The economy added 315,000 jobs for the month, just below the Dow Jones estimate for 318,000 and well off the 526,000 in July ad the lowest monthly gain since April 2021.

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    The unemployment rate rose to 3.7%, two-tenths of a percentage point higher than expectations largely due to a rising labor force participation rate. A broader measure of unemployment that includes discouraged workers and those holding part-time jobs for economic reasons rose to 7% from 6.7%.
    Wages continued to rise, though slightly less than expectations. Average hourly earnings increased 0.3% for the month and 5.2% from a year ago, both 0.1 percentage point below estimates.
    Professional and business services led payroll gains with 68,000, followed by health care with 48,000 and retail with 44,000. Leisure and hospitality, which had been a leading sector in the pandemic-era jobs recovery, rose by just 31,000 for the month after averaging 90,000 in the previous seven months of 2022.
    Manufacturing rose 22,000, financial activities gained 17,000 and wholesale trade increased by 15,000.
    Markets reacted positive to the numbers, with Wall Street indicating a positive open for stocks while Treasury yields moved lower.

    “There’s something for everybody in this report,” said Michael Arone, chief investment strategist at State Street Global Advisors. “This report supports the Fed’s ability to engineer a soft landing. Markets like it.”
    The jobs numbers pose a quandary for a Federal Reserve trying to get inflation under control.
    Inflation is running near its fastest pace in more than 40 years as a combination of a supply-demand imbalance, massive stimulus from the Fed and Congress, and the war in Ukraine has sent the cost of living soaring.
    However, the labor market has held strong even as other aspects of the economy have weakened. Housing in particular is likely in a recession.
    “This is a unique period of time, where we have still a relatively tight labor market, where there is still job growth, but companies have started to announce hiring freezes, some companies have announced layoffs,” said Liz Ann Sonders, chief investment strategist at Charles Schwab. “This could very likely be a recession were you don’t see the kind of carnage in the labor market that you see in most recessions.”
    Those payroll and wage gains came amid soaring inflation and concerns over a slowing economy that posted negative GDP numbers in the first two quarters of the year, generally considered a telltale sign of recession.
    The Fed has been battling the inflation problem with a series of interest rate hikes totaling 2.25 percentage points that are expected to continue into next year. In recent days, leading central bank figures have warned that they have no intention on backing off their policy tightening measures and expect that even when they stop hiking, rates will stay elevated “for some time.”
    One key channel the Fed is looking for policy impact is the jobs market. In addition to robust hiring, job openings are outnumbering available workers by a nearly 2-to1 margin, pressuring wages and creating a feedback loop that is sending prices higher for not only gas and groceries but also shelter costs and a variety of other expenses.
    The jobs report is “not strong enough to get them to be more aggressive in terms of rate hikes, and not weak enough to have them slow down,” Arone said. “I don’t think today’s jobs report changes anything about the path the Fed was on.”
    August’s payroll numbers are generally more volatile than other months. In 2021, the initial estimate of 235,000 eventually was revised up to 483,000. Over the past decade, the average revision for August has been 82,700 higher.
    The BLS lowered the June payrolls count to 293,000 from 398,000 and July’s to 526,000 from 528,000, a combined net drop of 107,000 from previous estimates.

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    In California’s Housing Fight, It’s Newsom vs. NIMBY

    Laws to encourage more development and denser housing don’t do much good if no one enforces them. As the state political calculus shifts, Gavin Newsom is trying to change that.By any objective measure, nothing that happens in Woodside, Calif., is going to make much difference to a state whose housing crisis is characterized by some of the nation’s highest rents and home prices and has more than 100,000 people living on its streets. The town, a wealthy enclave of the Silicon Valley, is less than 12 square miles and contains about 5,000 of California’s 40 million residents.But earlier this year, when Woodside’s government made a curious announcement that the town was being designated a sanctuary for mountain lions — a move that, as it happened, would also protect a hamlet of multimillion-dollar homes from a new law allowing duplexes across the state — the response was an object lesson in how California politics have shifted as housing has become voters’ primary concern.The Department of Housing and Community Development, California’s main housing agency, said it was investigating the mountain lion plan. The state attorney general followed with a letter (and a news release announcing the letter) that said the proposed sanctuary was illegal, and accused the town of “deliberately attempting to shut off the supply of new housing opportunities.”Along the way legislators, housing advocates and even the Sacramento-based Mountain Lion Foundation pilloried the move. Woodside reversed course after the Department of Fish and Wildlife advised city officials that it was impossible for the entire town to be considered a cougar habitat. Shortly after, the city announced it was taking applications for duplexes.Woodside, Calif., tried to declare itself a mountain lion habitat, a move that would have barred duplex housing in the town. The state pushed back.Jim Wilson/The New York TimesFor the past six years, through boom, bust and pandemic, California’s Legislature has ended each session with a blitz of new laws that aim to make housing more plentiful and affordable. Statewide rent control. Moves to encourage backyard units. A dismantling of single-family zoning rules. The barrage continued in this year’s session, concluded on Wednesday, when lawmakers passed a pair of measures that aim to turn retail centers, office buildings and parking lots into potentially millions of future housing units — moves that caused many political observers to reconsider what is politically possible.The laws received a decent amount of fanfare at each signing, signaling a turn in state policy and priorities. Until recently though, no one put much effort into enforcing them.That has started to change as Gov. Gavin Newsom has, for reasons practical and political, shifted toward an increasingly aggressive effort to enforce laws already on the books. This ranges from small-scale stings, like the state housing agency’s sending letters to local governments telling them that they are out of compliance with state housing regulations, to much larger efforts, like a first-of-its-kind investigation into San Francisco’s notoriously complex development process.In some cases, the governor’s office is working with the attorney general to initiate lawsuits against localities that they believe are breaking the law. Rob Bonta, the California attorney general, who along with Mr. Newsom is running for re-election this year, said he expected this to only get more intense.“We are just getting started,” he said in an interview.The policy is simple: Laws that are good enough to sign should be good enough to enforce. But there are political calculations as well, and they begin with a harsh reality. No matter how much legislation the state passes, its housing crisis is so deep and multifaceted that it will be nearly impossible to show real progress in any given political cycle, and probably not for decades.Read More on the Newsom AdministrationGasoline Cars: California is moving ahead with a ban on the sale of new internal-combustion vehicles in the state by 2035, as part of Gov. Gavin Newsom’s big climate plan,Injection-Site Bill: The governor vetoed a bill for supervised drug-injection sites in California, saying the state was not ready to put the idea into practice.Abortion: With the end of Roe v. Wade, Mr. Newsom vowed to “fight like hell” for abortion rights. His state is also looking to enshrine those rights in its constitution.Contentious Bills: The governor must decide whether to sign into law or veto several proposals that have drawn intense lobbying from both sides. Here is a closer look at some bills under consideration.That is a hard sell to voters who would like quick victories. Lacking a slam dunk to point to in campaign ads, Mr. Newsom and others have been applying the law, loudly. Take, for instance, the recent interview in which the governor told The San Francisco Chronicle that “NIMBYism is destroying the state” (referring to the “not in my backyard” attitude that impedes new housing). Or the mad rush to condemn Woodside. Or the Housing Strike Force that Mr. Bonta announced in November.“Over the last 50 or 60 years, cities have not made the right decisions collectively on housing,” said Jason Elliott, a senior counselor to Mr. Newsom who oversees housing policy. “That has left us in a place where the state has no choice but to enforce the law.”The notoriously complex development process in San Francisco is the focus of a state investigation.Jim Wilson/The New York TimesCalifornia has long been described as a look at the nation’s future, and in the case of housing, the good and bad, this frame has held true since the end of World War II. Today, as the rising cost of housing has ballooned into a national problem, state legislatures across the country have mirrored California by passing a host of new laws that aim to speed new development and allow denser forms of housing.The Biden administration is hoping to encourage these efforts with a “Housing Supply Action Plan,” which, among other things, would use grant funding as a carrot for local governments that liberalize their housing laws.Those reforms won’t amount to much if cities never follow them, however. And while that might sound obvious, passing laws that nobody follows has historically been where state housing policy began and ended. That’s because, in California and elsewhere, most of the power about where and how to build has traditionally been left to local governments, on the theory that land use is better handled by people closest to the problem.“The role the state was playing is that they would mostly advise cities on what to do and make recommendations,” said Ben Metcalf, who is managing director of the Terner Center for Housing Innovation at the University of California, Berkeley. He ran California’s Department of Housing and Community Development from 2016 to 2019.The problem is that homeowners and renters from a wide range of income levels are frequently antagonistic to having anything, and especially anything dense, built in their neighborhoods. And local elected officials are beholden to them. The result is that even though California has had various housing laws on its books for decades, cities regard them as pliable, and the state, in deference to local control, has rarely challenged them.“For decades there has been a pattern where cities flagrantly ignore state housing law and the state responds by halfheartedly saying, ‘Can you pretty please follow the law?’” said Laura Foote, executive director of YIMBY Action, a San Francisco Bay Area-based nonprofit that supports building more housing around the country. “Then the cities ignore them, and the state says, ‘OK, we’ll get you next time.’”Laura Foote, the executive director of YIMBY Action.Andrew Burton for The New York TimesUntil 2017, when a suite of new laws expanded the Department of Housing and Community Development’s authority, it wasn’t even clear if it had the power to penalize cities that weren’t following state housing dictates. Mr. Newsom’s administration has since used $4 million to create a housing Accountability and Enforcement unit to investigate cities and implement the laws, while legislators have usurped local authorities by forcing them to plan for more and denser housing, hemmed their options for stopping it, and created measures to strip them of land use power when they don’t comply.“It gives us something to ensure that these programs aren’t just writing,” said David Zisser, who heads the housing department’s new enforcement unit.As affordable housing problems spread, California’s enforcement kick could be an indication of an increasingly pitched battle between cities and states over housing. It also gives a clue into how Mr. Newsom might defend himself from political attacks over California’s housing and homelessness problems, something that is all but guaranteed to happen if he seeks higher office. (A Newsom run for the Democratic presidential nomination in 2024 is currently the stuff of political parlor games, and despite the chatter, the governor and everyone in his camp dismiss such ambitions.)In the interview, Mr. Elliott, the housing adviser, noted that the advantage the governor has in enforcing tough housing measures is that he draws votes from around the state instead of locally. The administration can play the heavy in a local dispute without having to worry about alienating its entire voting base.“It’s very logical, politically, for an individual city council person or an individual member of a board of supervisors to be against an individual project,” he said. “I think the job of the state is to change the political calculus so ‘yes’ becomes the default instead of ‘no.’”There is already some indication that years of state housing bills, combined with rising voter frustrations, have started to create such a shift. When the state housing department opened its investigation into San Francisco in August, London Breed, the city’s mayor, welcomed it with a tweet.“When I ran in 2018, it was a vulnerability to be an unapologetically pro-housing candidate,” said Buffy Wicks, a Democratic Assembly member from Oakland who wrote one of the two main housing bills passed by the Legislature this week. “Now it is absolutely an asset. I get up on the floor of the Assembly and I say, 10 times a week, ‘We have to build more housing in our communities, all of our communities need more housing, we need low-income, middle-income, market rate.’ You couldn’t do that in a comfortable way four years ago.”Cities seem to have absorbed the new reality of a state on closer watch. Last year, after the Legislature passed the duplex law, dozens of cities responded by adopting a slew of new ordinances that don’t explicitly prohibit the units but, through a series of tiny rules, tried to discourage anyone from actually building them.Woodside’s Mountain Lion proposal got the most attention but was far from the only one.When Temple City, in Los Angeles’s San Gabriel Valley, adopted rules for how it would carry out the duplex law — rules that required new units to have a large outdoor courtyard, the highest level of energy efficiency, and restricted future tenants from parking on site or obtaining permits to park on the street overnight — the City Council was clear what the aim was.“What we are trying to do here is to mitigate the impact of what we believe is a ridiculous state law,” said Councilman Tom Chavez, just before the Council unanimously passed the measure.By April, the Department of Housing and Community Development had warned Temple City that its new ordinance was likely in violation of at least five state housing laws. In an email, Bryan Cook, the city manager, said it was working with the state and would consider changing the ordinance after its work with the state was done. More