I don’t know where you live, but at least in the US, local news is almost extinct. I used to work for a chain of local newspapers - we had one or more reporters for each one, and we would go to every town and school board meeting and cover what was happening. That chain was bought up by a national, half the papers were shuttered outright, and the rest are run by one editor who doesn’t have time to do in depth coverage, and basically just parrots press releases. A few “local” replacements have cropped up that are little more than propaganda mills, without even an attempt at impartiality.

The biggest issue is that local news used to be funded by classified ads, mostly. Since most of the functions served by classified ads migrated to the internet, no one has yet figured out an alternative funding model.

I live in South America. My city has ~400k citizens and 4-6 local TV channels. The newspaper is pretty much dead and has gone down from 60 pages per day to maybe 5-10 pages (I don't know if they even print it anymore), true, but TV seems to be doing fine and embracing more social platforms. I think the main media outlet has at least 3-4 hours of local news mixed with content from their parent company (national). Their local website is garbage though so once a news ir aired, it's pretty much gone... which brings me back to my initial point, there are news but they are not properly managed/archived.

There's no organization or library in your country preserving this stuff?

Not that I know of.