I think the random section about NY is irrelevant, but CA’s highly volatile tax revenue system, its long-term financial liabilities and how these two things intersect w/ the tech industry and land-use are mostly spot on.https://link.medium.com/gV9cFzLnZU
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No question SV continues to outpace the state. But if 40% dropped 10%, it’s just 4%. That’s all I’m saying. Certainly the pension obligations created in the state are not mostly in the Bay Area. We are certainly the most cyclical portion of the state, that’s for sure.

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4% would be the entirety of California state government funding to the University of California system.
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