It’s more complicated than that. In the base case scenario, SF is running $640M deficits every year in five years because expenses are rising faster than revenues. https://sfcontroller.org/sites/default/files/Documents/Budget/Five-Year%20Financial%20Plan%20FY19-20%20through%20FY23-24%20FINAL.pdf …
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California cities can’t renege on their obligations if the fund doesn’t return as much bc of “California Rule,” so they otherwise have to cannibalize their annual spending to pay the difference. You could raise taxes to drive employers away, but you’d be risking
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jeopardizing tens of thousands of public sector workers’ retirements or totally cannibalizing the city budget just to pay those obligations.
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