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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Case in point. The nation's largest public pension fund can't make the 7% return that voters & the govt expect of it on its $356B AUM... so its governing board is going to put $20 billion more in private equity! https://www.wsj.com/articles/calpers-wants-to-double-down-on-private-equity-11552834800 …
End of conversation
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