How else do we get the rich people to leave then?
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Replying to @RickPaulas @kimmaicutler
If you get the rich people to leave who is going to pay for the pensions of all the public workers?
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Replying to @khuey_ @kimmaicutler
That’s is something we’d have to figure out. I imagine the cost of living going down may help.
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Replying to @RickPaulas @khuey_
That's not how California law works. We are legally obligated to honor it no matter what. SF's net pension liability is $4.3B at a 7.5% rate of return. If we lower the rate of return by 1%, that unfunded liability grows to $8B. https://mysfers.org/wp-content/uploads/2019/04/SFERS_AnnualReport_0419.pdf …pic.twitter.com/o24jOliXWr
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It's part of the reason Ed Lee invited tech in and part of why San Jose mayor Sam Liccardo is doing so. SF was projected to run nearly $1 billion deficits every year by 2016 when he came into office. https://sfmayor.org/sites/default/files/FileCenter/Documents/108-MYR%20FYFP%20FINAL%205_3_11.pdf …
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Replying to @kimmaicutler @khuey_
I mean, the Lee moves kinda speak for themselves?
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Replying to @RickPaulas @khuey_
I'm just saying that homeowners with really old property tax bases and awarding public sector union benefits that aren't adequately funded upfront are also complicit contributing factors to the current situation.
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When we promise things we haven't fully funded decades from now, we're de facto choosing to suppress wages of future public sector workers or forcing public sector union retirement funds to go deeper into the exact high-growth, risky asset classes that some are criticizing.
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Replying to @kimmaicutler @khuey_
I think these are all very important things to keep in mind.
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we should probably practice a politics that decouples the good from the bad
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yeah that's probably not what's going to happen. At the top of the cycle, we'll promise a bunch of things that aren't adequately funded 1-3 decades from now and some future mayor, who is responsible for keeping an organization employing 30,000 people financially solvent,
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Replying to @kimmaicutler @uhshanti and
and it probably won't even matter if they're progressive or moderate (because hey, De Blasio was pro-Amazon), will try to cut some deal at some other part of the cycle to attract or stabilize tax revenues. A lot of that growth will just be absorbed by the landowner class
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Replying to @kimmaicutler @uhshanti and
then they obviously won't want to pay taxes themselves to prevent the level of public service they expect from deteriorating, so they'll blame it on newcomers and that will fuel some kind of populist campaign for some token concessions. And then this will just repeat ad nauseum.
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