How many people actually understand the above tweet? (Probably not that many.)
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Would also submit those East Bay cities were hurt by decline in manufacturing and subsequent loss of B2B sales tax revenue (and good jobs for working people.)
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Decline of manufacturing was longer ago. Foreclosures, loss of redevelopment and then the jobs-housing thing is this decade.
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When you put that way, the state adjusting property tax share with cities on new construction to shift office building tax revenue away from cities that build more office space than housing looks like an attractive solution.
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Property tax revenue from commercial property should go to where the cities where the workers reside.
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San Francisco’s pension fund was 100% funded until about 10 years ago
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It is so much easier to push your problems on someone else and keep the rewards for yourself!
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Not only do I understand it, but this is an age old cycle. Spent more than 20 years of the first half of my career deep in the bowels of public and private housing. Incestuous. Insidious. From CA GOV retirement funds to big private RE $. Hard, hard house of cards to tumble.
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