The scary thing about the current tech boom is that it took the current tech boom just to *run in place* against SF’s unfunded pension liabilities. https://www.google.com/amp/s/www.sfchronicle.com/bayarea/amp/SF-taking-steps-to-avoid-projected-future-budget-13509714.php …https://twitter.com/zck/status/1187491641478664193 …
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I think you mean Wisconsin-bound as well as Detroit-bound. /Also Jersey-bound, CT-bound, Chicago-bound...
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Wait until people realize how much of the state budget depends on the cap gains from startups millionaires and billionaires.
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SF comes close to being the city version of Softbank funded mismanaged startup!
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Sounds like a definitional downward spiral
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The rise in municipal budgets isn’t a sign of revenue growth; it’s a sign of expenditure growth. SF could technically reap revenue windfalls and keep the budget flat. Unlike for profit entities, municipal performance are not judged by projected revenues.
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What about the role of pension funds as LPs? How much did they directly benefit from investments in the same companies?
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Do we think it’s more likely they will cut services or raise taxes
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→ SF loses benefits from jobs and yet keeps housing pressure from employees. Crisis gets worse
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→ Prop M’s construction cap, a hostile SF Board of Supes, and Prop C’s gross receipts tax make some business growth impossible