Cities love office space, bc you get tax revenue but don't have to pay for services like schools/fire/police for residents. This is why San Jose is working with Google to bring 20,000 jobs downtown, why the Central SOMA plan might have 40K jobs but only 7K housing units.
@LAO_CA also calculated that it would cost $250 billion to build affordable housing for all 1.7 million low-income, rent-burdened tenants in the state: http://www.lao.ca.gov/Publications/Report/3345 …
-
-
(keep in mind that the state of CA has $400 billion in unfunded pension & retirement healthcare liabilities that it hasn't figured how to pay for) https://calmatters.org/articles/california-retirement-pension-debt-explainer/#How-big-is-the-problem …
-
and that CA's taxation system is highly volatile in part because it is so dependent on high-income earners whose incomes are tied to the performance of the stock market. The last recession wiped out $115 billion in revenue. (We have $16B in reserves.) http://lao.ca.gov/Publications/Report/3769 …
- 2 more replies
New conversation -
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.