California cities also have many financial structural liabilities they need to cover. SF has $5.7B in unfunded pension liabilities. Berkeley has $650M, Palo Alto has a billion. So they need to attract things that produce tax $ to pay these off.https://calmatters.org/articles/california-retirement-pension-debt-explainer/ …
(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 …
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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 …
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general debates are: how much should we build? where should we build? what kind of housing should we build? where should we get money to finance low-income housing as the federal govt continues to recede? how should we reform Costa Hawkins/rent control?
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