4 ms·
You weren't far off. All California cities will go bankrupt because of 8% public pensions in a matter of years. (This is well-documented.) San Jose came close
by redis_mlc 7y ago
You weren't far off.
All California cities will go bankrupt because of 8% public pensions in a matter of years. (This is well-documented.)
San Jose came close to already bankrupting itself on the new airport terminal, but an out-of-state airport construction consultant saved a billion dollars. (See the excellent Mercury News article.)
One mayor did a half-hearted attempt to fight the 8%, but "died on that hill."
Mountain View is one of the few cities in a good place, as 1/3 of their revenue comes from renting the business park they own across Central from downtown. Unless they bury Castro, which is estimated at $1 billion or so.
I'm curious what happens to Santa Clara City. Only 10,000 residents, but they're on the hook for the $1.2 billion stadium they built for the Yorke family, who live in Oakland. lol. :)
- dragonwriter 7y ago> All California cities will go bankrupt because of 8% public pensions in a matter of years. (This is well-documented.) It's really not. It's widely accepted that most local governments in CA will need to cut services or raise taxes due to pension costs, but not at all that “all cities” or even many will need to declare bankruptcy. Not sure what the 8% you are referring to is.
- masonic 7y agoOnly 10,000 residents You're off by a factor of twelve. And Levi's stadium was privately financed.