Cities panic as consumers stop spending and home values fall - San Jose Mercury News: "Sales tax revenues are plunging as frightened consumers stop spending and car dealerships go out of business. Property tax revenues are drooping as home prices fall. The fees local governments get from builders are disappearing as housing construction grinds to a halt.
The collapse of financial foundations has many Northern California cities scared to death — and for good reason. They're facing a future of unrepaired potholes, reduced library hours, less-manicured parks and a drop in the number of cops and firefighters."
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Public and private local governments are in trouble, at the same time. Not good news for anybody. Thanks to Fred Pilot for this link.
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