Read More »"/> Read More »"/> State of California to Sell 24 Government Buildings for $2.3 Billion | MyGovCost | Government Cost Calculator

State of California to Sell 24 Government Buildings for $2.3 Billion

Saturday October 16th, 2010   •   Posted by William Shughart at 1:30am PDT   •  

News item: “California to Sell 24 Government Buildings for $2.3 Billion” (AP, October 12, 2010).

As a way of helping plug the State of California’s now-chronic budget deficit, this headline is welcome news. Among the state-owned properties on the auction block are LA’s Ronald Reagan State Building and San Francisco’s Civic Center. I have on several occasions during the past decade recommended such a “yard sale”, a period during which Sacramento has almost continuously overspent its tax revenue.

The “deal”, according to some of its supporters, will enable the legislature to retire about $1 billion in bonds still owed on the 24 properties, leaving another $1.2 billion to stanch the flow of red ink in the state’s general fund.

Critics allege, on the other hand, that the lease-back arrangement with private purchasers exposes the state’s taxpayers to somewhere between $1.5 billion and $5.2 billion over the next 20 or 30 years for renting space they previously “owned”. . .

For the full article, please click here.

Notice: Undefined variable: thumb_url_relative_nonums_or_x in /mnt/stor3-wc2-dfw1/509309/ on line 139

Deprecated: strpos(): Non-string needles will be interpreted as strings in the future. Use an explicit chr() call to preserve the current behavior in /mnt/stor3-wc2-dfw1/509309/ on line 139

Facebook Twitter Youtube


By linking to from this page, Independent Institute earns referral fees of 4% to 15% from whatever you buy. Bookmark the above link and you can support the Institute when you do your normal shopping!


RSS Recent Posts on The Independent Institute’s Other Blog, The Beacon

October 2010