Tim Cavanaugh
It turns out California’s redevelopment agencies—which, I just love to keep saying, will be abolished in a week—have produced something beside corruption, poverty, and blight: The RDAs have also run up nearly $30 billion in debt that must be serviced by Golden State taxpayers.
That’s according to California Controller John Chiang in his most recent Community Redevelopment Agencies Annual Report [pdf].
Read more: http://reason.com/archives/2012/01/25/redevelopment-leaves-behind-30-billion-d
It turns out California’s redevelopment agencies—which, I just love to keep saying, will be abolished in a week—have produced something beside corruption, poverty, and blight: The RDAs have also run up nearly $30 billion in debt that must be serviced by Golden State taxpayers.
That’s according to California Controller John Chiang in his most recent Community Redevelopment Agencies Annual Report [pdf].
Read more: http://reason.com/archives/2012/01/25/redevelopment-leaves-behind-30-billion-d
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