Posted on 02/09/2011 10:38:13 AM PST by SmithL
Sacramento -- California will not go through with its controversial plan to sell state buildings then lease them back to help plug the budget deficit, Gov. Jerry Brown announced this morning.
The proposed sale of the California Supreme Court headquarters in San Francisco and ten other buildings would have raised $1.2 billion for the state but critics argued that the state ultimately would have lost $1.4 billion by leasing back those buildings over a 35 year period.
"The sale of the buildings really didn't make much sense,"...
(Excerpt) Read more at sfgate.com ...
Make today better by taxing the future. Don’t address today’s spending excesses. Same old liberal playbook.
Should sell off the buildings.
House the Government employees in GP medium tents. In the winter they get a 55 gallon drum to burn trash in to stay warm. In the summer, wet down the sides of the tent.
Yes. I guess they finally realized doing this was just like getting a loan, except instead of issuing a bunch of California IOUs, they would have actual consequences and get evicted.
Jaaa. didn’t make much sense..
aRnie’s Legacy
You mean "Sell low, lease back high" is not good advice?
It is kind of too bad - I was anticipating the headlines...
CA GOV evicted for nonpayment of rent...
etc.
Would have made great humor.
Many companies buy government facilities for tax purposes.
In the right real estate market this WOULD make sense. Of course, commercial real estate in Kalifornia is a buyers market right now.
The purchase of the buildings never made sense. The reason they won’t sell them is that they are afraid to fire all of the useless bureaucrats that occupy them.
Buyer was reported to be a group headed by Kiane Feinstein’s husband. Hardly an ‘arm’s length’ transaction.
Buyer was reported to be a group headed by Diane Feinstein’s husband. Hardly an ‘arm’s length’ transaction.
True - but it would have been funny as heck to see them evict the legislature for non-payment of rent.
I wonder if the CA SSC stoped the thing?
They are not known for their sense of humor, and their building was on the block.
Probably had the Chief Justice call moonbeam, and tell him, Oh, heck no.
LOL.
Of course, I wanted to see Blago’s security detail pull the motorcade over, put him out on the curb, and drive off...
Didn’t happen, but it would have been funny.
You never know, we might someday see Marine One land suddenly, and disembark the resident...
The buyer was making out like a bandit. Buy on the cheap and have guaranteed tenancy for 20 years, at above market rates.
Purchase of the buildings made plenty of sense. What didn't make sense was the sale of the buildings.
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