These jobs are probably just he start and will put pressure on the housing market just like jobs losses in the private sector, since 2007. With state budget shortfalls, growing pension costs, and now increasing medical costs there will be layoffs. In addition, the global warming taxes and surcharges start January 1, 2012 which will greatly impact housing costs and rents costs.
What's more, analysts see more job cuts ahead as California faces an estimated $10-billion shortfall in the state budget that the next governor must address. Cities and counties, meanwhile, are still struggling with tepid sales and property tax revenue.
"Local governments are adopting austerity measures," said Jerry Nickelsburg, an economist with the UCLA Anderson Forecast. "They don't have confidence that they're going to get money to do otherwise."
No comments:
Post a Comment