Property News · July 11, 2017

Short of cash, wealthy San Francisco suburb declares fiscal emergency


The San Francisco suburb of Moraga seems as far as one could get from the financial pressures that have battered big cities like Detroit or Chicago. The price of a typical home has soared to more than US$1.2 million, it is not drowning in debt and there are even free summer concerts.
But on June 28, the 17,000-resident town authorised a declaration of fiscal emergency, a step California cities can take before bankruptcy. In this case, it gives officials in the affluent enclave the power to…

Source : South China Morning Post
Read more…Short of cash, wealthy San Francisco suburb declares fiscal emergency

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