Wealthy Cities Discover They’re Not Recession-Proof

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There are million-dollar mansions in foreclosure, layoffs on Rodeo Drive. And reservations are no longer a must at all but the most exclusive restaurants.

As recently as the summer, many wealthy Southern California enclaves appeared beyond the reach of the worst recession in decades. But rich cities, it turns out, aren’t always so different from the rest.

One Example: city officials in Beverly Hills — a place insulated from most economic downturns — now project a $24-million drop in tax revenues over the next 16 months. The loss represents about 15 percent of the general fund budget.


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