San Francisco Questions “Vibrancy Of Our Economy”, Drafts ‘Economic Resiliency Plan’

Proactive and prepared are not words that get associated very often with government officials, however, San Francisco is trying to change that.
Officials are drafting an “economic resiliency plan” for the city of 865,000 people in order to try and ensure that it can withstand a financial downturn, similar to what was experienced during the dot-com collapse and the the financial crisis. A tech boom spurred by companies like Twitter, Uber, and Airbnb has helped San Francisco to an unemployment rate that was just 3.1% in April, the lowest since 2000 – before it all hit the fan with the dot-com collapse – and median home values of $1.1 million Bloomberg reports. Although mayor Edwin Lee released a record $9.6 billion budget proposal, officials claim they haven’t forgotten a $460 million shortfall after the financial crisis in 2010 that forced 1,600 job cuts, along with the closing of city-owned recreation centers, reductions in street cleaning and a program that subsidized meals for seniors. In addition, $79 million had to be taken from a rainy day fund, and the cities of Stockton and San Bernardino filed for bankruptcy.
The plan will be released in about eight months, and will offer a step-by-step action plan aimed at protecting jobs and industries, as well as spell out how to best spend tax dollars and federal stimulus funds during a downturn.

This post was published at Zero Hedge by Tyler Durden – Jun 9, 2016.