From the Examiner with regard to the economic state of San Francisco:
The City is facing a fiscal “crisis,” with one of the largest deficits in San Francisco history expected in the next year, Mayor Gavin Newsom said Monday, adding that hundreds of layoffs could be announced as soon as Tuesday.
And with respect to employment (or lack thereof):
Unemployment in The City hit the 6 percent mark for the first time since June 2004, according to the [Controller’s Office October economic barometer report], which stated that “most indicators continue to show accelerating weakness in San Francisco’s economy.”
Stating the obvious as some like to say (but yet somehow seem to be missing), the economy, employment and real estate prices tend to be correlated. And it’s not looking good.
∙ Mayor: City’s budget situation ‘legitimately a crisis’ [San Francisco Examiner]
∙ From Underwater To Unemployed (And Sorry, But It’s Just Starting) [SocketSite]