California Landmarks May Be Put Up for Sale
Gov. Schwarzenegger’s newest proposal to close the Golden State’s budgetary gap: selling some of California’s biggest landmarks, including the L.A. Memorial Coliseum (right), the California State Fairgrounds and the San Quentin prison. Because the proposed sales might come during a slumping real estate market, there are questions about whether taxpayers would be getting a good deal.
Gov. Arnold Schwarzenegger’s plan to put some of his state’s biggest landmarks up for sale to help erase a $24 billion budget deficit is fraught with questions, chief among them: How can California taxpayers possibly get a good deal in this slumping real estate market?
Schwarzenegger, who has also proposed deep cuts in education, health care, welfare and parks, wants to sell off some property outright, sell office buildings and then rent them back from the new landlords, and lease some state land to developers.