Will a Drop in the Housing Market Sink the Economy? The Case of California

Lawrence E. Stone

Municipal Finance Journal, 2008, vol. 29, issue 1, 15 - 22

Abstract: The U.S. housing market is in the midst of a significant decline. How did the housing market get to its current state and what are the implications for local governments? This article explores the factors in California, and, in particular, Silicon Valley, that have led to fluctuations in the real estate market, the effects that Proposition 13 and subsequent propositions have had as the market has changed, and the ways in which residential and commercial/industrial markets have been affected differently.

Date: 2008
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