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No matter which situation pans out, California’s financial system is prone to be higher off than the nationwide one, in response to the report, which cited elevated demand for software program and protection items, areas wherein California is a pacesetter. Mr. Nickelsburg additionally stated the state’s rainy-day fund was wholesome sufficient to face up to the decline in tax revenues.
However that shortfall may complicate the velocity at which Mr. Newsom can perform a few of his bold, progressive insurance policies. In asserting the deficit, Mr. Newsom scaled again funding for climate proposals to $48 billion, from $54 billion.
The fiscal outlook additionally casts a cloud over progressive proposals, broadly supported by Democrats, who’ve a supermajority within the Legislature.
A state panel that has been debating reparations for Black Californians is about to launch its remaining report by midyear. Economists have projected that reparations may value $800 billion to compensate for overpolicing, housing discrimination and disproportionate incarceration charges. As soon as the panel releases its report, it is going to be as much as lawmakers in Sacramento to determine how a lot state income would help reparations — an idea that Mr. Newsom has endorsed.
Via all this, one factor has remained fixed: Many Californians say their greatest financial concern is housing prices.
The median worth for a single-family dwelling in California is about $719,000 — up practically 1 % from final yr, according to Zillow — and up to date census information reveals that a number of the state’s greatest metro areas, together with Los Angeles and San Francisco Counties, have continued to shrink. (In Texas, the place many Californians have relocated, the median dwelling worth is about $289,000.)
Nonetheless, some Californians stay optimistic.
Zeeshan Haque, a former software program engineer at Google, discovered in January that he was being laid off. His final day was March 31.
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