October 13, 2008
...The fiscal difficulties will likely manifest themselves in two ways. If the state is forced to raise taxes to cover the budget shortfall, job losses may result if higher taxes slow the economy, so office vacancy may increase, said Gary Painter, professor of policy planning and development, and director of research at the Lusk Center for Real Estate at the University of Southern California.
He told CPN that a more direct effect could be felt in office vacancy if the state is forced to lay off workers, a move it has so far resisted, he said...