Redevelopment Funds Take a Hard Hit in California

Posted by: Nate Berg

11 August 2009 - 7:00am

More than $2 billion has been cut from redevelopment programs in California's budget, which many say will exacerbate the building slowdown in the state.

"But a $2.1 billion cut to redevelopment funds—$1.7 billion for the current fiscal year, plus $350 million to be cut next year—will have a major impact on the design and construction industries, and could be the deciding factor in whether projects, both stalled and shovel-ready, go forward. To make matters worse, opponents of the cuts believe that delays will deepen the recession, further depressing development prospects."

Architects are expected to feel the pain, as projects stall and new project dry up.

Full Story: California Nightmare

Source: The Architect's Newspaper, August 10, 2009