Before Detroit's bankruptcy, Stockton held the ominous title of largest city in the U.S. to go bankrupt. Unlike Detroit, it was largely tied to the foreclosure crisis. Home prices have jumped 30% in the last year. What caused the turnaround?
Sep 26, 2013 The Sacramento Bee
All four are in Riverside County (east of LA). Reduced vehicle license fees, shifting funds from cities to prisons and a huge state budget deficit created the perfect storm to drain expected revenues. Hope was placed in a bill to fix it.
Sep 19, 2013 Bloomberg News
Yesterday, Detroit became the largest municipality in U.S. history to declare bankruptcy. Such an action is unprecedented, so the path forward is murky. Yet one word seems to signify what lies ahead over the next year: battles.
Jul 19, 2013 Detroit Free Press
After months of speculation, and decades of mismanagement and population decline, Detroit has filed for bankruptcy. The milestone is the culmination of a turbulent half-century for the city. But some see it as a chance for a new start.
Jul 18, 2013 By
Looking to get out from under one of the primary factors for financial distress - pension obligations - city leaders across the United States are viewing bankruptcy as "a valuable tool in a city’s financial toolbox," reports Liz Farmer.
Mar 7, 2013 Governing
San Bernardino was the third city in California to file for bankruptcy last year. Within the past year it has descended from a model of crime reduction to a crime-plagued city.
Jan 24, 2013 The New York Times
In the wake of three municipal bankruptcies in California this year, Moody's Investor Services is placing thirty cities on credit review. These are not poor ones either, but in the heart of Silicon Valley and other wealthy Bay Area cities.
Oct 12, 2012 San Francisco Chronicle
As the fear of more local government bankruptcies rises, William Fulton argues that sprawling development patterns play a key role in leading cities to run in the red.
Aug 10, 2012 CNN
Chris McKenzie, Executive Director of the California League of Cities, discusses the specter of bankruptcy and the structural difficulties cities face in addressing their fiscal deficits. The San Bernardino bankruptcy does not mean the worst is over.
Jul 18, 2012 The Planning Report
As the third California city in a month files for bankruptcy protection, fears of a domino effect worry many. While bankruptcy may seem like an enticing solution, officials that have gone through it caution about the downside.
Jul 13, 2012 Los Angeles Times