States Cutting Economic Development Budgets
"The net result of this for commercial real estate sector is that more than 350 redevelopment authorities are losing $1.7 billion in tax dollars that would otherwise help fund city and county investments during the 2009-10 fiscal year. Another $350 million will be diverted the following fiscal year. Much of that would have been aimed at revitalizing commercial districts. That's a problem because redevelopment agencies are the primary economic development drivers in the state."