Investeens

California, a state with significant economic troubles,  is now starting to think about selling state office complexes to a group of "politically connected private investors."  The deal would include the sale of the San Francisco Civic Center among other very important government buildings.  

California would end up getting about $1.3 billion (as reported by the New York Times).  However, according to the Legislative Analyst's Office, the deal is going to cost taxpayers $6 billion over 35 years as they have to pay rent for using the buildings.

This situation is similar to one discussed not so long ago regarding Chicago selling the rights to its parking meters.  Both these situations show that while the states are taking actions now that will help generate revenue, a few years down the line, things might even look worse as taxpayers regret the decisions their government made when they were in need of some quick revenue.

There are lawyers in California suing to stop the sale from occurring.  Schwarzenegger's lawyers are trying to push the deal through before he leaves office.  Governor Elect Jerry Brown hasn't yet voiced his opinion on the deal.