Yesterday I spent some time driving around the industrial area in the town in Southern California where I live. There are about 150,000 people in the city and it abuts other cities on three sides and the national forrest on the fourth. The area I'm blogging about is past the In-N-Out Burger, past the closed car dealerships (real estate also for sale).
FOR SALE. Not for lease, FOR SALE. This in what once was a thriving Southern California community. I came away with the feeling that if I walked into nearly any business there, open or closed, with a rock bottom price, that they'd sell me the real estate.
While it may be the opportunity of a lifetime for a buyer, it is a stark indicator of how bad things have become here. You almost NEVER see commercial real estate like that for sale. There is always a sign here and there for a leasing opportunity but that's not what I'm blogging about.
My sense is that things will get worse before they get better. For every business that completely folds, there are jobs lost that aren't coming back anytime soon. With the US Congress threatening national healthcare that will be born on the backs of businesses and the California Legislature poised to raise taxes significantly, there really is scant cause for factories to exist HERE. California is not a business friendly state, the taxes are high and because fully 1/3 of the people on welfare in America live here, they have to be high to support the lay-abouts.
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