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This past month California voters resoundingly rejected several ballot measures to help balance the state budget. The failure for these measures to pass has created an estimated $21 billion shortfall with California facing a liquidity crisis—$1 billion in the red by July 29 per the State Controller’s office. The implications for owners of commercial real estate is daunting as weakened fundamentals have impacted their properties and now, there are new initiatives being focused on commercial real estate owners to help bridge this huge budget gap.

A quick recap below shows the measures that failed in May:

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