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State governments around the country are in big trouble, ballooning deficits and dysfunctional legislators hamstring officials in confronting the financial crisis. That´s not good news for real estate players. Cutbacks hit slews of companies and not for profits, which depend on government contracts and grants to carry on business and rent space. Developers looking for support from government tax breaks or special consideration gain little traction in the chaos. Furloughs of state workers and hiring freezes portend potentially more permanent reductions in state services-when state governments have been one of the most reliable tenant sources in many markets.

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