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Rich States Uncover Tax Windfall, Undercutting Push for Aid

  • The pandemic hit states and cities but not as much as feared
  • People with jobs kept spending online and pocketed stock gains
San Francisco Apartment Rents Crater Up To 31%, Most In U.S.
Photographer: David Paul Morris/Bloomberg
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It was a shocking, and seemingly improbable, figure.

Eight months into the pandemic -- and the brutal economic collapse it triggered -- California’s budget watchdog said the state was poised to pocket a windfall of some $26 billion. Just as New York and Connecticut had revealed weeks earlier, tax revenue was coming in at a clip no one expected, thanks in part to the booming stock market.