2010-10-12cnbc.com

The state announced Monday it is selling 24 government office buildings — including the Ronald Reagan State Building in Los Angeles and the San Francisco Civic Center — to a group of private investors for $2.3 billion... About $1 billion of the sale will be used to pay off bonds on the buildings, leaving more than $1.2 billion to go into the state's general fund.

"Selling the furniture"! Boy, they will do ANYTHING to avoid cutting back on outlays (concentrated in public pay and pensions) over there...

The Associated Press reported earlier this year that the deal would end up costing the state $5.2 billion in rent over 20 years, perhaps saddling taxpayers with costs beyond whatever the state would net from the sale.


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