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$5.2 Billion

The state of California's 20-year cost to lease back properties it will sell for $2 billion, in an effort to reduce the budget deficit. Under a...

The state of California's 20-year cost to lease back properties it will sell for $2 billion, in an effort to reduce the budget deficit. Under a plan approved by the Legislature last year, the state expects to clear at least $660 million once it pays off the debt on the properties. The size of the rental payments, which dwarf the amount the state would receive from the sales, has generated controversy.