San Jose Mayor: State Taking Our Money

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    NEWSLETTERS

    TK
    Fox Business

    All you had to do Monday morning to get a glimpse at how bad things are in the heart of Silicon Valley was turn on Fox Business news.

    They had a long interview with San Jose Mayor Chuck Reed Monday, and Reed held nothing back.

    He said California is reaching down the food chain and grabbing what it can from city coffers.

    "The state is taking our money," Reed said.

    Reed had the stats to back it up.

    • $20 million in property taxes
    • $75 million in redevelopment funding


    That's $97 million in funds gone thanks to a grab and go from Sacramento.

    The mayor said his city has big bills to pay and won't have the money to pay them.

    Reed also said California is ungovernable and that he proposes a state constitutional convention.