Stockton's gold rush is over
Stockton spent far more than it earned due to lucrative pensions, wages and benefits for its employees, decreasing taxes due to the steep decline in property values and the high rate in home foreclosures.
The city saw over-expansion in businesses while the good times, and at that time bad investments, including building a new city hall that was never used, and a sports stadium.
Stockton is in deep financial trouble nevertheless, and the future looks such as bleak. It has high violent crime and unemployment rates and severely reduced municipal services. This will make it difficult to attract new investment, residents, qualified employees and the revenue it so desperately needs.