Largest city to go bankrupt?
Why did stockton, ca go bankrupt? its the largest city in the u.s to do so, and does that have any relation to stocktons rising homicide rate? they said it broke its murder record last year and its going to do it again this year.
- 8 years agoFavorite Answer
Just like anything that goes bankrupt it is due to financial mismanagement. Also, the housing market crash hit that city really hard. 1 out of 30 houses are foreclosed. It also has one of the highest unemployment rates in the country. I believe it's 20%. With less people working that means not as much taxes collect.
- YirmiyahuLv 78 years ago
The coefficient of correlation between Stockton's financial status and its crime rate = 0.001. There is virtually no correlation.