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Hard Knocks for Oakland Developers

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Oakland developers are having a rough go at the moment, as the city is overwhelmed with a tsunami of unsold condos— buyers, it seems, are not responding to the usual tactics employed by desperate agents in order to move inventory. Prices on resale condos have dropped 12 percent in 2008. Who else to blame but Downtown Jerry Brown? The former mayor's "10K" initiative encouraged downtown development to draw more residents— turned out to be too much of a good thing. [SF Business Times]