|A statue of T. Jack Foster,|
the city's founder, stands
next to the clocktower.
Our city is not as cash-strapped as others, because the high prices and high volume of home sales have triggered the mark-to-market mechanism of Proposition 13 and resulted in a property tax windfall.
(Come to think of it, why isn’t this true of other Bay Area cities, all of whom have experienced a similar real estate boom?)