Washington town where Jeff Bezos, Bill Gates live is having a budget crisis
By Katherine Lam - Published June 25, 2019 - U.S. Economy - FOXBusiness
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FBN's Lauren Simonetti on LVMH CEO Bernard Arnault joining Jeff Bezos and Bill Gates with a net worth of more than $100 billion.
Even Jeff Bezos and Bill Gates , the two richest people in the world, can’t prevent the town they live in from experiencing a budget crisis.
Officials in Medina, Wash. — located about 5 miles northwest of Seattle Opens a New Window. and ranked the seventh richest ZIP code in the U.S. by Bloomberg Opens a New Window. — said the town is running out of money to support services, including police, fire and parks. A town newsletter Opens a New Window. sent out this month is urging residents to vote yes on a ballot measure that would lift the property tax cap.
“You may find it hard to imagine that the City doesn’t have enough income to sustain current service levels, particularly in this economy. While property values continue to rise, the City’s tax revenues don’t rise in tandem,” the newsletter read.
Bill Gates' house in the Medina Area of Seattle. (Getty Images)
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READ MORE: https://www.foxbusiness.com/economy/medina-washington-jeff-bezos-bill-gates-budget-crisis
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