Businessman proposes renting California's public properties

A Southland businessman says he has a plan to solve California’s budget crisis. William Mundell says the state should rent out its prisons, ports, and other assets to private investors, and use the proceeds to pay down the debt and build up a rainy day fund.

Mundell told KPCC’s Larry Mantle that kind of plan is necessary as California cuts social services and education.

William Mundell: "And I think in that environment there’s a special responsibility to look more creatively at the public assets that are right under our nose."

Mundell is chairman of Inteka, an economic development firm in Los Angeles. His plan is based on one Australians used to help that country’s budget crisis.

He says the city of L.A. owns about 33,000 properties that could potentially bring in $100 billion.