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Cerritos, California is a notably affluent city located in Los Angeles County. It was formerly known as Dairy Valley. Similar to the city’s propensity to flip-flop between names, it maintains several nicknames and mottos. The nicknames include The Geographic Center of Southern California and The Freeway City. The mottos include “A Prestige Address,” “A History In Progress,” “Progress Through Commitment,” and “A City With a Vision.” Unfortunately, many have not been progressing along with the city’s vision, nor feeling very prestigious. Many Cerritos bankruptcy attorneys report working with a much larger number of clients than in years past.
The reason many are turning to Cerritos bankruptcy lawyers is largely related to a discrepancy between the real estate costs and the median household income. During the housing market rush of the mid 2000s the prices increased by as much as 20% each year. Many purchased properties that they couldn’t truly afford in an attempt to flip a profit. When the market crashed, the business picked up for Cerritos bankruptcy attorneys.
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Today, the largest providers of revenue for the city are retail sales tax and the interest gained from the general fund. The largest employers in the area are the Cerritos Industrial Park and the Lose Cerritos Shopping Center. Combined, they employ more than 10,000 residents.
The Cerritos Towne Center is another important aspect of the city’s economy. It combines the regular traffic of hotel and office locations with retail and entertainment businesses, creating a virtually self-sustaining economic ecosystem. The center also houses the Cerritos Center for the Performing Arts. It was a planned venture, originally opened in 1971. It has five anchor stores and 180 additional smaller stores or service businesses within the complex.