Even Rodeo Drive is feeling the recession.
The city's tax revenues will drop by more than $24 million in the next 16 months -- the single biggest blow to the Beverly Hills budget in its nearly century-long history, Beverly Hills officials said.
U.S. & World
Local businesses have had to institute dramatic sales to stay afloat, according to CNN.
Boutique owner Parvin Yonani said she's slashed price tags by about 85 percent, selling an $1,800 pair of shoes for a meager $245.
Financial woes in the wealthy 90210 zip code show that the recession has hurt virtually all economic classes, University of California-Los Angeles economist Jerry Nicklesburg said.
"The collapse in consumption was widespread and based on a fear -- uncertainty -- about the future," he said.