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This effect, combined with the slowdown in residential transactions, is impeding property tax growth.

Smith said the decline led to a $25-million annual loss in property tax revenue, and that loss will compound over the next few years.

In the meantime, Anaheim could cash in on a nine-figure land sale, then generate property taxes and sales taxes from the stadium site.

One reason the Clarendon is still expected to produce income is that as a government agency, the housing authority doesn’t need to pay property tax.

The agency collects a $20-per-parcel property tax each year, but will have to tap into its emergency reserves to cover the first round of mosquito treatment alone — an estimated $306,000.