LOS ANGELES , California ( CNN ) -- The Lamborghinis and Bentleys still cruise Rodeo Drive in Beverly Hills . Beverly Hills officials say they expect tax revenues to drop by about $ 24 million over the next 16 months . But these days , visitors to California 's most famous ZIP code are more likely to take note of the empty storefronts and deep-discount signs . Call it recession , 90210 style . Fewer sales have meant fewer tax dollars even for this well-funded city . City officials say they expect tax revenues to drop by about $ 24 million over the next 16 months . They say , as far as they know , that 's the biggest single blow to the city budget in Beverly Hills ' 93-year history . Budget cuts being considered to cover the shortfall include reducing police overtime . Extreme wealth often cushions cities , just as it does individuals , during recessions . But Beverly Hills business owners say they 're feeling the impact this time . Jordan Tabach-Bank owns The Beverly Loan Co. , which bills itself as `` Pawn Shop to The Stars . '' Since the 1930s , three generations of his family have offered socialites , businesspeople and celebrities confidential loans for precious jewels and artwork . He says now he 's giving more loans and they 're bigger than ever , including ones to local business owners needing money to cover payroll and keep their businesses afloat . `` Doctors , lawyers , accountants , '' he said . `` I recently had a hedge-fund manager in here getting a large loan on his collection of diamonds . '' Nearby , boutique owner Parvin Yonani said she 's slashed prices by as much as 85 percent . She says tourists are staying home and Beverly Hills residents are holding on to their money . She cut the price on a pair of shoes from $ 1,800 to $ 245 . `` Still I could n't sell it , '' she said . `` I paid about $ 800 . So you 're taking a loss . '' Another local business owner , Thomas Blumenthal of Geary 's Beverly Hills , said there are still signs of life in the West Coast mecca of the well-to-do . He 's had to trim some of his employees ' hours , but has n't made any other major changes , he said . `` The wealthy still have money , '' he said . `` We 're still seeing people coming in , spending money on new homes , redoing their homes , buying new jewelry and statement pieces . `` It 's just not happening as much as it was last year . '' Jerry Nickelsburg , an economist at University of California , Los Angeles , said that considering measures like home foreclosures , the downturn has n't been as bleak in Beverly Hills as other cities . But he said that in one crucial way , this recession cuts across income lines . He said a collapse in consumer spending last September has continued until now . `` That collapse in consumption was widespread and based on a fear -- uncertainty -- about the future , '' he said . `` So that really crossed all income classes . '' CNN 's Chuck Conder and Kara Finnstrom contributed to this report .
Fewer sales have meant fewer tax dollars even for well-funded Beverly Hills . City officials expect tax revenues to drop by about $ 24 million over the next 16 months . High-end pawnshop owner says loans are growing and bigger than ever . Comment: