California, home to Silicon Valley, was especially hard hit. The dot-com bubble crash wiped out $5 trillion in the market value of technology companies between March 2000 and October 2002.
NASDAQ lost 9 percent of its value in only three days. Just as quickly, the dot-com bubble burst. On March 10, 2000, the technology-heavy NASDAQ composite index hit an all-time high. They were poised for another increase, this time to $150 million, and further widening of AB2034?when disaster struck. Buoyed by those results, Selix and a coalition of advocates persuaded California legislators the next year to approve what became known as AB2034, a bill that expanded the intensive treatment efforts into 38 counties at a cost of $55 million. There were 80 percent fewer arrests, too, and the length of time that mentally ill homeless people were incarcerated was halved. Homelessness among the study population was reduced by 73.5 percent, hospitalizations decreased by 65 percent, and those mentally ill people who were hospitalized spent half as many days as before in psychiatric wards. Selix and other advocates persuaded the state Assembly that year to fund a $10 million pilot program in three counties, including Los Angeles, to test the treatment regime. The solution was targeting them with a rich array of individual and intensive services, including better case management, help in securing federal entitlements, access to medications, supportive housing, and employment. believed in 1999 that California had found the key to ending chronic homelessness among people with serious mental illnesses, such as bipolar disorder, schizophrenia, and major and severe depression. Longtime mental-health advocate Rusty Selix Jr.
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