Arizona legislators, desperate to avoid raising taxes, float the idea of selling government property — including legislative offices — and then renting the space from the new owners. The goal would be “a fast infusion of as much as $735 million” to the state’s coffers, according to the report in the Arizona Republic.

The plan is for the state to eventually regain ownership of the properties, but only after investors in the properties enjoy a nice return from the state’s rental payments. All of this assumes, of course, that the state will be able to keep paying the rent.

Like Massachusetts and almost all states, Arizona is constitutionally required to balance its budget, but it’s hard to see how mortgaging government property is all that different than running a deficit during an economic downturn.