Santa Margarita Co. Lays Off Workers

Underscoring the impact of the construction industry’s financial crunch, the Santa Margarita Co., owner of the 40,000-acre Rancho Santa Margarita, said Wednesday that it has laid off 22 employees, ranging from clerical workers to a vice president.

In November, when employment was at a high of 132, the company also laid off 22 employees. In both cases, company officials said the lack of financing for builders to whom it sells land has caused a business slump.

Santa Margarita’s woes are symptomatic of the situation throughout Southern California. Most recently, the Irvine Co., the county’s largest land developer, laid off 60 employees and blamed the action on “a punitive real estate credit crunch.”