>>Where are you getting this information that school districts may seriously renege on pension contracts?

Pensions are either from taxes(Now who is going to pay that on properties where people stay for free?), or from profits made in investments in larger economy. Where do the profits come from? People who borrow money to run businesses(which now have no profits, and are running on losses because people stay for free).

Read that all in reverse. The effects will be felt all over the economy.