Thank you for posting this awful news, pherank. It's not impossible for the company to come back. The 1% are experiencing the economic renewal you mention even if everyone else is mostly left out and there are plenty of folk in San Diego who belong to that happy minority. (Y'all have fun making that drive to L.A. to catch an opera.) It's also possible that a culturally-minded local government could do something. SD isn't exactly known for such things, true, but I can envision a scenario where local bigwigs get together around, say, the building of a state-of-the-art performing arts venue, which SD currently lacks.
Of course, the habit of giving is built over time. And, as sandik notes in her post, the continuing economic malaise (which is very real for ordinary people), and cultural changes in who is giving to what also make a difference.
I hope at least something will be done for the orchestra in the immediate future.