“Kudos to the mayor for bringing a new approach, which her office describes as just one of her “latest efforts to support innovative business types and creative owners.” She even won the support of the Illinois Restaurant Association, which said, ‘By expanding operating hours for food trucks, Chicago is encouraging innovation while balancing the interests of both food trucks and restaurants.'”

Uncertainty over property taxes is paired with other issues already on the radar of big, institutional real estate investors. Those worries include ongoing city and state fiscal woes stemming from soaring pension obligations, as well as potential Chicago policy changes such as increased affordable housing requirements, rent control and tax-increment financing (TIF) reform. Construction costs also have been rising. “Most of our institutional investors have basically redlined Chicago,” said a major institutional investor. “They are not going to deploy capital here.”