Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Who is going to move into the newly evicted houses and apartments? LOL.. They will just sit there vacant.
Not necessarily. Depends on the owners situation family member, friend, or themselves could move in. They could also sell or apartment tower operators can convert to condos.
Regardless the owner saves money not having to pay for the utilities and further, potential damage. They could still rent the place out with incentives lowering the net effective rent. It’s better than $0.
They will go back to the reality of paying the rent or be evicted. The ones to be concerned are the liquor stores.
All going to plan for the Governor?
Foreclosed assets represent a buying opportunity at distressed prices for those who have money, like Billionaire Governors with offshore investment trusts/companies
A wise man told me earlier this year this was all part of the plan.
And Illinois taxpayers will brace for massive catastrophic tax increases.
Don’t worry; no matter what happens, Illinois will always remain 1 notch above junk…