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.
So these condo buildings, which are directed by a board of condo residents who know what issues their building has, defer their maintenance to the point that their neighbors now have to pay for their maintenance! A willful and self induced problem.
That’s the basic problem with condos, especially in unstable Chicago, the monthly assessments constantly go up every year, but the value of the condo does not. The lesson is to not buy a condo.