-- Connecting the dots between our economy, government and business --
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/tronc/MXXE4CDMZ5C7VJPXOZBJTH3HME.JPG)
The plan, called a community investment vehicle, or CIV, is a little-used investment strategy where a group purchases a building and then usually sells ownership shares of the building to community members for a payment, often anywhere between $10 to $1,000 per month. Although the program can’t do much to stop displacement, it can allow community members to profit off gentrification if the land appreciates in value and potentially pay out annual dividends.
Summary and audio linked here.
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.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
Self Styled ‘Community Organizer’ Obama’s Public Land Theft In South Shore Threatens To Push Residents Out Of Their Own Community