213 W. Institute Place, a vintage seven-story loft office building in River North just sold for 61% less than was paid for the building in 2017. It's another data point illustrating the decimated value of office buildings as companies shedding office space have driven up vacancy and as higher borrowing costs have whittled the pool of prospective buyers. Many office properties in the heart of the city are now worth less than the mortgages tied to them, fueling a historic wave of distress.
Ted joined Shaun Thompson to talk about about the Chicago Teachers Union’s absurd new contract demands, why so many Chicago teachers are chronically absent, and Brandon Johnson’s failed first year as mayor.
What a representation of Chicago’s plight.
The bill passed despite their votes in response to certain incidents where local prosecutors are thought to have been too lenient with non-citizens assaulting cops.
The Wall Street Journal Editorial Board cited Wirepoints’ analysis of Chicago student proficiency data in their latest piece condemning the Chicago Teachers Union’s outrageous contract demands…all while a vast majority of Chicago’s children graduate unable to read at grade level.
Ted joined Tom Miller of WJPF to talk about the details of Gov. Pritzker’s proposed $52 billion budget, why the state is struggling now that federal covid dollars have run out, the controversy surrounding Tier 2 government pensions, why Illinois’ expensive education system fails to teach children to read, the outrageous demands of the Chicago Teachers Union, and more.
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In Detroit you could buy abandoned homes for a dollar! It’s coming to Chicagoland.
And the seller is nonetheless happy to get 39% back on its 2017 purchase. Think about that. Think about impending impact on residential tax burden if these many “downtown” commercial buildings sell at such significantly deflated prices.