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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.
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On May 24th the Rockford Register Star published an opinion piece by Paul Arena. He explains the impact of this legislation.
HB4768 is just another assault on housing providers. Affordable, quality housing in Illinois will continue to dwindle because of brainless anti-landlord laws.
IL’s anti-landlord laws dissuade people from becoming landlords, resulting in less rental units available. If people don’t want or can’t afford a SFH, townhouse, or condo, where are they supposed to live? This seems to be yet another example of IL causing relocation out of state, intentionally or not.
I don’t understand why this law is needed because after all if someone is unhappy with a place why don’t they simply move unless, that is, no other landlord will rent to them.
The people that write these laws obviously have never owned a rental property and have never had to deal with a bad tenant.
It is Sunday and I am off to buy a certain roller for oil based paint to seal the floors from a tenants dog that urinated through out the house they rented from me…an emotional support dog I was forced to accept because of the laws. Just another reason to sell out and move out of this God forsaken State.
Owning rental property is a pain in the ass anywhere, as I know from experience, but I can’t imagine doing it in IL, especially Chicago, with all the crap rules.
The real estate investor forums actively discourage people from investing in real estate in Chicago and Cook County. The laws here require you to rent to illegal immigrants, who have no valid identification, can’t work legally and let’s be honest here, aren’t exactly the best tenants. But you can’t turn someone down because of their immigration status. Think about that “I don’t know who you are, you have no legal right to work here, I have zero ability to collect a judgment from you if you stop paying rent, but I’m forced to rent to you.”
I’m reminded of the time my neighbors across the hall in my Rogers Park apartment in Chicago, with whom I otherwise had no problems, suddenly started allowing their (small) dog to urinate on the carpeted landing of the stairs between the 2nd and 3rd floor. This occurred fairly regularly for a couple of months. When I mentioned this situation to the landlord, she said that those tenants were retaliating against her because she was attempting to evict them. Retaliation can cut both ways when it comes to landlords and tenants, so maybe this new law, HB4768, should have a clause… Read more »
Please note: Spic and Span is the household cleaner. Spick and span means neat and clean.
The Illinois Property Owners Association has opposed HB4768, one apartment association official in Rockford writing that the law would “make landlords guilty until proven innocent.” According to the article, if an owner wants to occupy the property, he doesn’t have to renew the lease. But then he has to pay the tenant relocation assistance. What a load of crap! Profit margins are so small for small landlords, there is no incentive to rent out one unit. I was a tenant for years and appreciated the carefree lifestyle and the location and never expected anyone to pay me relocation assistance. You… Read more »