-- Connecting the dots between our economy, government and business --
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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Well this show is come to an end for a long time. The upcoming recession will be accompanied with high interest rates and a low rate of new housing starts.
Why not create developments in which most of the units are at or above market rate but that premium is used to subsidize the below-market rate units? That way, the people who truly believe in subsidized housing can put their money where their mouths are and actually live in these properties.
Democrats, destroying every neighborhood they can except their own
: Draconian Rules And Mandates Are Not The Answer For Affordable Housing — The Answer Is Tax Incentives For Developers
Chicago keeps piling stupid layer on stupid layer on its affordable housing program. This tax break has to be paid for by other property owners, driving up rents and reducing the value of their investments.
The irony is that affordable housing is only affordable for the first owner. IIRC, the first owner can, after some time, resell the unit at market price, which of course is higher than the affordable housing price. Which creates the need for more affordable housing.