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Downtown rents have been on the rise for the past two quarters. That growth will be boosted in 2025 by limited supply — fewer than 300 new apartment units will be delivered downtown this year, the smallest amount of new apartments to be added to the market in more than two decades, Integra projects.
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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Given the number of people moving out, an unemployment rate which is the highest in the midwest and a downtown area riddled with crime, I find it hard to believe that apartments can’t be found unless someone is paying these building owners to keep apartments off the market or paying for illegals to live in them.
Wait till all those half empty office buildings are “repurposed” into affordable Section 8 housing units. I’m surprised JB and BJ haven’t converted one yet.