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The properties are under “severe stress” due to defaults as a result of the CHA missing payments to Brinshore and deferred maintenance, Brinshore cofounder Richard Sciortino wrote in an August email. The Chicago-based national affordable housing provider is selling 20 properties across the city, or 2,435 units that include 695 units subsidized by the CHA.
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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