Number of half-empty Chicago public schools doubles, yet lawmakers want to extend school closing moratorium – Wirepoints
April 19, 2024
17 Comments
A set of state lawmakers want to extend CPS’ current school closing moratorium to February 1, 2027 – the same year CPS is set to transition to a fully-elected school board. That means schools like Manley High School, with capacity for more than 1,000 students but enrollment of just 78, can’t be closed for anther three years. The school spends $45,000 per student, but just 2.4% of students read at grade level.
Hopefully, all media will get the message, in Illinois, too.
Ted joined Tom Miller of WJPF to talk about Illinois’ highest-in-the-nation property taxes, why lawmakers don’t want to touch the tax’s cost drivers, just how much Illinoisans’ tax burden has grown over the decades, why Gov. Pritzker failed to meet his promise to reform property taxes, and more.
A property tax holiday starting now and continuing for two years after a vaccine, for all rentals. This way the hit won’t be so hard on the landlords, they will recoup the lost rent in the subsequent two years of not having any property taxes.
For each tenant that receives such a break should be an equivalent grace period for the building owner. 50% of your tenants on a 12 month break? To be fair then the owner should get the same 50% break on mortgage, property taxes, payroll tax credits & any other cost associated with operating the property such as maintenance employees. The alderman is just focusing on the tip of the iceberg here, it needs to go much further than just helping the tenant. What’ll happen if a landlord of a 2 flat has both tenants on 12 month grace period? Bankruptcy… Read more »
The building owner will file a Chapter 13 bankruptcy and spread out the missed mortgage payments over 36 to 60 months to prevent foreclosure. Unless the value of the building drops, the tenant stops paying completely, and it becomes easier for the ‘jingle mail’ which is just sending the keys back to the bank. The owner will let the bank evict the tenants who refuse to pay and refuse to leave.
Flash forward 6 months from now when renters start complaining they cannot afford their increased monthly rental payments.
Are landlords going to write up new 12-month leases for all these tenants with new terms? How will landlords collect this rent forbearance if that tenant already moved out? Will renters be motivated to break their leases immediately after this rent forebearance period as it maximizes the value of this “free” rental period?
I’m interested to see how this pans out.
How is this legal? Renter and landlord already have a contract. The City can’t impose themselves into this contract after it’s been signed.
I assume they’re going to offer the same grace period for property taxes, sales taxes, traffic tickets, city stickers, fines, etc.
Screw the Aldermen who support this. I guess the phrase “cash flow” is not in their lexicon. There are plenty of government programs for tenants who have money problems to apply to. The rental property should not have to, and was never designed to be a financing outlet for tenants. That is the governments job. Further, the Aldermen offer 12 months of relief to tenants but only 2-3 months of mortgage relief to landlords. Where’s the equity in that? And what about relief for landlords for insurance, maintenance, and in particular PROPERTY TAXES. Not a word on that from our… Read more »
Why stop with rent? People need food, gas, phones, medicines, clothes, etc; shouldn’t businesses be forced to subsidize these too?
Yes!