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Local politicians and developers struggle to revitalize the city’s office district
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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And the answer is: The higher the fewer.
It is only a blood transfusion to try and save a dying patient.
It will be dead town soon enough.
Who wants to bet that Pritzker w ill not bring this issue up in his speech at the Democrat Presidential Convention?
Have to wonder how long these conversions will take for things like reconfiguring centralized plumbing to a distributed system that accommodates 1000 apartments with more complicated water and sewer needs? Probably years. Then, will the cash flow from the apartments (1/3 of which will be Affordable Housing) enhance property values by meeting or exceeding the income from the former commercial tenants? Probably not. Will the eventual new tenants be the source of a cultural revival of the once vibrant “Canyon”? We can only hope the money doesn’t run out first.
It’ll be a squatters paradise within the next decade. It’s been decades since Chicago has had a real, bonafide ‘Skid Row’ but that’s what the LaSalle St canyon will become.
The Projects seem to be another combination of misguided social reengineering, developer avarice, and an opportunity to repay political donors and allies. The article doesn’t provide any meaningful evidence of real potential for significant economic or cultural benefits. Your scenario could easily result given current trends.
I’m not sure its even misguided. Misguided suggest some level of civic pride and sense of duty to make Chicago better. This plan is purely looting the city treasury to pay off developers and give the progressive voters something for free. When it is complete, if it ever gets completed, they’ll say “look at this nice thing we wrecked, what’s next?”; and how will Google feel about having its new Chicago office gem located right next to affordable housing?
That’s not a healthy environment to envision. Google workers making well into the six figures near the affordably-housed residents making in the mid-five figures. There would be around a 3-5X income disparity. Let’s do lunch!
Lets see, high taxes, high crime, floods of illegals selling candy bars, getting absolutely nothing for your extremely high taxes, doesn’t sound very appealing to me
Who in their right mind would want to be in a crime ridden sh*thole, thats why more and more businesses are leaving the downtown and Chicago for other red states, because libtards refuse to admit and address the “actual” problem and never will
Once La Salle Street is pedestrianized with new housing and connected to the River Walk it will catalyse the revival of the Loop as a 24/7/365 community. This inv estment is well worth while. The Loop has the best architectural bones of any CBD in America and what is required is bringing in housing and pedestrian infrastructure. We have seen this redevelopment strategy work in small scale in places like Santa Monica’s 3rd St Mall and Miami’s Lincoln Road. This is a far better use of city money than new football or baseball stadiums. Chicago has one of the brightest… Read more »
Downtown Johanesburg was ‘pedestrianized’ after it’s crash too, but just not in the you are suggesting. It might be more like squatters settlements teeming with afterhours vice than a thriving upper middle class urban center…
I don’t think so, but you do you.
LOL!!!!!!!!!!!! It will be Housing Projects Part Deux. It will be a low rent $hit show with no residential infrastructure like parks, grocery stores etc.
If the government runs this, it will be a disaster. If they hire non for profit, it will be a disaster.
https://americanaffairsjournal.org/2024/05/the-nonprofit-industrial-complex-and-the-corruption-of-the-american-city/?utm_source=substack&utm_medium=email
Putting more affordable tenants downtown won’t help the problem. They don’t support retail, restaurants, sporting events or bars. It is total waste of $150 million. The City would be better off using the money for cutting property taxes, adding more cops, locking up repeat offenders and cleaning up the downtown CTA facilities. That would encourage businesses to stay there and partially entice more workers to come back down. This program does nothing to help business, encourage workers who have disposable income to come back, or make casual visitors feel safer. It is a totally screwed up policy that amateurs have… Read more »
Yep, it’s never good for a municipality, county, state, business, etc. to have leaders in place lacking the required skill sets to do the jobs effectively. At least in the private sector, you can right the wrong by quickly replacing the ineffective manager in question. The ineffective manager can then “grab some bench,” to quote Hawk Harrelson.
People in affordable housing have incerased discretionary income because they are paying less rent. This is the redevelopment model for the entre Loop. We have seen this strategy work in Fulton Market where property values have spiked. Once it get’s underway and the pump is primed government subsidies won’t be needed because the market will take care of the rest. Then the problem will be, gentrification, not enough housing and high rents. It’s the reason why Google bought the Thompson Center and is paying $280,000,000 to renovate it.
“People in affordable housing have incerased discretionary income because they are paying less rent. This is the redevelopment model for the entre Loop. ”
Listen to yourself. Poor people with subsidized rent are the key to revitalizing the most expensive and highest cost of living neighborhood in any direction for 1,000 miles. This is delusional, completely delusional. That you Brandon?
Can’t be Zippy way above his mastery of the English language. If it said” chump don’t want no help, chump don’t get no help” I might agree it was Zippy.
I wish you were right, but they don’t have extra discretionary income. If you look at the current HUD?IHDA schedules, depending on whether tenants are “low” or “very low” income, and depending on how many family members, the income limits vary currently between $30,000 and $88,000 for a family of four. The max they pay for rent is 30% of that. You aren’t eating out a lot downtown, buying clothing downtown, or going to theaters and other entertainment with that level of income. And it’s a long discussion as to why Fulton Market has taken off (like some other unlikely… Read more »
The course is set I have seen it myself in the early 80’s in Detroit. That town was great but slowly the same problems came to light and the downwards spiral started.
The same thing is happening in Chicago
Only taking longer because their are more
People here. The next headquarters to
Leave will be MacDonalds they realize that they should have stayed in Oak Brook.
A recession or depression will push it faster to catastrophic levels.
See Old Spartan, you’re missing the point, they are intentionally destroying the downtown because of waycismmmmmmm lol and the idiots in Chicago swallow that sh*t because they are brainwashed and are a disgrace to their ancestry and blood lines. They are going to put all the illegals downtown, just watch; another libtard city bites the dust….just wait till Chicago goes completely bankrupt and the pension goes bankrupt, then the real fun begins lol