When the pandemic hit, experts speculated office building values would decline 20%. Then the talk went to 40%. Now, it’s 60%, bolstered by the one completed sale of a downtown office property so far this year. Researchers at the University of Chicago crunched the data and concluded that a 40% hit downtown would lead to a 9% increase — $479 — in the annual tax bill for an average Chicago home.
I hate to sound like this– but I am actually glad Chicago homeowners will get stuck with the new big cost. It is time for them to start paying the bills for the fools and those policies they vote for over and over again. Maybe a few more big hits to their wallets will wake them up (wishful thinking I know). But I sure don’t feel an ounce of pity for them after the election results in the city the last twenty years.
Ataraxis
2 years ago
The “experts” can plot all they want, but the money to turn around the downtown DOES NOT EXIST. There are only two sources of money available, government money or investor money. In the past, the Chicago Dems would throw government money at downtown projects because they had the money, and a big chunk flowed back to the Dems. The former City That Works. Because the Democratic Socialists are now in power, they are only going to spend their precious slush fund, i.e., tax revenue, on far left agenda items like migrants or equity. They are surely not going to spend… Read more »
There’s no way to fix downtown without first fixing the perception of crime. And realistically, it may be too late. Lori closed downtown for far, far too long, much longer than any major city between here and the coasts. People have changed their lifestyles and moved on from Chicago.
Correct.
No large increase in the police force along with the people voting for Soros prosecutors means that it’s too late. Investors and citizens with moral values are risk averse and Chicago is going to be risky for a long time.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
I hate to sound like this– but I am actually glad Chicago homeowners will get stuck with the new big cost. It is time for them to start paying the bills for the fools and those policies they vote for over and over again. Maybe a few more big hits to their wallets will wake them up (wishful thinking I know). But I sure don’t feel an ounce of pity for them after the election results in the city the last twenty years.
The “experts” can plot all they want, but the money to turn around the downtown DOES NOT EXIST. There are only two sources of money available, government money or investor money. In the past, the Chicago Dems would throw government money at downtown projects because they had the money, and a big chunk flowed back to the Dems. The former City That Works. Because the Democratic Socialists are now in power, they are only going to spend their precious slush fund, i.e., tax revenue, on far left agenda items like migrants or equity. They are surely not going to spend… Read more »
There’s no way to fix downtown without first fixing the perception of crime. And realistically, it may be too late. Lori closed downtown for far, far too long, much longer than any major city between here and the coasts. People have changed their lifestyles and moved on from Chicago.
Correct.
No large increase in the police force along with the people voting for Soros prosecutors means that it’s too late. Investors and citizens with moral values are risk averse and Chicago is going to be risky for a long time.