-- Connecting the dots between our economy, government and business --
The owner of an East Loop office building where DePaul University left behind a big office during the COVID-19 pandemic is facing a nearly $62 million foreclosure lawsuit, adding to the deep pool of distress ailing the downtown office market.
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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Mayor Brandon Johnson, leading the Loop down the drain!
Like LaSalle St, it’s time to re-imagine affordable housing in the Loop again.
All of downtown will be in foreclosure soon enough. There’s such little interest in businesses returning downtown again. Especially that area of the loop, near that grimey gross McDonalds, with constant bum and homeless activity, little light, it’s very dirty and loud from the El.