Here’s the evidence—in case you needed it—that downtown’s been seriously damaged – Crain’s*

Plummeting numbers for home buyers as well as renters for both apartments and office space are sounding the alarm. "The pandemic, crime and lingering concerns over the city's and state's financial health have combined to form a toxic triple-whammy that threatens to have a lasting impact on the economic viability of the Loop and its perimeter."
11 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments
Poor Taxpayer
3 years ago
  • Home sales in some parts of Florida have more than doubled since the pandemic 
  • Roughly 950 move to Florida a day and many come from high-tax Northern cities.
  • In Palm Beach County new single-family home contracts over $1million saw a 268% increase compared to last year 
  • The wealthy end of the market swelled ‘across the major markets of South Florida’ as well as Tampa and St. Pete since the start of the pandemic
  • Experts say many people are still moving to the Sunshine State fearing that a second wave of COVID-19 could hit with flu season 
James
3 years ago
Reply to  Poor Taxpayer

I hope their romantic idea of winter living in the tropical areas of southern FL are still with them in the truly hot, humid climate of the other three seasons. Southern FL in particular has its attractions, but it has detractions as well as all “paradises” do. The taxation side of it is much better at the present time and for the foreseeable future, but don’t discount the possibility that could all change as political winds shift. But, I do grant you that IL residents who choose to do that move are giving up what surely are heavy-lifts here for… Read more »

Platinum Goose
3 years ago
Reply to  James

Southern Florida can be a bit rough with the heat and humidity. You get about 3-4 good months there and about 3-4 good months here. I was talking with my accountant and he said some of these states that are seeing a large influx are considering taxing pension income.

Poor Taxpayer
3 years ago

The 2020 Miami Report released this summer states that an average of 950 people move to Florida every day and a majority come from high-taxed areas like New York, Boston, California and Chicago, according to the New York Times.

Florida residents pay no state income or estate tax and receive a homestead exemption of up to $50,000 on a primary resident and a three percent annual cap on home assessments.

Chumpchange
3 years ago

No one wants to live where it’s unpleasant and Chicago has been made unpleasant in ways not previously seen. People now see how autocratic Dem politicians can become. They will kill citizens’ livelihood on a grand scale for potential political gain and control. The last several months have also shown how irrational their fellow Dem voting neighbors can become and how their natural impulses of telling people how to live create suffocating environments in all aspects of everyday life. Any venture out in public is an opportunity for confrontation with the government or fellow citizens as you’re told how to… Read more »

Governor of Alderaan
3 years ago

I’m sure higher taxes will fix the problem

Poor Taxpayer
3 years ago

Kiss the Scity Good Bye.
Let all the cops, teachers and firemen live there.
DOA, a goner.
Illinois “Land of Slavery”

Old Spartan
3 years ago

Just talk to people in the suburbs– it is stunning how many people have not been downtown in months– many since February or March for any reason. Not to work, shop, have dinner, attend an event. Nothing. And if they saw it in person like I did last week even months after the riots and looting, they would be even more stunned. And I would add one more negative factor to the triple whammy– the City’s total failure to develop and publicize a plan to turn it around. I agree with NIxit– perception is reality. And the perception around the… Read more »

Lyn P
3 years ago
Reply to  Old Spartan

Leadfoot will be heretofore known as the Demon Mayor who brought a beautiful city DOWN in less than one year. Covid19 lies bringing desertion of businesses and culture, followed by infiltration of deviants previously buffered out, leading to unstoppable economic and social decay.

As one who experienced decades of beautification and building up, esp. the last 25 years, it is utterly catastrophic.

Best wishes to all who’ve not yet found their escape hatch.

Platinum Goose
3 years ago
Reply to  Old Spartan

My wife and I have not been downtown since December. We’d typically go very other month or so for shopping or dinner. After watching all the riots we’ve decided our personal safety is more important. We have everything we need in the western suburbs. If we feel like getting away we can safely go further west, north or south for a night out. Once the covid restrictions ease up we’re going to do some trips to areas we’re considering moving to. Our exit date keeps moving up.

nixit
3 years ago

Perception is reality. The uncomfortable question no one wants to ask: Do women, particularly professional white women, feel safe in downtown Chicago? They’re the backbone of Chicago’s economy and social scene. Does spending the past 6 months vilifying and Karen-izing them make Chicago more or less desirable?

Rentals will eventually rebound because there are always young professionals that want to test drive city living without the long-term financial investment a condo requires. They can pick up and leave if things get worse. I wouldn’t want to own a city condo right now.

SIGN UP HERE FOR FREE WIREPOINTS DAILY NEWSLETTER

Home Page Signup
First
Last
Check all you would like to receive:

FOLLOW US

 

WIREPOINTS ORIGINAL STORIES

WE’RE A NONPROFIT AND YOUR CONTRIBUTIONS ARE DEDUCTIBLE.

SEARCH ALL HISTORY

CONTACT / TERMS OF USE