-- Connecting the dots between our economy, government and business --
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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That’s close to where bullets used to fly through the IIT Research Institute windows at 35th and State.
Uninhabitable within 5 years.
First all copper plumbing will go missing!
And that is why we are in the mess we’re in
They tore down an affordable housing unit to only build another one at a significantly higher cost per unit? We need a DOGE takeover. Elected officials have proven they can’t be trusted with taxpayer funds.
$785,000 per housing unit, for the City that’s broke. The former City of Big Shoulders is now the city of Big Stupid.
“Those who forget history are doomed to repeat it”
Is it “forget” or “are unaware of”? I think it’s usually the latter with Chicago pols. Either way, it’s dangerous not to consider historical events before making important decisions. Anyway, it would be so cool to have responsible stewards of taxpayer money.
that is $7770,000 per unit; how is that affordable ?
“Affordable” does not mean “inexpensive,” just “subsidized so the rent can be affordable.” Perhaps it would be more accurate to call this “artificially affordable,” unlike the “naturally occurring affordable housing” which is provided by private operators in some areas.
I do wonder how much the “market rate” units will go for.
You paid for part of it, so it was real easy to do. Nobody is buying these, the CHA is renting them at below-market rents. There is no chance to recoup the cost, and you can bet they haven’t budgeted for maintenance, so they’ll be deteriorated in no time.