-- Connecting the dots between our economy, government and business --
After trying to find a buyer for a distressed Loop office building, a New York-based lender has taken control of the property itself. A venture led by New York Life Insurance earlier this month formally took ownership of the Inland Steel Building at 30 W. Monroe St., according to Cook County property records.
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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“ Lender? Bagels?” JB was said to have asked rather hopefully.
More of this in Downtown and in the suburbs going to happen. Rents are coming down, down and down. Taxes on these building will have to be lowered. Residents will have to pay more taxes on their homes and apartments. Government spending is going up when it should be going down.
This is actually a very nice looking, iconic midcentury building, something straight out of Mad Men, although not an advertising building, but out of that era of optimism and futurism, not too unlike what the next four years of American prosperity will look like.
Agreed. I always liked that building. A great design.