Orphe Divounguy, senior economist at Zillow Group: "Even a broken clock is right twice a day. Unfortunately, the prophets of doom may have finally gotten one right. While I was hopeful for a Chicago turnaround and had remained very optimistic about the metro's economic prospects, the most recent data confirmed my worst fears. It seems Chicago's population problems will continue, at least for the foreseeable future.
Orphe’s got it wrong when he states: “But while rent growth continued to cool nationwide, rent disinflation in Chicago stalled — not because of relatively higher demand for housing, but because Chicago continues to lag the rest of the country when it comes to building new housing.” When in fact rents in Chicago area going way up because we are building NOTHING compared to a Florida or Texas, for example, where rents are falling because they have been slamming out mountains of apartments, homes for rent, and new homes with booming demand for years. Here’s a redfin article from April… Read more »
“Prophets of doom have finally got one right.” C’mon, Orphe, we’ve been right year after year. It’s been a drip, drip drip of bad news for a long time, which is the way we’ve said it will go.
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.
Orphe’s got it wrong when he states: “But while rent growth continued to cool nationwide, rent disinflation in Chicago stalled — not because of relatively higher demand for housing, but because Chicago continues to lag the rest of the country when it comes to building new housing.” When in fact rents in Chicago area going way up because we are building NOTHING compared to a Florida or Texas, for example, where rents are falling because they have been slamming out mountains of apartments, homes for rent, and new homes with booming demand for years. Here’s a redfin article from April… Read more »
“Prophets of doom have finally got one right.” C’mon, Orphe, we’ve been right year after year. It’s been a drip, drip drip of bad news for a long time, which is the way we’ve said it will go.