Given where Chicago is right now this new stadium proposal is a bad idea and a bad deal – Wirepoints on The Chicago Way with John Kass
April 26, 2024
11 Comments
Ted was on The Chicago Way with John Kass and Jeff Carlin to discuss the proposed $5 billion lakefront stadium project proposed by the Chicago Bears & Mayor Brandon Johnson, why Chicago is struggling compared to other metro areas across the country, why the city might or might not go the way of Detroit, and more.
Some Illinois lawmakers continue to deny that covid aid and other federal stimulus bailed the state out of its fiscal mess. But a look at past and projected revenues from COGFA shows just how much the bailouts blew out the state’s revenues. And now that they’re over, how much harder it will be for Illinois revenues to grow.
Election integrity – both real and perceived – is essential to government’s legitimacy and stability. Illinois, like the rest of the nation, better fix its problems now.
Ted joined Dan and Amy to talk about Chicago’s latest bond offering, why Chicago’s dismal home value growth is due to poor policies, the next $70 million to be spent on migrants, the 9% salary hikes demanded by the CTU, and why Illinois lawmakers voting to stop Chicago’s selective enrollment schools from being closed is hypocritical.
Weekly crime statistics from the Chicago Police Department: Report through 4/21/2024.
Instead of promoting affordable housing he should talk about affordable property taxes. In Belvidere property taxes are still 3% of value depending on deductions. My home value on my rental went nowhere since 2002. I have paid more in taxes since then that the house is worth now. Half or more of my rent income has gone to taxes now add insurance/mortgage/upkeep/etc and it’s not worth it. My tax % of home value is almost 6 times higher than Colorado and 4 times higher than AZ.
Talk to your local politicians. They are responsible for most of the tax on your tax bill.
I do on a regular basis. I was in his office so many times talking to the aides he wanted to know if I wanted a desk. I said Sure. My local rep is on the property task force but problem is he is R. None of my ideas I submitted to him of which he liked a few went anywhere in Springfield. The Dems did not look at any of them from him or others. Never reached the house floor. It comes down to the local school districts. Belvidere built a new 2nd high school which after building it… Read more »
I’ve done the same thing Freddy until I’m blue in the face, in one ear and out the other they don’t give a shit, when they see me coming at the assessor’s office they run and hide.
So local leaders convinced the local voters that a second high school was needed. This sounds like a local voter problem.
Absolutely it was. The need for a new school was not warranted but the reasons were addressed to those with kids. This is like the Hononegah school district dome collapse caused by an ice storm. The dome was insured and would have cost very little instead school officials decided to build a larger structure at a $44M cost. The dome was less than $2M and insured. People voted down the $44M proposal and settled for one $17.8M
https://www.mystateline.com/news/one-year-since-hononegah-dome-collapse/
Fred, I expect the next downturn to wipe out mom and pop landlords. Illinois real-estate will become a financial hot potato with nobody wanting to get stuck holding it. The reason everyone will be selling is the flipside of why nobody will buy. Look out below.
On the bright side Belvidere may take your rental off your hands to house illegals. If you’re lucky you’ll receive enough to move out of state.
The state’s difficult landlord/tenant laws aren’t helping either. The landlord/tenant laws have become so confusing and onerous that the average mom and pop landlord can’t keep up with them. Landlords can’t discriminate against tenants for almost any reason except poor credit. You can’t discriminate against illegal aliens any more, even though they are the least likely to pay, the most likely to default, there is virtually no legal recourse except eviction. The unintended consequence is that the small landlords can’t screen for bad tenants anymore and they get wiped out by bad tenants while the larger operators can absorb the… Read more »
It may be worse than that for commercial properties soon. There is still a demand for homes but the huge property tax burden will hurt the market in our area.
https://www.yahoo.com/finance/news/billionaire-ceo-sees-1-trillion-212035854.html