-- Connecting the dots between our economy, government and business --
The office portion of a 52-story building at 330 N. Wabash Ave. was recently appraised at $208.5 million, down nearly 62% from its estimated value less than three years ago,
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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Mail the keys to the bank and let them have it, it’s over Chicago is never coming back.
Thanks Dems
That’s some pretty pricey Section Eight housing Johnson is bucking for.
These kind of drops in market value in just a few years are scary. What a lousy place to invest.
To be fair the commercial real estate market was pumped up just like the housing market was back in 2006, nothing solid was justifying the asking rents and property prices precovid, it was going to collapse regardless if the fake pandemic happened or not.
And going lower, much lower.