-- 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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Wonder why these homes became vacant in the first place. Maybe extremely high property taxes have something to do with it. You can renegotiate the mortgage with these historic low rates if needed but renegotiating property taxes is off the table. Protesting assessment may help a little and the more that win also raises the tax rate.
They’re called Zombie Properties. The simplified history is that between about 2000 and 2008, Harvey had quite the real estate boom. Many barely qualified buyers, along with many unqualified buyers, and quite a few fraudulent buyers, bid up the value of Harvey properties to dizzying heights. The 2008 crash caused prices to decline everywhere. However, home values in Harvey (and elsewhere in lower income communities) were most based on 0 down, or low down payment, and even no documentation loans. So when the first wave of foreclosure happened, a good number of owners with negative equity made the rational decision… Read more »