Comment: Poor Greg Hinz. He’s back to his “sky isn’t falling” routine.
Of course Chicago is not Detroit. So what? That doesn’t mean it won’t go bankrupt. There’s a whole lot more to it than property values. Here’s the all-important challenge that neither Mr. Hinz nor anybody else will take up: Describe the tax increases that would be necessary to put Chicago AND its overlapping municipal layers of government (that’s key because they are all bleeding red) on a sustainable path. If you can’t do that you have no business saying the sky isn’t falling.
And a reminder of Greg’s acumen from an article of his last year about Chicago’s property tax increase: “At least the city finally is dealing wholly and completely with the problem—or so it appears. No more negotiated deals (like with police sergeants) that fell through. No more assuming Gov. Bruce Rauner and the General Assembly will act… No more funding of pensions at less than the actuarially required level.” Yeah, right.