-- 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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This is just another tax the rich scheme under the guise of social equity. I know a developer that said he loses money on every affordable unit he’s required to build. However he raises his price on the non affordable units to make up for it. So if you’re buying/renting one of the non affordable units you are subsidizing the affordable units. I really hate this policy. If someone can’t afford to live in my community are they going to support the businesses in my community. The businesses in my community opened here because of the demographics (income). Now you’re… Read more »
There is a lot of affordable housing in Rockford. Problem is property taxes are Unaffordable here and many other places. Property taxes are equal to or a little more than the mortgage given the ultra low mortgage rates. A few years ago property taxes were close to 60% of the mortgage.
Simply stated you a paying for more than two homes while claiming ownership to only one.
This is such terrible policy. There is plenty of ‘affordable’ housing out there. It’s just not in the areas that are affordable. I personally love the Naperville/Aurora affordable housing dichotomy. Naperville supposedly lacks affordable housing, but literally 5 minutes away, in Aurora, there is plenty of affordable housing. Same for the Park Ridge/Des Plaines, Elmhurst/Maywood, Highland Park/Highwood. This is law is designed to destroy communities.