Mayor's Plan for Chicago

[Crystal Smith]

We just had one of our investor partners send us this article.  Not sure she realized that by today's standard this article from March 2013 is  old news but I thought it would be interesting to see what those of you investing in Chicago think about the Mayor's plans. How has the city done since this article was written?  Have you modified any of your investment strategies based on the city plan.  The areas include:  Bronzeville, the Eisenhower Corridor, Little Village, Pullman, Uptown and Rogers Park.

Chicago Sun Times Mayor's Strategic Vision

[Mike H.]

What I would say is that I would be very careful what investing strategies I used in the City and even in this state. There are some huge financial holes in this state's and city's budget that there is only one way they will be able to address and thats through significantly raising taxes. 

At some point, property taxes, which are already the highest in the country are going to have to go up again. Now maybe flipping in those areas might make some sense. But I would not buy and hold anything in the city of chicago knowing that the gap exists.

Its simply a state run amok by politics that has been writing checks they simply cannot cash. The pensions in this state are so riduculously generous and were created as political favors to keep the unions voting, its put this state in a huge bind.

And property tax rates in Illinois are triple or quadruple in some cases those in neighboring states like indiana - who have the same exact services as we do here.

Democrats run wild!  would make for the perfect as-seen-on-tv name for the video of how messed up this state is.  That being said, I'm not fond of either party to be honest. I think it just so happened that the democrats have been running this state legislature for years so they were the ones in control and, therefore, deserve the blame.

If you've read any of the tribune articles on pension rules here and all the scams these govt/political employees run that allow them to boost their pensions, its sad.....