The Doom Loop in Chicago

[David Kieta]

"A “doom loop” therefore looms for Chicago and many other cities: Commercial leases don’t get renewed, leading to slashed commercial property tax valuations, forcing a higher tax burden on homes, reducing the value of nearby commercial property and so on."

The above is the most important part of this article. Every taxpayer I speak to cannot understand why they are paying more in property taxes. The "Doom Loop" explains why residents in the City of Chicago will have higher assessments in 2024. However, increases in the suburbs and outer counties are due to local government overspending.

https://wirepoints.org/new-report-chicago-by-far-the-worst-a...

[Jaron Walling]

@Scott E. @David Kieta This exact situation is happening in downtown Indianapolis. 

The city county building had numerous plans, ideas, thoughts, to be repurposed but after developers checked it out the repurposing didn't pencil out. It's better to tear it down. Instead the government is moving 550 employees back into the building. It's become a political issue at this point. These locations for growth in growing downtown cities are valuable but the costs to repurpose them is high. Regardless, I'm in the camp to repurpose buildings and make them new. 

I enjoy the character that older buildings provide. These types of projects go off with a bang in our market. People love it. Businesses love it. And it's been done multiple times.