By Mark Weyermuller -
It is clear to me that Chicago is losing jobs, residents, and businesses at a rapid pace. In a quick tour of Lincoln Park last night, I found 25 empty storefronts. The area was on Clark Street near Diversey perhaps one of the most desirable areas of Chicago for residents and businesses.
The corner of Clark, Broadway, and Diversey has four of the five corner businesses empty and for rent. Why are tenants not moving in? Each of these empty businesses also represent loss of jobs. Each new storefront would create 20 new jobs by some estimates along with new sales taxes.
I would blame high property taxes along with high sales taxes. Cook County increased the sales tax by one percent just a few weeks ago. I would argue this is to keep a bloated, oversized, mismanaged, corrupt government going. The Detroit Model is not a good plan.
Again, why are residents and businesses leaving? Another question may be is why are new businesses not opening? Some say it is high crime, poor schools and of course huge property taxes. This week the Chicago Teachers Union is threatening a strike for more money, which may result in yet higher property taxes.
The pension mess is another looming problem. There is yet another easy solution which is eliminating all future public section pensions by having new government workers especially teachers in social security and or private IRAs.
According to the last ten year census, Chicago has lost over 50,000 in population. This is shown in the closing of 50 public schools by Mayor Rahm Emanuel. The south and west sides have thousands of empty buildings now owned by the city, also now off the tax rolls.
