Comment by bs7280
2 hours ago
I've been saying pensions should not exist, as they are contradictory to our political system. Some politician 40 years ago can promise everyone the moon, and never force the next generation to figure it out. I'm from Chicago which has a nightmare pension system that's keeping me from ever buying a home in the city I love, because my property tax increases just go to retired people who moved to Florida.
I really appreciate this perspective as It helps fill in gaps in my mental model of where our economy has gone wrong the last 50 years. Unrelated but - I've read an interesting paper on how allowing private banks to create money has led to the infinite profit growth goose chase...
I own a house in Chicago and my property taxes are much lower than my friends in the suburbs.
I live in a working-class southside neighborhood. The people who are complaining about property taxes for SFUs in the city are people in neighborhoods with skyrocketing home values.
Those people stand to receive a massive windfall when they sell. And while it may be annoying for them if they find themselves having to sell when they didn't want to, the they're vastly better off than all then renters in that neighborhood who got priced out much faster with no windfall.
Nah. I own a property in the gold coast area, and my property values have barely changed in the last 20 years. I only see an insane increase in real estate taxes and assessments. These are the things that price renters out, plus the Chicago housing regulations that leave the landlords without any leverage under pretty much any circumstances and force the risk to be reflected in the rent. Currently net profit from rental properties in that area is close to the interest on the equivalent amount of 10y bonds, without all the headache.