Chicago Mayor Brandon Johnson speaks at a news conference at City Hall on March 20, 2024, a day after the primary election in which citizens were confronted with having to decide on the Bring Chicago Home referendum. On the face of it, Mayor Brandon Johnson’s proposal to float up to $1.25 billion in bonds for housing and economic development makes financial sense.
So the bond ordinance, which is meant in large part to retain and build new affordable housing critical to alleviating growing housing insecurity in Chicago, represents a useful opportunity for the mayor and his progressive council allies to show by deeds, not just words, that they will adjust accordingly in the face of intense public skepticism.
Demonstrating the mayor and his allies understand the voters’ message also means being more transparent and willing to subject themselves to reasonable scrutiny from aldermen not on board the progressive train. Johnson didn’t help his cause byto require City Council approval of expenditures of more than $1 million from the $250 million in unspent federal pandemic cash as of the end of 2023.
An underappreciated risk to bond financing and the ensuing large bucket of money — and $1.25 billion, to be spent in increments of $250 million annually over five years, is a lot — is that the investments become too dispersed so that their impact within specific communities is relatively minimal.
Source: Real Estate Daily Report (realestatedailyreport.net)
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