Chicago’s finances are currently in crisis. It has been years of bad Democrat policies which have accelerated under the economic illiteracy of Brandon Johnson. They can’t even pay the retirement pensions.
The engine of growth in this country was business, but Democrats don’t trust it and see it as a cash cow. So, they regulate and tax it into non-existence.
The 21 Projects Going Nowhere
In 2021, the city’s planning office gave the go-ahead to 21 big projects in Fulton Market, to include hotels, businesses and apartments. Today, nearly all of them are going nowhere.
No one wants to gamble on what Democrats will tax and regulate next. Democrats believe taxes, regulations and big government are the answer to everything.
This is what will happen to New York under Zohran Mamdani.
The following report comes from Steve Daniels, who sits on the left-wing Chicago Tribune Editorial Board.
Interviewer: “Was it 21 projects that are slated that got the green light, and they just can’t get ready, get can’t get off the ground?”
Daniels: “By our count, yeah. Well, what …we understand is it’s really, there’s a number of reasons that developments have struggled. I mean, one of things, interest rates, financials, that people are familiar with, but that’s not what’s really holding the neighborhood back.
“It is just a crisis of confidence on the part of people who invest in these projects. And we’re talking about equity investors and real estate projects.
Interviewer: “It’s not just your old banks and institutions. They’re getting equities…
Daniels: “It’s your institutional investors that specialize in real estate financing. The banks will follow along as long as you get the equity. And so the problem these developers are having is they they’re having trouble getting the equity investments, which greater portion of what you need to finance these things is now coming from equity. Because banks have cut back on how much they’re willing to lend and percentage wise, to get a project built.
Interviewer: “So they’re not happy with the Johnson administration and his handling of city finances?
Daniels: Yeah. I mean, it’s just concern about the city’s future, like, what if we do a pro-forma based on these financials and these taxes, and then three or four years, five years down the line, we look to exit the investment and make our money back” What are the taxes going to be then?
“And right now, they have no way of predicting that, and basically assume that it’s going to be bad, and whatever pro-forma we wrote back five years ago is going to be obsolete. And essentially this was not an investment worth making.
Interviewer: “So is it property taxes they’re most concerned about even though the mayor is not proposing a hike in property taxes, but given the structural problems of the city, it would seem to be that at some point they’re going to have to go up.”
Daniels: “Right. Property taxes is a big one for sure for a real estate development, the head tax that the mayor has proposed on corporations doesn’t directly affect apartment buildings, but does make you worry about the future economy of the city, so and then whatever else would they come up with. I mean, you know, if these things don’t…”
Interviewer: “The social media, tax… the breathing tax…”
Daniels: “Too much uncertainty business of all kinds, whether real estate investment or just selling your widgets, what they want is some kind of predictability. And you’re never going to get complete predictability in any world, including the business world, but you want some sight line of sight into what the future holds, and Chicago under this mayor doesn’t give these guys enough of that.”
For anyone who still needs proof of what Democrat policies do to an economy like in the city of Chicago—look no further than @ChicagosMayor.
Back in 2021, the city’s planning office gave the go-ahead to 21 big projects in Fulton Market—hotels, businesses and apartments.… pic.twitter.com/zITotArZUu
— Midwest Millennial (@MillennialVerse) November 12, 2025
The Tribune is leftist junk with the facade of moderatism. They left out the overall problem, leftists are incapable of creating development, they do not have the ability or integrity to create growth. The left is about decline. To solve a problem, the cause must be identified. But this pin headed Tribune guy goes on that junky local Fox station… Read more »