How Do I Buy My First House In Chicago With Poor Credit
How Do I Buy My First House In Chicago With Good Income But Bad Credit?
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How Do I Buy My First House In Chicago With Less Than Perfect Credit?
Why People Want To Buy a Home In Chicago
Why Chicago Is The Best City To Live In The U.S.
How Do I Buy My First House In Chicago With Bad Credit
How Do I Buy My First House In Chicago With Collections and Charge-Off Accounts
How Do I Buy My First House in Chicago With Good Income But Bad Credit?
Buying First Home In Chicago With Today’s Rates
Is It Wise To Buy a House in Chicago With Incompetent Politicians?
Chicago Housing Market Still Strong Despite Fleeing Residents
Both Lori Lightfoot and JB Pritzker are becoming increasingly unpopular among voters. There are many groups formed aimed at impeaching Lightfoot and Pritzker. To add fuel to the fire, Mayor Lightfoot made Chicago a Sanctuary City. Lightfoot is a proponent in providing benefits to illegal aliens when the city is flat broke. There is currently no property tax cap in Chicago and Cook County. Many Chicagoans have either fled and/or are thinking of fleeing Chicago to the Suburbs or other lower-taxed states.
Chicago Mayor To Raise Property Taxes Due To Budget Shortfall
Other governors from other states were angered at the fact they may need to bail out financially mismanaged cities like Chicago. With no hopes for a federal bailout, Lightfoot is now resorting to another property tax hike. The budget shortfall is at least $700 million. The recent riots due to the death of George Floyd did not help the city. Despite the non-stop property tax increases and political turmoil in Chicago politics, home prices in Chicago are still on the rise. This means the demand outweighs the high cost of city living with higher tax rates.
Mayor Lori Lightfoot hinted the COVID-19 pandemic had a big financial burden on City’s finances for months. She said it may affect Chicago’s budget due to a lack of revenues due to no revenues from non-essential businesses that closed. However, on Tuesday, June 9th, she had a press conference and made an announcement the city is facing a $700 million budget shortfall due to the coronavirus pandemic.
Mayor Lightfoot’s Press Conference Announcing Budget Shortfall
The city has always had financial problems but due to the demand of the economic power the city has, Chicago has pulled through on every financial setback ever since the first Mayor Daley was mayor. The city did survive the additional loss of revenues from the coronavirus pandemic and the extensive damage by the rioters. Lori Lightfoot had a press conference and released her 2023 city budget after announcing the City is facing a budget deficit of $127 million. Mayor Lightfoot was proud of the $127 million shortage in the city budget because this number was substantially lower than the previous year’s $733 million budget deficit.
Has Chicago Always Been In Debt?
The federal government did help cities and states under the CARES Act funding. Chicago received $1.1. billion in funding through the CARES Act. Under the CARES Act, 54% of the funding, $613 million, needs to be allocated to specific programs.
Chicago Mayor To Raise Property Taxes Due To No Other Options
The experience and competence of politicians and lawmakers are more important now than ever.
Lightfoot also pushed through an increase to the personal property lease tax on some computer leases of cloud software and cloud infrastructure. The city’s trigger-happy tax increases are forcing many Chicagoans to flee the city to the suburbs and other lower-taxed states. It is not just individual taxpayers that are fleeing the city.
Chicago Housing Market Forecast
Chicago will never be out of money. For homebuyers who are worried they will lose their single largest investment, their home, due to the city going insolvent and bankrupt, that should not be a concern. The federal government will never let Chicago go under. However, Chicago will be running at a deficit for a long time unless you get rid of all career politicians and get a whole new team from the Mayor to Alderman who are competent and capable or running the city like a business. Will that ever happen? In this world, anything and everything is possible.
How Do I Buy My First House In Chicago With Bad Credit?
This guide on how to buy my first house in Chicago was published on October 29th, 2022
