[mercutio2]

Yes, the Illinois fiscal situation is dramatically, vastly worse than California or New York’s situation.

[tacomonstrous]

I was referring only to the property taxes. I'm of course aware of the severity of the pension situation both in IL and in Chicago Public Schools.

[mercutio2]

The contention among some folks is that since real estate is the only captive taxation target (people, and businesses, can leave) for Chicago, the only realistic future scenario for resolving Chicago and Illinois’s pension insolvency is to dramatically raise property taxes. That, in turn, suppresses demand for assumed in-future-more-expensive real estate.

Very Georgist!

[tacomonstrous]

I understand that. I'm just asking for actual evidence of this a) happening, b) dampening current property values.

[mercutio2]

Well I, for one, grew up in Chicago, great city, but wouldn’t consider buying real estate there specifically because of the fiscal situation, so you’ve got one data point for reduced demand.

[tacomonstrous]

Okay, but I know 50 other people who have bought real estate there. We would as well, if we weren't on the East coast for my job. I don't see any indication that Chicago is cooling as a property market.