Crime Isn't the Only Thing Driving People Out of the Cities

Taxes are going to kill Chicago financially. But then maybe that is the plan. Family's Chicago property taxes increase 440 percent, putting their small Lincoln Park apartment complex in danger of bankruptcy - ABC7 Chicago

Merry Christmas, from the City of Chicago and Cook County.

He and his mother own the 10-unit Lincoln Park apartment complex. Last year's tax bill for all 10 units combined was $23,674, but now the same 10 units are $128,282 dollars this year; up 440%.

"I was outraged. These are basically simple one bedroom units for college graduates who work downtown," added Markellos.

Of course property taxes are not the only bill. If he has to raise rents to cover this - which he will - people will move out. And since it seems that all landlords will be in the same boat, they won't have any choice but to leave Cook County and Chicago. Some will probably search for jobs outside of Illinois.

Chicago has a problem. They have promised gold-plated pensions to city workers, cops, the fire department, whoever, for decades, but they haven't been funding those pensions. Now after decades, the bills are starting to come due, so they raised the rates. And then they played other games, like what happened here, to raise taxes without actually changing the rates, only how the rates were applied, to increase tax revenue.

But when everyone who is gainfully employed moves out the city, the city won't be able to provide for those pensions or for more everyday services.