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In your blog post, you mention that you are doing all this in Homewood, IL which, while declining a bit from the time when you grew up, is still a pretty nice p

by OldHand2018 6y ago

In your blog post, you mention that you are doing all this in Homewood, IL which, while declining a bit from the time when you grew up, is still a pretty nice place. With a commuter train connection to one of the largest business districts in the US, there are still tons of ambitious and motivated people around you. Your local high school is shared with the much wealthier city next to you, etc. I don't think the person writing the comment was imagining this kind of city. Good luck reversing the decline of the South Suburbs. It will take a lot of work. The largest problem, in my opinion, are the oppressive property taxes (municipal consolidation is probably the only solution). Do you really think that someone can live comfortably down there for $20-30k per year? Or are you talking in terms of founders that have plenty of capital and only need $20-30k in living costs? I really don't think it's that cheap...

eldavido 6y ago
Much bigger conversation I'm happy to have off-thread (email me). I agree with everything you've said. I own an apartment building and the rent on a 1BR close to downtown is $875/month. Mind you, this is 2 blocks from a commuter rail station in a reasonable building that includes water and parking, in a city with a great park district, good schools, and plenty to do. I didn't say you're living high on the hog--you're getting by. The household median income in Homewood is 57k. It's no Palo Alto, just a relatively modest town with reasonable local government and people who seem to care a lot. I like this. Illinois is clearly on a fiscal crash course. I have no doubt about that and now that the fair tax was defeated at the ballot box, it's going to accelerate the insolvency. The state needs to get its pension obligations in line with its funding levels. Obviously that's going to take a decade. But I'm pretty convinced that this state's strengths (Chicago, great universities, lots of competent local governments) could make it bounce back. Especially seeing the direction a lot of other states like California are going, or San Francisco, a city that can't seem to balance its $13 billion annual budget after it increase 50% in the last 5-10 years. Any idiot can run Palo Alto, where the median household income is $140k. It takes a lot more to make a city with about 60% less income function.

eldavido 6y ago

Much bigger conversation I'm happy to have off-thread (email me). I agree with everything you've said. I own an apartment building and the rent on a 1BR close to downtown is $875/month. Mind you, this is 2 blocks from a commuter rail station in a reasonable building that includes water and parking, in a city with a great park district, good schools, and plenty to do. I didn't say you're living high on the hog--you're getting by. The household median income in Homewood is 57k. It's no Palo Alto, just a relatively modest town with reasonable local government and people who seem to care a lot. I like this. Illinois is clearly on a fiscal crash course. I have no doubt about that and now that the fair tax was defeated at the ballot box, it's going to accelerate the insolvency. The state needs to get its pension obligations in line with its funding levels. Obviously that's going to take a decade. But I'm pretty convinced that this state's strengths (Chicago, great universities, lots of competent local governments) could make it bounce back. Especially seeing the direction a lot of other states like California are going, or San Francisco, a city that can't seem to balance its $13 billion annual budget after it increase 50% in the last 5-10 years. Any idiot can run Palo Alto, where the median household income is $140k. It takes a lot more to make a city with about 60% less income function.