Time-Out on TIFs

We are now to believe Chicago's financial district is a "blighted area". While some on the anti-capitalist Left may look at it that way, most of us wouldn't term it that, (and hey, I kinda like Opera!), except for maybe City Hall. Tribune editorial:

Cook County Commissioner Mike Quigley calls TIFs "hidden tax hikes" because they force other bodies to raise taxes to offset their losses. Quigley wants the General Assembly to declare a time-out on TIFs so it can study how they are working. He wants reforms that will ensure TIFs are limited to blighted areas, as intended. And he wants more checks and balances, so cities can't paper over the entire map with TIFs at the expense of other local governments. He is right on all counts.

And others have questioned the success of TIFs, in Chicago and elsewhere, when you drill down to the real economic costs.

Related posts here and here.