By: Diane Benjamin
Years ago ISU decided to tear down old dorms. This led to a plethora of private companies building housing for ISU students. Buildings went up all over Normal that contribute to the Town budget through property taxes.
ISU has now decided to build a sophomore dorm. Are 2nd year kids living on the streets because they can’t find housing? If there is a shortage of housing, how do you explain this:
It’s incredible that this private business is willing to offer free housing, but why does Young America Realty have empty apartments available? Is it because there isn’t a need for more housing for ISU students?
When the ISU dorm opens how many private sector businesses will ISU put out of business? How much will Normal raise property taxes on everybody else because ISU destroyed the private rental market along with the property taxes they pay?
If ISU wanted students living on campus why did they tear down housing before replacing it? Is ISU pandering to the unions who don’t have work in the private sector because we live in slow-growth Illinois? Is ISU trying to kill capitalism after they encouraged it?
Inquiring minds want to know!
The timing is really bad for taxpayers. Pritzker has refused to fix the pension problems and instead is opting for more taxes with a Constitutional Amendment. Pension funding percentages will show a major crash after the last two weeks. The Town of Normal’s year end is March 31st, the stock market will not recover the massive losses by then. Actuaries will compute new amounts Normal will have to pay to achieve 100% funding by 2040. Only the clueless ever believed that was possible even before the crash, the chances now are zero.
Since Normal thinks pension funding can only be paid through property taxes, and ISU will put some of these private companies out of business with their dorm, the taxpayers of Normal won’t be able to afford their homes. Property taxes will skyrocket.
Hey, but let’s pass a progressive tax on the rich. You are clueless if you think the rich are the only target.
We need more “Young America Realty” types and far fewer of the others.