News
Election Day Thoughts For CRE
November 4, 2014
Today’s the big day, sports fans. We’ve gathered some key CRE points to consider as you head to the ballot box.
AP File Photo/Charles Rex Arbogast
- Minimum wage: Both gubernatorial candidates, incumbent Democratic Gov. Pat Quinn and Republican Bruce Rauner, support increases with varying stipulations. It would certainly be a shot in the arm for the state economy, but is it enough to give wary out-of-state investors more confidence in our real estate?
- Tax hikes: Quinn wants to keep the 5% income tax and Rauner wants it down to 3%. Each option alienates someone (whether it’s the school systems or taxpayers), and the state still has to make nice with unions to solve the perennial pension crisis. (While freezing property taxes, Rauner has said.)
- Jobs: They’re really the only sure driver of CRE growth, whether it’s multifamily or industrial. Illinois saw a huge win recently with Amazon’s announcement of 1,000 potential new local jobs in the next few years, but it will take much more than that to compete with our pro-business neighbors (Wisconsin, Michigan, Indiana) and the siren song overseas.
- The vices: Each candidate is open to casino expansion, to some degree, and is unlikely to touch the medical marijuana issue. Casinos like Rivers have proven to be huge real estate moneymakers, and the early stages of the weed business are showing high cash flow retail potential.
What’s top of mind for you on Election Day? Tell marissa.oberlander@bisnow.com!
