On the local front
, the fight over big box stores versus "living wage" costs the city jobs and tax revenue:
Crains Chicago Business reports that Target won't open stores in Morris, Antioch, Arlington Heights, and at 76th and Ashland in Chicago, as previously planned. Wal-Mart has axed stores in Aurora, St. Charles, Crystal Lake, Elgin, East Dundee and Bradley. And Home Depot has called off projects in Minooka and at 119th and Interstate 57 in Chicago.
Analysts say many consumers are financially struggling with the housing market, and that may be the reason these stores don't want to expand.
The housing market "bubble" is over played as the number of ARM's in trouble accounts for something like one-half of one percent of the total mortgages in default. If Chicago hadn't dithered over such intrusive practices as attempting to dictate a wage higher than the Federal minimum, these stores would be in place already and once there, would possibly have experienced cut backs, but most likely wouldn't have closed. As it is, a non issue - except for the massive $200 million tax hike that could have been partially alleviated by a large tax paying corporation opening stores around town.
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