The Coming Business Exodus
Some of our readers looking at the Big Picture:
- There is already talk among the insurance industry of dramatic increases in premiums for certain 'progressive' cities across all categories of insurance. Business Owners Policies (which cover vandalism/theft etc of property) will almost certainly see premium increases of between 100% - 500% over the current rates for Chicago.
A couple insurance companies are planning on pulling out of the Chicago market all together because of the constant wilding's and the constant payouts for damages cutting into profits. Any company that remains is going to change their policies to make it incredibly harder for business owners to get reimbursed for damages caused by criminals.
It's going to get a whole lot worse before it gets better.
It certainly is.
Labels: from the comments, money questions
posted by SCC at 12:01 AM
83 Comments:
Good! Finally this will impact these Marxist leaders we have financially when everyone starts leaving. Too bad by then it will be too late to recover. But hopefully it will force them into a position that will let CPD do what needs to be done to protect some of these businesses. I been saying this for years .... when are these businesses going to start to push back looks like their being forced to now.
This business model is "RACIST!"
And the same insurance policy chnges will be applied to commercial policies in the small towns and cities of red states.
We will get screwed by the Democrats.
The Business Exodus
The Corporate Exodus
The Taxpayers Exodus
HELLO DETROIT CITY!!!
If only this would happen it would be sweet to see who Larry blames for it.
Insurance companies can't raise their premiums because of rioting and looting.
That would be racist.
BLM and Antifa just need to call them out on their disgraceful behavior. Insurance company execs will soon be apologizing, washing the feet of felons and readjusting their rates down wards.
Not to worry. The businesses will just pass their costs on to you, the consumer.
rb
Chicago is gonna add an insurance tax now... and a tax if you use your insurance is used to repair your property. It the gift that keeps on taxing
How much longer are the good people going to take it? This shit has to stop.
The solution is to chase Groot out of the mayors office. She has to go.
Fuck this ghetto city.
Not exactly a business friendly environment.
How many of the roughly 50% of bars without a food license, shut down for a second time, will reopen?
These asshole politicians are flying this city right into the ground.
An exodus? It's gonna be a three-Groot reckoning. Remember that most (sub)urban American office parks are still sitting empty because of teh 'rona, draining money from already struggling businesses whose executives desperately want some cost cutting to spice up the shareholder calls, and no sane person expects the situation to change any time soon. Older, mission-critical staff have been talking to their bosses about whether it will ever make sense for them to return to a cube farm, partly due to health reasons and partly because they enjoy the freedom of remote work. Also, I get the impression from talking to some of the locals here in Minnesota that the Sack of Minneapolis has a lot of taxpayers seriously worried about the future. It's a perfect storm bearing down on the Dilbert way of doing business that's been propping up shitty cities since manufacturing bailed out in the late 70s.
Dollar Stores coming to the Mag Mile within the next few years.
Boul Mich will be a memory of a Chicago we once knew.
Ill occasionally recall those memories whilst living somewhere else.
Doesn't help when the Mayor's pet protesters block the streets and prevents customers from visiting your stores.
How many that were turned away by the sit in will say enough is enough and never return?
One?
Five?
A Dozen?
So these insurance companies are not gonna buy it that these asshole were peacefully protesting...
Hey Groot can you reimburse a business if the insurance companies dont back the claims? its is peaceful democracy that is going on in Cook County
Yeeeeeeeees. Now pull out of oak street and Michigan ave
How could anyone vote for these Democrats? Not only are they endangering us with the out of control crime, their corruption, but they are also destroying us financially.
Hit 'em in the wallet.
The business owners will understand that.
City and state gov, not so much.
I think that is Trump's problem.
He is used to business negotiations.
Most businessmen negotiate in good faith because it would be a waste of time and money to do otherwise.
Congress critters , both dems and rhinos, have nothing but time and other people's money.
I've heard people mention that "big business" can afford the damage because they make huge profits. Wait until working class people who own homes and vehicles receive your next insurance premium. The cost of all the damages will be factored in to your next increased premium and losses from urban unrest will not be included in the updated coverage.
You must love the democrats who seek re-election. So many dummies are for change. Possibly both hope and change to be correct. Pocket change. That's what will be left after businesses and government pass onto the consumer these billion dollar losses incurred during the democrat sanctioned peaceful protests. Productive people will once again get the shaft. So many of the looters will have the last laugh. Your government pays them well for a lifelong career of crime, non contributing lifestyles and anti-social behavior. Working chumps will pay the freight as always.
But their rich! They own a business that they worked hard for, that makes them rich and they can pay the money.
What is this asswipe of a mayor going to do when the businesses begin to close, taking their tax dollars with them? And the jobs lost because of the businesses closing, more tax dollars lost? And the tourists stop showing up, more tax revenues lost? And the tax payer that live in this shithole flee, taking our tax dollars with us? What’s left is now Detroit, and this POS will be scratching her head wondering what happened, and be asking for help from the federal government, and the feds will give a big F you right back at her!
Wow that will be the true beginning of the end of Mag Mile and anything else nice in the city.
Only a fool or a idiot would buy a house or open a business in IL. ....what a shithole it has fallen to.
Groot has s going to need some extra heavy duty knee pads to prevent the insurance companies from doing this. Will mean a end to any decent business s operating in entire city. Deductibles going way up and premiums skyrocketing. LOL when she threatens the insurers and finally tells them she doesn’t need them anyhow. Who would have thought in less that 2 years she Would turn Chicagoi into a third world city. Nice going you little Turd.
Bet her new neighbors can’t wait for to arrive and bring needed change to their quiet neighborhood. A new day is about to dawn on the NW side of Chicago. Once the rats infest an area there is no way to get rid of them.
ONLY 1 person gets the blame for that...Groot!
Why would they stay, if they press charges they are racist, if they stay they are taxed into oblivion. They will blame COVID and not the progressive policies of our local government. If they offer a local trip to their employees its more like a death sentence. They ruin everything.
What's the big deal with changing some business on the mag mile to a hoochie nail salon, more liquor stores and have some diversity with Arab and Korean stores that sell almost everything a person needs and accepts the link card. The liberal democRAT wanted the CHANGE. HEHAW
I’m sure somewhere, somehow this is racist.
7 or 8 years ago some, if not all, insurance companies stopped issuing constructions insurance on the west side. Every time contractors left for the the day, all the plumbing and whatever else that could be sold at a junkyard was gone. Not to mention the insurance fraud that was going on. The companies just said , "nope, not issuing policies" in certain zip codes. It's not out of the realm of possibilities that they could do the same downtown. Who the f*ck goes downtown anymore except clueless tourists?
I recommended a long time ago that the city stop permitting the junk yards from doing business within the city limits, either by not renewing licenses or whatever. That is where pretty much everything in the city that's stolen ends up. Bikes, scooters, copper plumbing, wiring, air conditioners, you name it.
So if you want to rehab something on the west side, you're on your own.
The only businesses that will stay open are gym shoe stores and restaurants without chairs that serve you thru bullet proof glass.
Again, any businesses struggling downtown, if you don’t want to leave the city, find the most cop dense neighborhoods you can. Move there. There are always empty storefronts. Cops will be happy to do their eating & shopping closer to home, be happy to see their neighborhoods improved.
They will have to limit patrons, perhaps by becoming private "Buyers clubs" like Costco, and limit entry to people who have accounts there. No more open doors. Show your card, get scanned and only one guest during your visit. Buzz doors in and out.
Any bets the mayor will blame President Trump and the republicans for the businesses leaving and insurance premiums going up
If you don't believe that this is all planned for one purpose, I don't know what to tell you. It starts with driving out the business's and law abiding. Then it moves to decreased property values, then a certain peoples buy that property at deflated prices, then they start cleaning up the crime, then property values increase.
It's legalized theft...
Since every Democrat failed Econ 101, this will fall in fear ears.
Now, kees me you fool!!!!
Not to worry, Groot will shake the magic money tree and subsidize the premiums to keep them in town as long as the stores continue the "no prosecution" policy
If you live in Florida you will pay through the nose for home owners insurance because of hurricanes.More claims and damage, higher costs. So, it stands to reason that if you live in an urban area with much property damage from thugs the risks are higher and so will the premiums. Remember what the mayor said after she let the thugs destroy downtown and near North, "the insurance companies should hurry up and pay up". People who live in flood zones were getting federal flood insurance subsidized by all tax payers. So rebuilding every few years did not cost them much. When that federal assistance dried up , the people moved.
Include the Convention and Trade Show exodus. All of those new Hotels built around McCormick Place will be empty for many years.
The massive Pack Expo show is scheduled for November of this year at McCormick Place. The show managers are still waiting for an answer from Lighthead and Governor Fred Flintstone to green light the event. 50,000 visitors and exhibitors were expected. Not sure how many will show up with the riots still happening every night.
Maybe it’s a plan by the Soros family to get more customers for their “Progressive” insurance? Old Flo just ain’t doing it anymore.....
Chicago will become a ghost town.
This may force businesses to demand that criminals be prosecuted in order to keep their insurance policies.
Then we have to look at the pre-riotous conditions worsened by Groots stupidity. Covid hits everything closes downtown and that forced companies that have the ability for employees to work from home do so. This lasted months and many companies figutred it out and functioned. Smart people who run these companies came to a realization that , "Hmmm, why are we spending $$$$$ on stupid leases downtown when it's WAY less expensive to lease a small office space anywhere and have the bulk of the workforce WFH?" No company employees to pay for morning coffee, none to go out to lunch or after dinner drinks downtown. Looks like Groot is gonna have an issue unless she can make it safe to at least own a drugstore downtown.
The company I work for rents 2.5 floors in an office building in the loop. 5 years ago it was 5 floors. We have relocated half of our Chicago staff to other of our locations in NWIN. I am very vocal to our leadership to move the rest out. It is becoming a safety issue. Once things open back up after Covid (for those of us following the guidelines), people have said they will not commute into the city, or take public transportation Friday’s or as dusk falls upon the city. The lease is up at the end of 2021. My guess is that we may be paying for empty space before the end of the year. Other tenants in the building do not feel safe as well. Prior to the outbreak, occupancy rate in our building was 90%. Bet that drops below 50% if things don’t change with the administrations approach to the violence plaguing the city.
The insurance industry is a business that gambles on not having to pay claims and in progressive (Democrat run cities) a ton of claims were paid, after the arson, looting and peaceful protesting (violent rioting), by insurance companies that will have to increase premiums for property damage insurance by 100% to 500%. This will cause fragile businesses especially in minority neighborhoods where this happened to not be able to afford insurance with commercial mortgages threatened by lack of affordable insurance or extremely high deductibles similar to Obamacare. This will close countless businesses in the city and especially in lower income areas that have marginal businesses to begin with and are food and pharmacy deserts. Lori Lightfoot and Kim Foxx are turning out to be very expensive to their businesses and citizens of Chicago that they have responsibility.
MAGA 2020
What is this asswipe of a mayor going to do when the businesses begin to close, taking their tax dollars with them? And the jobs lost because of the businesses closing, more tax dollars lost? And the tourists stop showing up, more tax revenues lost? And the tax payer that live in this shithole flee, taking our tax dollars with us? What’s left is now Detroit, and this POS will be scratching her head wondering what happened, and be asking for help from the federal government, and the feds will give a big F you right back at her!
7/22/2020 04:47:00 AM
I just saw an article that said 4,400 business have closed due to Covid in the Chicago area. 2,400 will not be reopening. A lot of lost jobs and revenue. Will these business be getting a rebate on their yearly license fees?
About time!
“ What’s left is now Detroit, and this POS will be scratching her head wondering what happened, and be asking for help from the federal government, and the feds will give a big F you right back at her!”
Not if Biden and whichever piece of garbage he picks for V.P. get elected. In that case the Feds will bail out all the most irresponsible Dem cities and states.
insurance cos. will threaten to redline and groot will subsidize.
it will happen.
Good. Starve the voracious beast of any and all tax revenue.
Daley & Vanecko Insurance of all kinds!
Obama said, "you didn't build your business". "Government built it".
The mayor will blame the President (Orange Man Bad ya know) and demand a federal bail-out. If the President refuses that will be proof he is racist.
Recap of Chicago/Illinois deficit solutions.
May 2018 - Chicago Federal Reserve Economists suggest a 1% temporary (30 year) tax on Real Property. Did they mean real estate alone or Real Property - Art, Boats, Cars, Planes, Real Estate, Jewelry? So your $500k home is gonna get hit an additional $5k in taxes? Crazy stuff.
Gov. Fatass has been tossing around an exit tax idea to tax those that flee Illinois. If you sell your home and move out of state, they will hit you with a tax of a yet to be named amount.
Groot has mentioned increased "Per-Employee Head Taxes", Real Estate Taxes, Vehicle Fees, etc. What's next - a per-square tax on TP?
Soon they will decide to tax commercial property for being "vacant".
Don't be that last one in Illinois that has to pay the bill and turn out the lights. Get gone while you can.
Oh and BTW - when all of the above fail, it'll still be the mean old Repubs fault - so vote DEM!
As the downward spiral accelerates toward oblivion.
This is your progressive utopia people.
Dollar Stores coming to the Mag Mile within the next few years.
Boul Mich will be a memory of a Chicago we once knew.
Ill occasionally recall those memories whilst living somewhere else.
7/22/2020 01:02:00 AM
Head downtown on a Saturday night its already gotten very "dark" !
A few years ago I posted about Chicago being in freefall on its way down the sewer and the fact that it was still picking up speed. Even if some force is brought to bear to reverse that trend, the first order of business is first to slow and eventually stop the descent before the long climb back to a civilized society can begin. With all of the downward momentum already developed, slowing and stopping movement in that direction will be a huge task.
Today, sadly, nothing has changed except that the descent has picked up speed. More criminals are on the streets. Murders and shootings going up. Younger children are shot. Young children are shooting them. CPD is demoralized and in disarray. Mobs roam downtown. The State's Attorney refuses to enforce the law. The mayor is incompetent.
The downward momentum is even greater than before. Consequently, the task of slowing and reversing the fall is even more daunting. To say nothing of then facing the long and slow climb back up. Multiple decades of climb, assuming no reversals along the way.
Quality of life. Do you value it? How many decades of your life are you willing to commit to the climb? Especially when doing so means living under the thumb of local and state government that becomes more oppressive each day.
“Under no circumstances will I allow Donald Trump’s troops to come to Chicago and terrorize our residents,” Lori Lightfoot
“And this is how it’s gonna be. We will shut you down. We will cite you.
And, if we need to, we will arrest you and we will take you to jail.
Period. There should be nothing unambiguous about that. Don’t make us
treat you like a criminal.” Lori Lightfoot
"We do not welcome dictatorship" Lori Lightfoot
Translation: I will be the only dictator here and the only terrorizing that will take place will be by the protesters (rioters) against innocent people!
I guess the ‘People over property’ mantra has real costs associated with it. Who would’ve thunk it?
There was a story in the local FakeNews about city Council making changes to a downtown security gate ordinance. The Council committee convened or came together(virtually, city hall closed for the flu)... to address a protective measure for store fronts experiencing an uptick in looting, rioting and thefts. Is the AlderTwit is getting annoyed by the plywood? Who’s the security gate lobbyist pushing the new ordinance?
Security gates and expensive glass replacements. That’s the issue.
Not sure why the lawlessness isn’t being addressed by the Council or the Merchants Assoc. in regards to CookCo prosecution (and Catch & Release) which seems to be altogether missing...for almost 4 years now. And then of course there’s the Brendon Reilly Lower Wacker Drive MAGA Flats which seems to be growing in population and criminal activity.
If anything Larri’s fullly complying with the ‘wait and see until November order‘ from the DNC, which’s says let it burn. Hard to believe the merchants and local residents haven’t been hopping mad at her defiance to law and order and protection of life and property yet. Trapped in downtown, being limited to daylight activity is even dangerous endeavor.
Restaurants and retail are on the way out.
Government ration distribution and assimilate gray attire will be part of the new normal.
Even Chairman Mao ZeDong Larri is at risk of coup.
The Mayor will have the answers to all these questions. The answers will be good enough for the "CPE educated, standard retard, 1 each" person that votes for her. Have you ever noticed that they never make Lightfoot sit down with someone that can tear her policies apart so that she will have to actually defend them? This is Affirmative Action, in action. People with brains know that they cannot challenge her policies without being called a racist Homophobe. It needs to change. I saw black female Privates in the Army boss their career Sergeants around the office. They sounded like your friend "Miracle", retarded (Special Ed?), hateful, and untouchable. "You ain't my Daddy".
It is time that we ALL earn our promotions. When this country was at it's best, the best were always leading.
It’s never getting better. The city is a dinosaur. Sad but true.
I wonder if any of the insurance companies will subrogate against (sue) the BLM organization? They have hundreds of millions from celebrity and woke corporate donations.
To the first poster, do what has to be done, by who? Only a total dumbass would not follow the exact rules laid out by the consent decree and our General Orders. They want to lock up any cop for anything, she wanted to fire a cop for the finger. Nope, smile and wave then drop paper. Welcome to 2020, enjoy.
I went to lunch at Italian Village for business. 7 people. Normally would be packed. The Loop is dead
If I were a cynic, I would think that maybe they are depressing all the property values intentionally so they (or their wealthy overseas friends) can swoop-in and buy low.
Cycles.
Nothing to worry about. Governor Fatso says his "Fair Tax" will fix all the money problems.
I have been saying for years, Chitcago is on it's way to self destruction and that I would laugh as it swirled down the toilet. Now that it's happening, I feel for the good people of Chicago and I'm sad the same scum politicians that caused it are preventing the police from saving it. This is madness!
Can you imagine being the person responsible for Chicago going into toilet? I can she live with herself? She has blood on her hands.
What kind of idiots would have restocked their downtown stores after the last riot?
The neighborhood business's will be hurt the most. They can attempt to pass on the costs, but there's a price point for everyone.
Groot, Fox, and Evans need to go. Fuck Dart. That POS will do whatever he is told
But still, Chicago and Illinois will vote solidly blue yet again. It's like the woman who has been constantly abused, going back to her violent boyfriend again & again, because "she still LOVES him". Or the idiot man who continues to date the woman who has robbed his house 5x and runs around with multiple other men. Everyone has a friend like that. The US has many cities and states that like that as well.
After a while, you just have to call them what they are (mental idiots) and stay away from them (in this case, get the hell out of Illinois).
Anonymous Anonymous said...
The company I work for rents 2.5 floors in an office building in the loop. 5 years ago it was 5 floors. We have relocated half of our Chicago staff to other of our locations in NWIN. I am very vocal to our leadership to move the rest out. It is becoming a safety issue. Once things open back up after Covid (for those of us following the guidelines), people have said they will not commute into the city, or take public transportation Friday’s or as dusk falls upon the city. The lease is up at the end of 2021. My guess is that we may be paying for empty space before the end of the year. Other tenants in the building do not feel safe as well. Prior to the outbreak, occupancy rate in our building was 90%. Bet that drops below 50% if things don’t change with the administrations approach to the violence plaguing the city.
7/22/2020 07:50:00 AM
=========
Suggest that they look for Force Majeure clauses in the lease agreement. Tell the Leasing Company that their building and neighborhood is too dangerous, and they are breaking the lease due to those reasons on 12/31/2020.
If you can imagen it, We have seen it. Except in Chicago. We are Farmers Dum de dum dum, Dum dum dum.
Wondering why ABC7 doesn't show the smiling waving crowd outside their window after the 10 o'clock news anymore. That's my gauge of what's happening downtown....
Did you notice that no companies are talking about moving into the newly renovated Main Post Office? Surprised? There will be a lot of empty office space in the Loop, West Loop and South Loop. Vacant retail space on the Mag Mile? Probably. Hear anything positive about that Sterling Bay development on the North Branch of the Chicago River? Crickets. Paper money doesn’t make a sound when it blows away. It’s just gone.
i remember ten fifteen years ago watching videos of detroit city council meetings. it was just like chicago. feds locking up politicians left and right for stealing, detroit was run by a bunch of old fat loudmouthed women, all they did was blame washington and the republicans. we needs mo federal muney up hear in this mo fo. gimme dat ! zero responsibility. sound familiar ? they put some state appointed guy in charge of the city and took the checkbook away from the bafoons. dat racist etc etc etc. the damage was done, and now detroit is urban pioneers raising chicken where homes used to stand, arab corner stores, and skeevy bars. seems like chicago is following the same playbook, not paying the bills, pissing away billions on stupid reelection programs, and taxing the working people out of the city. ask any lib true believer what happened to detroit and they blame whitey and the employers and of course the police. shameless democrats will probably bring down a dozen blue cities this time, and smugly blame the people who worked the hardest to prevent it. these people have no soul, get out while you can, once the tipping point is reached it will be a blazing fast decline. like detroit. man the life boats, the good ship chicago is lost on the reef , just dont bring that gargoyle lookin toad of a kapitan in the lifeboats. its fitting the bitch goes down with the ship.
My family has doctors with offices in the downtown area but also in neighborhood areas. I have told them in no uncertain terms that we will not come downtown, even in the daytime, due to safety concerns. They will be the next group of businesses to move out of downtown. The loop and Michigan Ave have become “no go” areas just like the south and west sides.
They should have been held at Jamal Green's community center. Oh I forgot he needs more cash to finish the building restoration.
7/22/2020 06:04:00 PM
How does he finish something yet to be started? So far, the only thing he started is the scam.
There's a liability issue as far as employee safety as well. As the criminals test the waters & discover there truly are no consequences they are getting more brazen. I am terrified walking down the street & seeing a mob headed my way. They are sitting ducks. I hope Lightfoot, Foxx & more have some sealed indictments & go out in a bang. Its the only way to save this City. They receive more than enough tax $. I believe it goes in a lot of corrupt pockets.
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