Emanuel: Foreclosure Crisis Is Far From Over

CHICAGO (WBBM) — Mayor-elect Rahm Emanuel says Chicago remains in a foreclosure crisis.

As WBBM Newsradio 780’s Bob Roberts reports, Emanuel made a call for help before a group working to revitalize city neighborhoods.

LISTEN: Newsradio 780’s Bob Roberts reports

Emanuel says the foreclosure crisis is far from over. He says the latest statistics show Chicago has the second largest number of vacant foreclosed properties in the nation.

“We need a coordinated investment strategy to help our neighborhoods, and invest, and bring all the tools we have, both in the public sector, the private sector and at the neighborhood group, to help us deal with this crisis that is affecting not parts of the city, but every neighborhood block by block,” Emanuel said.

Emanuel says the city needs to expand its Troubled Buildings Initiative to help private developers with financing to rehab properties, provide affordable housing, and put the properties back on the tax rolls.

He says he will be looking both to banks and community groups to help the effort.

  • tom


  • el toro

    Hey Rahm! how the heck will you provide afordable housing when real estate taxes are through the roof on rental property?!?! I dont hear of anyone addressing that issue!?!?! Please advise!

  • Matt

    True, I have been looking into commercial real estate and there is absolutely no way I can cover such a high overhead. I would rather rent than pay $8000 – $22,000 in commercial real estate tax! No small business in their right mind would, that’s why storefront after storefront is empty.

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