Category: Municipal bankruptcy

Month in Review: April, 2015

22 May, 2015 (10:02) | Bankruptcy, CDSs, Chicago, Cities, Contract rights, Detroit, Diego Rivera, Epictetus, Month in review, Municipal bankruptcy, Museums, Philanthropy, R. A. Lafferty, Speculation, US News | No comments

By: David A. Smith “The site is now known as the Great Blue Island Swamp.” – R. A. Lafferty, “What’s the Name of that Town?”, 1964 R. A. Lafferty In 1964, the mad genius of science fiction R. A. Lafferty wrote a short story in which not only had the City of Chicago been vaporized, […]

Chicago’s first domino

18 May, 2015 (16:11) | Bankruptcy, Chicago, Cities, Default, Municipal bankruptcy, Municipal finance, Pension funds, Rating agencies, Real estate taxes, Recapitalization, US News | No comments

By: David A. Smith Scarcely had I finished posting Chicago’s pre-obituary (A tale of two cities, Part 1, Part 2, Part 3, Part 4, Part 5, Part 6, Part 7, Part 8, Part 9, Part 10, Part 11, and Part 12) than the first domino fell, as reported in the Chicago Tribune (May 8, 2015), […]

Folly or catalyst? Part 3, “Something Downtown Stockton can be proud of”

15 May, 2015 (10:00) | Affordable Housing, California, CalPERS, Cities, Development, Economics, Housing, LIHTC, Municipal bankruptcy, Redevelopment, Stockton, Tax credits, US News | No comments

[Continued from yesterday’s Part 2 and the preceding Part 1.] By: David A. Smith As we saw yesterday, Stockton’s economic decline became possible to arrest only with bankruptcy and its slashing of liabilities, which made the city once again creditworthy and which also enabled it to rejoin the community of municipal entities reinvesting in their […]

Folly or catalyst? Part 2, “With bankruptcy being over”

14 May, 2015 (10:00) | Affordable Housing, California, CalPERS, Cities, Development, Economics, Housing, LIHTC, Municipal bankruptcy, Redevelopment, Stockton, Tax credits, US News | No comments

[Continued from yesterday’s Part 1.] By: David A. Smith As we saw yesterday, the economic decline of downtown Stockton has spanned several decades, and as the city’s finances worsened, the downtown – which ought to have been the engine of economic revival – rusted. Sources used in this post Stockton Record (September 17, 2014) Stockton […]

Folly or catalyst? Part 1, “I bought strong locks”

13 May, 2015 (11:21) | Affordable Housing, California, CalPERS, Cities, Development, Economics, Housing, LIHTC, Municipal bankruptcy, Redevelopment, Stockton, Tax credits, US News | No comments

By: David A. Smith A dying downtown is unspeakably depressing.  Property’s decay and death is painfully slow and painfully visible: fading signs, drawn blinds, leaves and scraps huddled in doorway corners, sun-bleached shingles and paint, all of them say, Nobody cares about this place.  Stockton — Attorney Jacob Loyal Benguerel became a pioneer of sorts […]