Champaign-Urbana apartment market

Breaking news in the latest issue of the real estate trade journal Duh! “Apartment landlords call for lower tax assessments!”

I found this whole article especially hilarious because Jackie and I lived very happily in Country Fair Apartments for more than 20 years before these clowns bought it, renamed it Grammercy, and managed to ruin it in less than a year:

Grammercy said its annual net operating income has dropped from more than $1 million in 2014 to a loss of more than $300,00 in 2018. It said its vacancy rate was 41 percent in 2018.

Source: Apartment landlords call for lower tax assessments amid higher vacancy rates

In what is not at all a coincidence, 2014 is the year we moved out—the last year that the old leases were in effect. I wrote a whole post about the preposterous non-lease that they wanted us to sign: Why we moved.

For those incompetents to be losing hundreds of thousands of dollars a year is richly deserved, although I am sorry if it ends up hitting Champaign and Urbana’s tax base.