A team of researchers led by Democracy Now!’s Juan González at the University of Illinois Chicago recently released an in-depth study on how, through a program called Tax Increment Financing (TIF), Chicago has spent some $16 billion in property taxes it collected over the past 40 years to fund downtown development. The money was supposed to be used to eliminate urban blight. ”TIF funding has actually exacerbated economic inequities throughout the city, pouring more than half of the billions of dollars that it collected into downtown neighborhoods while the 70 other community areas around the city were left to share the other half,” says González.
This content originally appeared on Democracy Now! and was authored by Democracy Now!.