What is our Agenda for elections

Economic Growth

In searching through the encyclopedia of Chicago, you will find a truth of the past that we must work to regain. As Peter A. Coclanis writes, the Dynamism of Chicago’s economy “between the 1850s and the 1920s is the stuff of legend. Seldom before in world history had an urban center grown so rapidly, been transformed so dramatically, or captured and conveyed the regnant spirit of the age so thoroughly.” Link While replicating our city’s growth during that time would be impossible, reestablishing Chicago as the center for American Dynamism should be at the forefront of our ambitions. Our city is at its best when the pistons of economic growth are firing on all cylinders.

This renewed dedication to economic growth will not only provide Chicagoans with the opportunity to fulfill their dreams but will also give our city government more resources to address our shared concerns of crime and education.

One-Stop Permitting Shop

Across our 77 neighborhoods, small businesses provide the economic backbone and cultural flavor that epitomizes what is unique about Chicago. Our city government should make it easier for small business owners to continue their operations and for soon-to-be small business owners to get themselves into the game. We need to lower the barrier to entry and continue operations for our city’s entrepreneurs to do this. Chicago needs to create a one-stop permitting ship to assist Chicagoans in business regulation, licensing, and permitting issues. A single office that can spearhead these permitting needs will help small business owners focus their time and effort on creating value for their customers instead of getting weighed down by jumping through bureaucratic hoops. This new agency should also have a digital aspect so that business owners can gain the necessary permits as quickly as ordering something on Amazon. Cities like Miami and Kansas City are already working on this front, and we cannot allow them to sprint ahead of us.

Vacancy taxes on commercial properties

Across our city, there are far too many vacant storefronts. Not only do we need to make it easier for business owners to set up shop in these properties, but we also need to incentivize landowners to seek out new tenants and incentivize them to have flexibility in bringing in new businesses. Often, landowners have clauses in their contracts with their lenders that make it more profitable to receive rebates for empty buildings instead of settling for slightly lower rents. These empty storefronts do not bring the revenue our city desperately needs, but they are also an eyesore that leaves the impression of a depressed economy. I will work tirelessly to fill storefronts in the district and across the city but will work to enact vacancy taxes to ensure that landowners in our community will match that tenacity.

Full concierge service to entrepreneurs

In addition to streamlining permitting for entrepreneurs, our city needs to go a step further and provide concierge-like services for those creating jobs in our communities. Across federal, state, and local governments, there are generous grants and other opportunities available to businesses. But for many business owners, they are either too complex or time-consuming to navigate. The city of Chicago needs to step up and bridge that gap to ensure that our businesses are getting the available help that they deserve. While incentives and subsidies will always be part of our economic development strategy, using our government’s know-how and connections are integral in supporting the Dynamism of our business environment.

Foster markets for microloans

Often what separates a business owner from a would-be business owner is the initial capital to start the business or to keep it afloat. Loans for small businesses are risky, and the current lending environment does not have enough supply to meet current demand. Chicago should facilitate markets to spur this economic lifeline. Chicago should create an independent Entrepreneur Backed Assets (EBA) fund to tackle this problem. This fund would create a secondary market for loans generated by community-based lenders, like local credit unions and banks. The fund could purchase these loans and bundle them together in a portfolio that would carry far less risk than these loans do individually, allowing the lenders in our communities to increase the funding they can offer. The city could also invest some of its resources into the EBA to magnify its lending power.

Ban Non-Compete Agreements

At the beginning of the technology boom, Boston competed with Silicon Valley to attract top talent and budding startups. While both areas were hotbeds due to their educated workforce and top-tier universities, Silicon Valley pulled ahead in the race, with many accountings some of that difference to California’s banning of non-compete clauses. This not only attracted more workers to the area without the fear of being locked out of their desired industry should they wish to change jobs. But the talent diffusion amongst different firms spurred knowledge dissemination and increased competition between firms, has been a windfall for workers, and established Silicon Valley as the envy of the business world. Chicago should follow suit and work to ban non-compete clauses, thus empowering our workforce and creating a dynamic business environment that will propel the next generation of Chicago-based startups.

Ease barrier to starting up

While I believe we need the city to step up and help entrepreneurs navigate our permitting regulations, we also need to work on eliminating regulations that our slowing our economic growth. ASU Doing Business in America has Chicago ranked 43 out of 134 cities in ease of doing business, putting us behind cities like St Louis, Boston, and 35 spots behind Cincinnati. These barriers not only harm entrepreneurs, who are far better at coming up with new ideas than navigating bureaucracy; they also tend to benefit insiders who know how to work the system.

Chicago should work on reforms like making it far easier to start a business by having no fees or registration costs for the first five years of establishing a new firm. Approvals should be streamlined for companies with no apparent public safety or health concerns. Chicago should create a 60-day “shot clock” for permits and licenses so that businesses can get a clear “yes or no” promptly. The city should also work on recognizing occupational licenses from other jurisdictions, similar to what Arizona and multiple other states do. We should also look for occupations in which we can eliminate licenses altogether.