And now Chicago? The city was hit in May and August by hundreds of young people who traveled from their neighborhoods to stores and shopping centers throughout the city. They had one purpose in mind: Smash and grab. They were chillingly effective. The Chicagoland Chamber of Commerce CEO said in print what most people whispered: Looting has been going on all summer.
In cities large and small, vandalism in protests has gone unchallenged, from damage to statues to incidents of theft. According to Crain's Chicago Business, criminals have taken note. They have confidence that they can act with impunity.
That can be a recipe for economic collapse, even in times without a pandemic.
Here is how looting and rioting create fear and kill cities, according to Crain's business writer Joe Cahill:
- Homeowners become afraid to leave their homes to shop, dine or walk their dogs. They fear for their children.
- Fearful residents put their condos and houses up for sale. Buyers are scared off. Real estate values decline.
- Stores and restaurants begin to fail.
- Tourists and conventions cancel plans and hotels fail.
- Jobs disappear.
- Middle and upscale shops close.
- Tax revenues shrink. The city stops spending on beauty and services. The city declines.
