How Real Estate Has Changed Tune on Mayor-Elect Brandon Johnson

Five days ago, Paul Tsakiris, like many in Chicago’s real estate community, called Brandon Johnson’s management of his personal finances into question.

When it was revealed during his mayoral campaign that Johnson was on a payment plan with the city for more than $3,000 in unpaid water utilities, Tsakiris, the president of Chicago-based commercial real estate firm First Western Properties, took to social media expressing doubt he could run a city on a multi-billion dollar budget since, “despite a great salary,” he racked up late fees.

On Thursday morning, Tsakiris changed his tune, joining a chorus of real estate professionals now extending olive branches to the mayor-elect. The walk-backs and well-wishes seem to have a common goal in mind: getting a seat at the negotiating table with the self-declared progressive, who came from the back of the pack to place second in February’s primary and vanquish Paul Vallas, the candidate the industry backed with campaign cash and votes, as well as attacks on Johnson, in this week’s runoff election.

“Let’s all rally behind him and give our new mayor a chance to show us what we can do,” Tsakiris wrote of Johnson on LinkedIn, part of a post that affirmed his company’s commitment to the city, where he has three properties currently under contract. “Let us also keep in mind that what people say on the campaign trail often differs greatly to how they govern.”

He’s far from the only — or biggest — leader in local real estate to have come out and welcomed the chance to work with Johnson in the two days since his election.

As they start to engage the politician their industry by and large opposed, here’s what some more, including a few who formally endorsed Vallas and at least one who expected Johnson to win, had to say, either in statements to The Real Deal or on social media:

Curt Bailey, Related Midwest: “All of us at Related Midwest are deeply committed to investing in Chicago’s communities. We are looking forward to working closely with Mayor-Elect Johnson on issues such as affordable housing and workforce development throughout Chicago as we share his belief that equitable investment is key to a stronger, better future. Our love for Chicago unites us all, and we are excited for what the next four years will bring.”

David Goss, Interra Realty: “Even if the election did not turn out how I may have liked or many of you may have liked, we are here, and our lives and businesses are here. Be hopeful. Wish Mayor-elect Johnson nothing but success. Don’t panic, the world is not ending. Rest assured the Mayor-elect knows that if he does not bring crime under control, nothing else matters. All we know about Brandon Johnson’s plan to fight crime is what Paul Vallas told us. It’s clear what we were doing wasn’t working. This is America, the votes are in, let’s move forward. Maintain optimism for the future of Chicago. Anything less will depress you and make it really hard to live and do whatever you do for work.”

Michael Mini, Chicagoland Apartment Association: “The CAA congratulates Mayor-elect Brandon Johnson on his victory to serve as the next Mayor of the City of Chicago. We look forward to working in partnership with him and his administration to support policies that encourage development of much needed affordable and market-rate rental housing; issues which impact our neighborhoods and communities across Chicago. Our members employ thousands of Chicagoans including maintenance technicians, property managers, leasing consultants and support professionals who work hard every day to keep properties operating smoothly and turn apartments into homes. We look forward to continuing our efforts in partnership with the new Johnson Administration.”

Michael Glasser, Neighborhood Building Owners Alliance: “We will endeavor to work with the new Mayor to strengthen the city’s neighborhoods, and to protect our neighborhood housing and housing providers. Together we can build on what’s working in our housing system, and make sure that Chicago is a great place to live.”

Fred Latsko, Latsko Interests: “I anticipated a Johnson mayoralty and Chicago is a great, one of the most resilient cities that will continue to flourish once we have a change in the White House.”

Zeb McLaurin, McLaurin Development Partners: “It’s too early for anyone to comment on campaign rhetoric. His first official acts were well-received as well as very encouraging. I think he is a man of his word and will be a mayor of his word, and therefore brings the theme of collaboration that can only be positive. I can only go back to what he envisioned throughout the entire election season and that is hope and energy for the future. There is a direct correlation with what we in the CRE industry see in the future.”