Rep. Gutierrez Cashes In On Real Estate Deals

Chicago Tribune:

When U.S. Rep. Luis Gutierrez was looking to buy in the sizzling Bucktown real estate market, he teamed up with a developer and longtime political donor who sold him a plot of land and built him a new home.

And when the congressman decided not to move into the home, the developer, Krzysztof Karbowski, was there to buy it back.

Gutierrez walked away with nearly $200,000.

In Chicago, where a decadelong building boom has reshaped neighborhoods, politicians have come to rely on real estate interests to donate to their campaigns. But the Democratic congressman's financial relationship with some contributors goes beyond campaign cash, according to records and interviews.

In half a dozen deals with campaign supporters since 2002, Gutierrez has made about $421,000 by investing his money in real estate deals and exiting a short time later. The congressman says he made a profit in five of those deals but lost a small amount of money on the sixth.

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