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Originally Posted by Chicago Shawn
It's already happening. The anti-business attitude of the mayor's office as well as his allies in city council, combined with the already high property tax burden and rather unpredictable nature of the tri-annual reassessment, plus the extralegal process of obtaining alderman approval where they can just simply kill off a concept after spending thousands of dollars on design and community outreach, and then add our generally slow population growth and the presently tough lending environment.
Real estate investment is bypassing Chicago. Crain's recently published a story about how even our hometown developers are making bigger investments in other cities because the metrics just aren't as favorable here at present.
Chicago is presently not even in the top 30 cities in terms of the number of anticipated dwelling units to be delivered through the next 5 years. Even Columbus, Ohio is building more units than we are presently.
I'm very bullish on Chicago's longer term future, but development wise, we are going to be in the doldrums for a while. In the meantime though, expect rents to go up, up and up. Supply is going to get very tight and property taxes are about to explode further upward as well. While we have a long way to go before housing costs here match coastal cities, the big affordability discount Chicago enjoys over other big cities is going to be fading away.
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The city (and many others in the US for that matter) is in desperate need of new leadership.
Quote:
Originally Posted by r18tdi
The sales director at Trib Tower also said phase II (as currently approved) isn't happening. I wouldn't hold my breath...
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I remember now. It was speculated that maybe they didn't want potential buyers in the Tribune Tower to know a multi-year construction project was going to be next door.
That probably would deter a lot of people.