Quote:
Originally Posted by marothisu
Was there an executive order signed or something about the affordable housing stuff? As far as I can tell, the ARO hasn't been actually changed by law from what it was before Lightfoot was elected. I know she has proposed things but I didn't think any of it was signed into law yet. I mean, yeah there's 6 DSA on the city council now but they alone aren't going to change much unless they get others to agree.
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Yeah, I'll admit that it's certainly hyperbole to claim that
no rental buildings will go up as a result of the ARO, but I do think it will slow things down and make many new projects not pencil out. Plus, LL hasn't completely gotten rid of Aldermanic prerogative so some of the DSA Aldermen still seem to have to power to, at their own whims, block new projects in their wards.
Anyhow, we will not see the immediate affects of rents skyrocketing for another year or two, assuming we don't hit a huge recession. There are still previously entitled projects u/c to sop up some of the demand. But I definitely see a huge shortage of apartments starting around 2021, again assuming that job growth remains steady. But, ya never know....