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Originally Posted by the urban politician
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....
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The 78 has zoning for 10,000 units, Lincoln Yards has 6,000, another 1,500 in the River District, and Riverline/Southbank has 3,700. If the demand continues, there seems to be some cushion.