CHICAGO | Politics and Current Events

[west-town-brad]

Originally Posted by Hourstrooper

https://chicago.curbed.com/2019/12/1...-all-ordinance

hopefully they find out a way to get this figured out bc as we all know there is no affordable housing crisis in Chicago lol.

If the requirement cuts too aggressively into profit margins, builders won’t be able to recoup already soaring construction costs or get financing from banks. Whether the city requires 10 percent affordable housing or 30 percent, the number of units is zero if a project never gets off the ground


This is scary stuff to be lead on to by freshman alderman such as the crazy sigcho-lopez and la spata whom have no experience at all with development and are pressing for this to be adjusted. how could they raise it to 30 percent when half of the time the 10 percent doesn't even get built, these people need to figure this out.

good news is this does not affect hospitality or office developments and it sounds like the main alderman running this osterman, is open to the developers standpoint. , but this is scary as heck for the future of tall residential buildings and for ruining the feasibility of them in our city.

Hopefully the "socialist revolution" lasts as long and is as effective as the tea party.