CHICAGO | General Discussions

[Klippenstein]

Not sure if anybody posted this study yet about the loss of 2-4 unit buildings in Chicago.

https://www.housingstudies.org/relea...dings-chicago/

More than other residential properties, IHS analysis shows that 2 to 4 unit buildings were more significantly impacted by foreclosure during the Great Recession than other property types with nearly 30 percent of 2 to 4 unit parcels associated with at least one foreclosure filing since 2005. In the years following the Great Recession, as rental housing demand and the overall rental supply in Chicago grew, the city still saw losses to the 2 to 4 rental stock. IHS's upcoming State of Rental Housing in Cook County report finds that between 2012 and 2019, the city lost roughly 6 percent of its 2 to 4 unit rental stock. As this analysis will show, it is likely that many of these units have been permanently lost to conversion or demolition and, once lost, are unlikely to be replaced and if replaced are unlikely to be affordable. Due to the importance of this type of housing, it is critical to affordable housing policy to understand the factors driving the loss and instability of these rental units and buildings in different neighborhood market contexts. Without intervention, this essential component of Chicago's affordable housing stock could be further threatened by the economic fallout of the COVID-19 pandemic.