Quote:
Originally Posted by Via Chicago
while its possible this could benefit the city over a generation or two, theres no question that this crisis has the ability to absolutely crush our already abysmal financial position without massive massive intervention from the feds. all this talk about a Little Venezuela is nice, but reality is that there isnt this abundance of ready to move in housing that will also be affordable for people on meager to no earnings/savings. who also have at the moment zero assimilation into broader society. rents on the south side of Chicago may be "cheap" to your average forumer here looking at it from an average US big city perspective, but its still wholly unaffordable to the average migrant arriving here and that wont be changing anytime soon. also most housing is actually occupied, there isnt this supposed overabundance of ready to move in units, priced for someone making at or below minimum wage. the homes that are "empty" are abandoned/on the verge of teardown, and will need hundreds of thousands to make them habitable. if they are rehabbed, then as you all know they will not be priced at the former rock bottom rates. this means we are facing a nearly permanent tent city situation in every neighborhood, which will only continue to balloon and expand and drain resources. warehouses are filling up the second theyre identified by the city.
the issue is the timing for the asylum hearings. that entire infrastructure needs to be beefed up to the degree that it can happen almost simultaneously with arrival. theres zero reason this should be getting drawn out for 2-3 years.
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The minimum wage for small employers in Chicago is $15/hr. Working 40 hours per week for 52 weeks in a year would yield $31,200 in gross income for the year. The US Department of Housing and Urban Development considers someone to be rent burdened if they are spending more than 30% of their gross income on rent, so let's use 30% of $31,200 as the limit for what someone making that much can afford on rent, which comes out to be $9,360 per year or $780 per month.
For rent on Zillow right now, there are...
53 studios for $780 or less,
35 1BRs for $780 or less,
1,199 2BRs for $1,560 or less,
953 3BRs for $2,340 or less,
211 4BRs for $3,120 or less,
and 51 5+BRs for $3,900 or less.
For sale on Zillow right now, with no down payment and considering the all-in PIMI monthly payment, there are...
8 1BRs for $750 or less,
121 2BRs for $1,500 or less,
345 3BRs for $2,250 or less,
472 4BRs for $3,150 or less,
and 699 5+BRs for $3,875 or less.
Also, this assumes that there is a limit of 1 person per bedroom, which doesn't necessarily have to be the case. I think we have plenty of affordable housing for them.