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Originally Posted by LouisVanDerWright
Yes, downtown Chicago is on track to deliver less than 300 units this year which is less than 10% of average annual deliveries since 2000.
This is a clear result of the current adminstation (ruled by dunces) doing things like appointing hardcore left-NIMBYs like Carlos Rosa to be zoning chair. Is it shocking to anyone that theres basically zero in the pipeline 18-36 months on from that fiasco?
As a result, Chicago continues to lead the nation in rent growth, home price growth, and a variety of other measures while the rest of the nation (where housing is legal) is actually seing rents fall.
As far as the condo question, apartments simply don't see the premiums necessary to push beyond 60 floors or so. They are typically denser floor plans which also tends to choke out the efficiency of the lower floors by requiring more elevators and a larger core to reach the same height as a luxury condo tower which might have only one or two units per floor at the top. As such, super skinny super talls are just ill suited to the rental business model.
Tribune II will never happen unless we see the second coming of Rahm. The dunce squad in charge of our city has already chased off Citadel and no wealthy person in their right minds is shopping for a new ultra luxury penthouse in Chicago right now. This is why Ken Griffin himself has taken huge losses on his condo purchases here. The condo market is dead here until Chicago voters can demonstrate the motivation and maturity to reliably elect grown adults with actual life and career experience who aren't bought and paid for pawns of a special interest.
Until such a time, prepare for catastropic tax increases, rent increases, and general degredation of the quality of life for anyone who isn't a transplant working in the back of house for some F500 company making multiple six figures. The only reason we haven't gone full Detroit is that we continue to be way more affordable than the coasts simply because we started from such a low baseline. This advantage is being rapidly eroded by Mayor Dipshit and his pals like Kaegi.
Just keep in mind what just happened with Lawndale, Austin, Englewood, etc tax bills. You have the progressive candidate telling you how they are going to punish commercial owners, help black and brown neighborhoods, and create stability and transparacy by implementing a new computer assessment system.
The problem is the Asssessor is incompetent and unqualified and no amount of nice platitudes makes up for it. The net result of his policies has actually been a catastropic collapse of commercial property values resulting in massive transfer of tax liability to residential, 100%+ tax increases on almost exclusively poor black neighborhoods while the Gold Coast saw a 5% decrease, and a comically bad implementation of the new computer system with late bills 3 of the last 5 tax years. The exact opposite of all the nice things he promised.
Actions speak louder than words and unfortunately we are in dark days as a city until we throw the bums out.
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Lots of hyperbole here and not much substance.
BJ is a terrible mayor, full stop. Our city's finances are in horrendous shape and need dire saving by a fiscally responsible mayoral administration.
But all is certainly not lost. You complain about the decrease in downtown property values, but fail to acknowledge at all the increase in property values in the neighborhoods?
Part of that massive increase in property taxes on the south/west sides
was because they became more valuable (I understand that much of it was due to the downtown commercial decrease). Things are getting better in parts of the city. It is important we elect someone who can let these changes continue and not stifle them.
Also you know just as much as anyone here that Ken Griffin overpaid. That was clear when he bought from 9 Walton years ago as it is today. The condo market in this city hasn't been great since before the Great Recession, 20 years ago, so your comment about Rahm is wrong. Even before Covid, plenty of projects struggled. And condo projects in the neighborhoods have seen massive increases (looking at you West Loop- if we choose to separate that from downtown).
This post feels like something I would find on my neighborhood Facebook, rather than a nuanced take about the struggles we find ourselves in due to an incompetent mayoral administration. There is lot to worry about, but go outside for a walk and enjoy the city for a few days and realize not all is lost.
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