Chicago Taps Brakes on Gentrification With a Tax on Teardowns – Bloomberg

The demolition fee is based on a similar “teardown tax” in neighboring Evanston that funds affordable housing development and has been in place more than a decade. Chicago charges developers $15,000 per building teardown, or $5,000 per unit, whichever is greater. The teardown fee applies through 2024 to certain areas in Pilsen and around The 606.
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The Railroader
3 years ago

The non-teardowns will become the abandoned, later to be torn down anyway.

Fullbladder
3 years ago

Move out and your guilty of White-Flight, move in and your guilty of gentrification. What’s a man to do?

debtsor
3 years ago
Reply to  Fullbladder

Move to Tennessee and make it redder.

ron
3 years ago

This policy is entirely backwards, the City should be encouraging such tear downs and renewal of the housing stock.Encourage development, don’t tax it.

Giddyap
3 years ago

Constitutional property rights are just ignored — for this performative race hustle fraud

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