Downtown and surrounding neighborhoods like Fulton Market are designated low-affordability communities, allowing developers of new properties to get the steep assessment cuts, that taper off over 30 years, if they keep 20% of the units affordable for families making no more than 60% of area median income. About 17,000 units across greater downtown are in the planning stages.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
This is the way to do affordable housing.
Tax incentives that harness the power of the market.
Not top-down, ill-conceived mandates that distort the market and discourage development.