Why developers grumble about affordable housing rules – Crain’s

A city task force is looking at it.
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nixit
4 years ago

Why not setup a progressive rental fund by building whereby tenants can set aside a certain percentage above their rental market rate to subsidize the rent of another unit to a low income renter? Example: Building has 10 identical units at market rate of $1,000/mo each. 8 of the units pay $1,000 plus a 10% premium ($100) that funds the other 2 units, so the affordable units are $600/mo. A building owner can adjust the amount of rentals based on how many renters sign up to pay the premium. They can then market their building as progressive-friendly housing. There seem… Read more »

debtsor
4 years ago

How many ‘affordable’ units in neighborhoods do illegal immigrants occupy? How many additional tens of thousands of ‘affordable’ units would be available to natives and legal residents if only Chicago rescinded its Sanctuary City status? The problem to the city’s housing ‘crisis’ is staring them in the face but they refuse to do anything about it. Instead, the City wants developers, and by extension, their purchasers and tenants, to pay higher prices so a handful of connected individuals can get ‘affordable’ units at below market rate. It’s unfair, it’s unethical, its inequitable, and its just wrong, and like the developers… Read more »

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