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Chicago & Midwest  + Apartments  | 
Chicago City Hall Mayor Lori Lightfoot 2022 budget

Chicago Aldermen Raise Threshold for Condo Deconversion Deals

The Chicago City Council has voted to approve an ordinance that increases the majority of residential condominium owners needed to approve a bulk sale of all of a property’s units. The ordinance raises the threshold to 85%, up from the 75% minimum required under Illinois state law.

The ordinance was introduced in July by 42nd Ward Ald. Brendan Reilly and 48th Ward Ald. Harry Osterman, and approved last week by the City Council’s Committee on Housing and Real Estate. It has been expected to slow the trend of condo deconversion sales, in which investors buy out condo associations in order to convert the units to rentals.

Connect Media has reported on a number of deconversion deals, mainly downtown and on the North Side, over the past year. Check back in the next few days for an expert’s take on the new ordinance’s ramifications.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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