Chicago & Midwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Chicago & Midwest  + North Side  + Apartments  | 

Lightfoot Seeks Demolition Surcharge for 606, Pilsen Areas

Mayor Lori E. Lightfoot introduced an ordinance to Chicago City Council that would place a surcharge on permits for demolition of buildings with residential units in the area surrounding the Bloomingdale Trail (The 606) and Pilsen Pilot areas. The 606-Pilsen Demolition Permit Surcharge ordinance follows last month’s City Council passage of Anti-Deconversion Ordinances for the same areas.

Both measures intend to reduce displacement of low- to moderate-income residents while also maintaining the existing character and housing stock, specifically in two- to eight-unit buildings that often provide naturally occurring affordable housing units.

“This proposed ordinance builds on our previous measures aimed at welcoming the changes that mark the constant evolution of our city’s history, but doing so in a way that prevents the displacement of long-term residents,” said Lightfoot.

The proposed demolition surcharge is $15,000 or $5,000 per residential unit, whichever is greater. Funds will support the Chicago Community Land Trust.

Connect

Inside The Story

Read more at City of Chicago

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).

  • ◦Politics
AshcroftCapital-07-cube
New call-to-action