Updated over 1 year ago on . Most recent reply
Chicago anti gentrification ordinance has passed
If you have not heard about the new ordinance that passed you can read more about it at the link below. In my opinion this is a huge hit to private property rights. For property owners in the below map area you now have up to a 210 day delay before being able to publically market your property for sale. The alternative I see as a work around but full disclosure I am not a lawyer is giving tenants notice to vacate and then listing the property with no active tenants or have tenants sign off that they are not interested in buying the building and list right away. 99% of tenants are not capable of being buyers so who knows how often this ordinance will actually be used. I do see risk of tenants using the ordinance a way to extend their termination date through tieing it up with paperwork. Anyone buying buildings to flip with tenants in these areas now need to be very careful.
Map area:
Details on ordinance: https://www.clarkhill.com/news-events/news/chicagos-so-calle...
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@Henry Lazerow I am part of the NBOA, and they are already working on this. There are a lot of ways to potentially roll this back that are being explored as this ordinance was rushed through with very little feedback from stakeholders. It is definitely a rough ordinance though. I think anyone who is looking to sell needs to move with caution for the next few months as there is very little information on how to proceed. We have a few sellers we are working with in these areas and we are working with our attorney on how to handle this.