July 24, 2019 City Council
CBA HOUSING ORDINANCE
WHEREAS, the City of Chicago (the "City") is a home rule unit of local government under Article VII, Section 6(a) of the 1970 Constitution of the State of Illinois; and
WHEREAS, the City's home-rule authority includes the power to enact ordinances and regulations aimed at preserving safe, decent, and affordable housing in Chicago; and
WHEREAS, the City is experiencing a shortage of affordable housing; and
WHEREAS, the lack of affordable housing is a critical problem, which threatens the economic and social quality of life in the City; and
WHEREAS, the City Council finds that the 2015 Affordable Requirements Ordinance, Section 2-44-080 (formerly 2-45-115) of the Municipal Code, is insufficient to prevent displacement and broad demographic change in neighborhoods facing significant displacement pressure, and that additional measures are necessary to increase production of affordable housing, protect vulnerable residents, and create neighborhoods where residents of all incomes can thrive; and
WHEREAS, the DePaul Institute of Housing Studies has classified the area surrounding the Obama Presidential Center (the "OPC") as vulnerable to displacement due to a high share of rent-burdened families and increasing property and rental costs; and
WHEREAS, since the announcement of OPC, the property values and sales amounts in the immediately surrounding area of the OPC have increased at among the highest rate in the country; and
WHEREAS, in 2017, Redfin reported that since the announcement of OPC, the area around the OPC had the third-highest increase in estimated home values compared to that of its metro area in the country; and
WHEREAS, when approving the lease and master use agreement for the OPC, the City recognized the significant potential for "demographic change and displacement arising from large-scale public and private investment in urban neighborhoods and is committed to closely monitoring property values and other ind...
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