Committee on Finance July 20, 2022 City Council Meeting
RESOLUTION
WHEREAS, recent U.S. Census estimates from the American Community Survey demonstrate that approximately 40% of vacant housing units are considered Tor Rent"; "For Sale"; "Rented, Not Occupied"; and, "Sold, Not Occupied"; by contrast,' approximately 8% of vacant housing units are categorized as vacant for recreational or seasonal use, and more than 50% are held vacant for some other reason; and,
WHEREAS, in total, the City of Chicago ("the City") may have as many as 90,000 vacant housing units that are outside of the typical market cycles for rent or sale; and,
WHEREAS, U.S. Census estimates demonstrate that Census Tracts with a higher percentage of vacant units for "other" reasons generally have lower monthly housing costs than Census Tracts with low percentages of vacant units, suggesting that neighborhoods with excessive units held vacant outside normal market renting and sale cycles may be missing opportunities for additional naturally occurring affordable housing; and,
WHEREAS, U.S. Census estimates demonstrate that Census Tracts with a higher percentage of vacant units for "recreational or seasonal" reasons generally have substantially higher monthly housing costs than Census Tracts with low percentages of vacant units, suggesting an Issue that is opposite from housing cost trends in areas where units are held vacant for "other" reasons; and,
WHEREAS, in a 2020 article titled, "Chicago's vacant land problem," Steven Vance estimated that there are more than 30,000 vacant lots throughout the City (Chicago Cityscape); and,
WHEREAS, commercial corridors throughout the City experience commercial storefronts that are held vacant for speculative reasons or tax benefits, which is the current focus of proposed State legislation ("Vacancy Fraud Act", HB4374) and policy revisions from the Cook County Assessor's Office (currently limiting vacant commercial property relief to two years); and,
WHEREAS, th...
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