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  #38181  
Old Posted Aug 29, 2017, 12:00 AM
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  #38182  
Old Posted Aug 29, 2017, 1:03 AM
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Originally Posted by moorhosj View Post
What does it mean that those neighborhoods are "not even being offered as alternatives"? Why haven't more private companies done what RVDW explains? If there was a market inefficiency, shouldn't these businesses be able to easily arbitrage off of it?
it dosent have anything to do with "the city" offering alternatives. the reality is newcomers and transplant 20-somethings dont want to live down by midway or 95th street. all they know about is what theyve read about through popular press and places their friends also hang out. if there is not a dense concentration of something to pull them there they will not go much less live there, its that simple. for people who cant afford elsewhere or dont care about trend chasing, well, they are the people already living there.

its not "being offered as an alternative" because from the young hipster/yuppie mindset, it ISNT an alternative (until they themselves can legitimately no longer afford to live wherever it is they are and their hand is forced). theyd rather rent a tiny apartment or buy a condo in logan or lincoln park than buy a house in lawndale or brighton park, because thats not why they moved here in the first place.

thats not to say those other neighborhoods wont someday change themselves, but in the here and now, they appeal to different demographics

Last edited by Via Chicago; Aug 29, 2017 at 1:25 AM.
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  #38183  
Old Posted Aug 29, 2017, 2:00 AM
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Historic West Loop warehouse slated for demolition
https://chicago.curbed.com/2017/8/28...ion-washington

After being in Boston for a week about a month ago I saw how these old buildings can really be reused and offer a lot to the character, vitality and pleasantness of a neighborhood. Too bad Chicago is tearing so many down.
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  #38184  
Old Posted Aug 29, 2017, 2:01 AM
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  #38185  
Old Posted Aug 29, 2017, 2:11 AM
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Originally Posted by pip View Post
Historic West Loop warehouse slated for demolition
https://chicago.curbed.com/2017/8/28...ion-washington

After being in Boston for a week about a month ago I saw how these old buildings can really be reused and offer a lot to the character, vitality and pleasantness of a neighborhood. Too bad Chicago is tearing so many down.
hell, the article itself says the building was recently rehabbed. but all it takes is one short sighted and or greedy developer to make that irrelevant.
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  #38186  
Old Posted Aug 29, 2017, 3:43 AM
PKDickman PKDickman is offline
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Originally Posted by Via Chicago View Post
its not "being offered as an alternative" because from the young hipster/yuppie mindset, it ISNT an alternative (until they themselves can legitimately no longer afford to live wherever it is they are and their hand is forced). theyd rather rent a tiny apartment or buy a condo in logan or lincoln park than buy a house in lawndale or brighton park, because thats not why they moved here in the first place.

thats not to say those other neighborhoods wont someday change themselves, but in the here and now, they appeal to different demographics
There is some notion that demand drives supply. It doesn't, it drives price. Until The price gets high enough, supply is unaffected.
The big developers only want to build in the high rent districts. It's not that there isn't profit in other areas, there's just more profit at $2.50 to $3.00 a foot.
Until land costs in the high rent districts make it more profitable to build elsewhere, they never will.
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  #38187  
Old Posted Aug 29, 2017, 10:35 AM
denizen467 denizen467 is offline
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Quote:
Originally Posted by pip View Post
Historic West Loop warehouse slated for demolition
https://chicago.curbed.com/2017/8/28...ion-washington

After being in Boston for a week about a month ago I saw how these old buildings can really be reused and offer a lot to the character, vitality and pleasantness of a neighborhood. Too bad Chicago is tearing so many down.
Probably not architecturally significant, but some of the old buildings in/around the Big Deahl complex now have fencing closing them off along Dayton. There was a Crain's article about this earlier this month but I didn't realize this was moving forward so soon. I really like the old structures in this area; they're a great counterpoint to the brand new lowrises and midrises like SoNo, the British School, Whole Foods, etc.
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  #38188  
Old Posted Aug 29, 2017, 2:31 PM
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Originally Posted by denizen467 View Post
Probably not architecturally significant, but some of the old buildings in/around the Big Deahl complex now have fencing closing them off along Dayton. There was a Crain's article about this earlier this month but I didn't realize this was moving forward so soon. I really like the old structures in this area; they're a great counterpoint to the brand new lowrises and midrises like SoNo, the British School, Whole Foods, etc.
its rated orange. its significant. as is this one.
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  #38189  
Old Posted Aug 29, 2017, 2:36 PM
moorhosj moorhosj is offline
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Originally Posted by Via Chicago View Post
theyd rather rent a tiny apartment or buy a condo in logan or lincoln park than buy a house in lawndale or brighton park, because thats not why they moved here in the first place.
Thanks for the thoughtful response. I think this is actually one of the keys to re-invigorating some of these areas.

The way I see it, more and more young hipsters are moving into neighborhoods like Avondale, Humboldt Park, Logan Square, Bridgeport, Pilsen, Chinatown and the like. The former residents of those communities, low-to-middle income families, will naturally gravitate towards the neighborhoods you mentioned as they are priced out of gentrifying neighborhoods. We are already seeing some signs of this in places like Gage Park and West Englewood.
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  #38190  
Old Posted Aug 29, 2017, 9:11 PM
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Originally Posted by Investing In Chicago View Post
This makes absolutely no sense; if a person chooses to commute 3 hours each way that is on them; there is plenty of affordable housing in Chicago.
I just picked up 6 SFH's in a solidly working class southside neighborhood for <$130K each. How much more affordable can you get than that? You can walk to the El, and be downtown in 15 min.
EXACTLY.

Think of it this way: When a person makes $11 an hour, that comes out to about $22,000 a year (if they are working full-time).

If three individuals, who each make $22,000 a year, put their income together, that comes out to about $66,000 a year.

These three people could go together as "business partners" and EASILY buy a $130,000 house, with an FHA first-time homebuyer mortgage.

This is one way, to break into the real estate game, is to partner up with other people. Sort of like "business partner/roomates".

Now, having said that, I do agree that it is a good idea to keep building more housing in existing neighborhoods, as more supply eventually causes prices to drop.

I am going to be very frank and honest here...a lot of times, when people complain about a lack of "affordable housing", what it really seems like they mean, is they cannot afford to live in the hot, fun neighborhood of their choice. But if someone needs to live in the city, there are affordable places to live, for sure.

But yes, as a renter, I do support building more supply, overall.
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  #38191  
Old Posted Aug 29, 2017, 10:01 PM
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Originally Posted by west-town-brad View Post
How can you quantify restricted rental income on a unit inside of a building that would not have been allowed to have been built in the first place per city zoning?

See, the developer gets an upzone to make more profit, but to do so he has to build a few "rent restricted units" inside of the building. The developer is not giving up any profit at all, instead he is being allowed to make more profit than he would have made has he constructed the building as of right before the upzone.

I'm as critical as anyone of the local politicians and the games they play - but this makes sense. Otherwise poor people will be commuting for 3 hours each way for the honor of serving you french fries and making $11 per hour before taxes.
That's a strange approach. The zoning restriction is artificial. When we say that the affordable units reduce profit, that's relative to the case where similar square footage is constructed without the affordable units. It's a theoretical comparison but the relevant one, since we need to consider the impact of the AHO on the supply of housing; by reducing the return on investment, we discourage the development of new housing units. After all, the upzoning itself is endogenous; where the return on investment is sufficiently high, we generally see upzoning since the developer lobbies more aggressively and positive spillovers to the community are generally (but not always) correlated in magnitude to the private benefits to the developer. Unnecessarily excessive zoning restrictions that are almost always lifted are just ways for aldermen to increase their negotiating power.
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  #38192  
Old Posted Aug 29, 2017, 10:13 PM
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  #38193  
Old Posted Aug 29, 2017, 10:16 PM
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  #38194  
Old Posted Aug 29, 2017, 10:17 PM
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  #38195  
Old Posted Aug 29, 2017, 10:51 PM
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The Central Savings Bank at 3800 N Lincoln (Lincoln & Grace) has a demo permit to get rid of the building. This thing is pretty suburban looking (https://www.google.com/maps/place/38...!4d-87.6767305)


owner on the permit is still the bank. Anybody know of plans for this? Hopefully they replace it with something far less suburban.
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  #38196  
Old Posted Aug 29, 2017, 11:55 PM
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  #38197  
Old Posted Aug 29, 2017, 11:56 PM
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  #38198  
Old Posted Aug 29, 2017, 11:56 PM
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  #38199  
Old Posted Aug 29, 2017, 11:57 PM
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  #38200  
Old Posted Aug 29, 2017, 11:57 PM
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