The city of Chicago has just passed a new ordinance that affects buyers and developers of multi-unit buildings on the north and west side of the city. The ordinance is designed as an anti-gentrification effort for areas at risk. See the map below for the specific neighborhoods this new law covers. Here are two major take aways:
-If you plan to demolish the property, you will be taxed $20,000 per rental unit or $60,000 for a three flat.
-Any buildings over 9 units must be subject to a 90-day tenant right of first refusal. The tenants in a building that you own will have 90 days to try to match a sale. And if they are able to, then they will have 120 days from there to close the property.
Link to the article for more details:
Anti-Gentrification Ordinance To Protect Northwest Side Housing OK'd By City Council
Map from Block Club Chicago
