tag:blogger.com,1999:blog-1957537260422450632.post3511529531081563139..comments2024-03-23T09:42:36.833-05:00Comments on Uptown Update: Chicago Metro Area Rent ReportUnknownnoreply@blogger.comBlogger5125tag:blogger.com,1999:blog-1957537260422450632.post-88288895293408901552017-03-09T16:17:54.052-06:002017-03-09T16:17:54.052-06:00Supply and demand. Simple micro economics folks. Supply and demand. Simple micro economics folks. Anonymoushttps://www.blogger.com/profile/16301381958049254465noreply@blogger.comtag:blogger.com,1999:blog-1957537260422450632.post-26894132223113298452017-03-07T19:41:45.712-06:002017-03-07T19:41:45.712-06:00Even without "rent stabilization", Uptow...Even without "rent stabilization", Uptown had and still has more than its fair share of slumlords. I still grind my teeth about having my property taxes in the form of Wilson Yard TIF money going to Voice of the People--so they could do all the repairs and remodeling on their Uptown tenement buildings they had put off for countless years, a parting gift and kick in the teeth of taxpayers from a departing Helen Shiller.<br /><br />The other thing that renters don't seem to understand is that landlords have to deal with ever-rising property taxes and building maintenance costs. No landlord is going to eat the cost of property taxes--and the $1400 in property tax I paid for my 2-bedroom condo in 1996 is now nearly $5000 per year. Add in the cost of building maintenance, garbage pick-up, water and sewer, building insurance, repairs, etc. and those costs together for one year are the equivalent of one year's total payments for a mortgage. If I was to rent out my condo, I guarantee you that I wouldn't ask for anything less than the total costs--I'm not going to subsidize someone's living arrangements. That's the reason rents keep going up--if renters helped to contain property taxes and other costs instead of turning the other cheek or actively encouraging increases (thinking they aren't really paying for them), rents probably would not be climbing exponentially.bear60640https://www.blogger.com/profile/04572732440461047198noreply@blogger.comtag:blogger.com,1999:blog-1957537260422450632.post-12326421009173832802017-03-07T17:30:57.542-06:002017-03-07T17:30:57.542-06:00Lianna,
Rent control in an effective tool in hel...Lianna, <br /><br />Rent control in an effective tool in helping neighborhoods preserve historic character and diversity, but it is not effective in ensuring sufficient affordable housing. <br /><br />San Francisco's housing problem is in large part due to a lack of housing period because it is so difficult to construct new high-density housing in many SF neighborhoods due to zoning constraints. <br /><br />Ultimately, prices go up when demand is larger than supply.<br /><br />Without adding new housing stock to match population changes, rent stabilization can lead to "slum lords" who refuse to give buildings proper upkeep (because it makes no economic sense to do so).<br /><br />If we want affordable housing in Chicago we should advocate for aggressively building more new housing in as many neighborhoods as possible.<br /><br />There's a reason why, in most neighborhoods, the main opponents to new high-density development are the wealthy "NIMBY" type--because adding housing stock lowers rents.Bastihttps://www.blogger.com/profile/12669224555445619322noreply@blogger.comtag:blogger.com,1999:blog-1957537260422450632.post-24664117032101772782017-03-07T15:28:24.067-06:002017-03-07T15:28:24.067-06:00The South Side is losing population and you can bu...The South Side is losing population and you can buy empty lot in several wards for a dollar apiece. There are plenty of cheap places to live in the city if you don't want to live on the north lakefront or downtown. Rather than instituting rent control, why not work on making other parts of the city more attractive to live in?Kate Uptownhttps://www.blogger.com/profile/08879015024297313797noreply@blogger.comtag:blogger.com,1999:blog-1957537260422450632.post-84893809442680299192017-03-07T14:15:35.677-06:002017-03-07T14:15:35.677-06:00There needs to be rent stabilizing or rent control...There needs to be rent stabilizing or rent control for Chicago, or else we'll be like San Francisco.Liannahttps://www.blogger.com/profile/11825878578990955489noreply@blogger.com