- Concerned about a nearly 50 percent surge in home prices along the wildly-popular 606 trail, a pair of local aldermen have a plan to stop that gentrification dead in its tracks.
At Wednesday’s City Council meeting, Aldermen Proco Joe Moreno (1st) and Roberto Maldonado (26th) want the city to impose dramatically higher demolition fees along the trail and impose a new “de-conversion fee” whenever developers try to turn multi-family housing into more lucrative single-family homes.
Housing prices west of Western Avenue have increased by 48.2 percent since ground was broken on the 2.7-mile urban oasis, according to a study by the Institute for Housing Studies at DePaul University.
The converted elevated freight line has become a mecca for bicycle riders, skaters, runners and pedestrians. Housing prices east of the trail are up by nearly 14 percent.
So aldercreatures are attempting to influence market forces via a questionable series of fees to discourage gentrification.
Compare this to what alder-asshole Arena is doing up north, building a pair of multi-story monstrosities to de-gentrify a huge swath of the Bungalow Belt and importing people who can't afford to live there while calling any who oppose him "racist."
Compare this to what alder-asshole Arena is doing up north, building a pair of multi-story monstrosities to de-gentrify a huge swath of the Bungalow Belt and importing people who can't afford to live there while calling any who oppose him "racist."
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