Bloomberg, December 14, 2022, Chicago Taps Brakes on Gentrification With a Tax on Teardowns
Right next to the California stop on Chicago’s Blue Line, one-bedroom apartments in a new luxury building start north of $2,000 a month. Recently built single-family homes on adjacent streets frequently go for $1 million or more. Coffee shops and craft breweries have become neighborhood staples.
Nationwide, at least 110,000 Black residents and 24,000 Hispanic residents were displaced from urban areas between 2000 and 2013, according to the National Community Reinvestment Coalition, meaning they won’t benefit from the economic growth and services that come with neighborhood revitalization projects. As more cities attempt to address displacement with zoning rules that allow for increased housing density, Dorazio said Chicago’s demolition fee and other preservation interventions provide a unique potential solution that works alongside new development.
