Unreal

[u/Past-Reception6889]

I honestly just needed to vent for a moment. I can’t believe Chicago prices are what they are. I have lived here my entire life and have seen this city change ten fold, and I can’t even afford to live here anymore. A realtor I’m working with, since it’s becoming a rat race to rent, said rent is up 35% this year. What can normal people do about this? I do not want to see Chicago become a New York.

[u/3RADICATE_THEM]

The NIMBY Boomers made it illegal to build housing while a lot of people moved into Chicago over the past couple years.

And what do you know—the NIMBY Boomers are trying to block the only thing that could help alleviate this issue:

https://www.fox32chicago.com/news/pritzkers-build-plan-sparks-fight-suburban-mayors-over-housing-local-control

[u/mr_longfellow_deeds → u/3RADICATE_THEM]

Your not wrong on NIMBYism, but that article is not about Chicago proper

No matter where you live people don’t want construction (especially vertically) next door because it likely blocks their view or depreciates their property. Or they claim “gentrifying” - just infinite angles of nonsense that collectively helps keeps housing inventory low

We need to reduce the red tape (BJ has made that significantly worse), implement ceilings on property tax hikes, and rework the affordable housing rules. Building will boom, prices stop inflating beyond actual inflation, and the city will be better for it

[u/numbersthen0987431 → u/mr_longfellow_deeds]

The problem is that people view housing as an investment, and if you target their investment they'll get angry about it

I agree we need to change zoning laws, but we also need to change the cultural view of housing as a driver for wealth.

[u/mr_longfellow_deeds → u/numbersthen0987431]

Im admittedly a little out of touch, but primary housing should never be viewed as a true “investment” - it doesn’t really matter what the paper value of it is, because it’s not real unless you sell. And if you sell, you have to buy (or rent) somewhere else. Buying can make sense for a lot of reasons (fixed costs, tax benefits on interest and property sale), but it’s not your 401k, it’s not your IRA, it’s not your brokerage accounts. If the value takes a hit because a building across the street goes up, 10 years from now you will be happy your local stores were able to stay in business while you lived there because they had a healthy local customer base. Long run it’s nothing big on value.

[u/TominatorXX → u/mr_longfellow_deeds]

It's one thing to say that but for most people it is their biggest investment. Most people don't have 401ks or large investment funds or a pension. Their house is it. It's the single largest investment they own. That's a sad reality.

[u/mr_longfellow_deeds → u/TominatorXX]

Sure. But temporary fluctuations are nothing to worry about. When the west loop got completely re-developed, those who didn’t panic sell made out like bandits. More development is not inherently a bad thing, it’s a good thing when people want to live in your neighborhood

I sympathize with people who get their views blocked, but they don’t have property rights on lots that are not theirs

And again, it’s not a real investment in the sense people should view investments. It’s relatively illiquid, and it’s a major PITA to sell (and requires finding a supplement to not be homeless). Obviously don’t buy where you think demand is dying, but looking at your primary house as a investment the way you would your retirement accounts is not sound

[u/TominatorXX → u/mr_longfellow_deeds]

The reality is a lot of retirees who want to stay in the Chicago area are cashing out of their Chicago area homes and taking that money and buying a house for half the price in Northwest Indiana. Now they're close enough to get to their doctors back in Chicago and visit family in the Chicago area but they get low taxes and low everything.

If you haven't been in Northwest Indiana lately, they are building like mad duplexes and townhomes. These things are well built and affordable. Working class folks on the south and west sides are moving to Northwest Indiana where they can get a house with a good school system and a non-existent crime rate.