Affordable Housing Measure Focused on The 606 Trail Sparks Controversy
The proposed Pilot Act for the Preservation of Affordable Housing would dramatically increase fees for new development projects around The 606 trail. This measure is designed to incentivize restoration over demolition and new construction. The act, seen as a way to slow gentrification, is proving to be contentious, according to Crain’s Chicago Business.
The 606 Residential Area includes neighborhoods Bucktown, Humboldt Park, Logan Square, and Wicker Park. If it goes into effect, the ordinance will set a $300,000 fee to demolish a single-family home and a $450,000 fee to demolish a two-flat. Those fees would then be put into an affordable housing trust fund.
Advocates of the Pilot Act argue that the reduction in new home construction will help residents who have lived in the area for years stay in their communities. Proponents also hope to see a slowdown in inflation driven by new development. On the flip side, adversaries of the plan believe the measure will have a detrimental effect on home values and aesthetics. Many people opposed to the plan predict a complete halt of new development in the area.