Mayor Brandon Johnson during an announcement about his administration’s plan to cut red tape for real estate developments April 5, 2024, at the Chicago Cultural Center. and home prices have stalled. Meanwhile, overall demand for rentals is in decline: Even before the coronavirus pandemic, Chicago’s population wasJohnson’s plans to deal with housing have generally taken the restrictive route that got Chicago into this mess in the first place.
This is a welcome change. Johnson suddenly sounds less like the Chicago machine and more like the Chicago school of economics, suggesting that perhaps he’s realized thatavailable to renters who pay out of pocket is declining for reasons that can be squarely blamed on state and local government. Chicago’s bloated regulatory regime means only big developers can afford to build, and even they have limited options with strict zoning laws and building stipulations.
Similarly, the positive effects of the plan could be cannibalized if Johnson follows through with more typical proposals. Recently, the City Councilin migrant aid, creating artificial demand by attracting immigrants to Chicago while taking away from the market-rate housing supply, even as the mayor Despite everything that could go wrong, it’s worth celebrating the mayor’s unusual foray into free market economics. He’s done us the favor of creating a specific policy checklist, and it’s the voters’ responsibility to make sure he follows through.is a State Beat Fellow at Young Voices and a Chicago landlord who would charge less in rent if he could afford to.4.
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