Chicago Landlords Face Long Sales Timelines, Hefty Demo Fees After Affordability Ordinance Takes Effect An ordinance meant to combat gentrification on Chicago’s northwest side went into effect this week, with massive potential implications on housing affordability and the multifamily transaction environment. The Chicago City Council quietly approved the Northwest Side Housing Preservation Ordinance in September, and it became law on Wednesday. The ordinance offers a right of first refusal to tenants in multifamily buildings, allowing them to purchase their building before it goes to market for sale. It also imposes a sizable fee for developers that demolish existing multifamily buildings. 
The measure aims to protect a six-square-mile zone in Hermosa, Logan Square, Avondale, West Town and Humboldt Park, where advocates say housing has become increasingly less… Read the full story here. | 
