Inside the legal drama surrounding Chicago’s tenant right of first refusal policy
Two years after Chicago adopted a controversial anti-gentrification ordinance, enforcement of the law is still spotty. Tenants, buyers, sellers and brokers are all getting tripped up by legal hurdles as a result. Beyond multiple lawsuits playing out in court now, real estate industry insiders are questioning whether the measure is backfiring for the neighborhoods it aimed to protect. The most divisive aspect of the rule mandates landlords give tenants in certain areas of the city the first chance to purchase a building. “The question is: you got one or two [tenant deals] but at what cost? At what cost of […]
Two years after Chicago adopted a controversial anti-gentrification ordinance, enforcement of the law is still spotty. Tenants, buyers, sellers and brokers are all getting tripped up by legal hurdles as a result. Beyond multiple lawsuits playing out in court now, real estate industry insiders are questioning whether the measure is backfiring for the neighborhoods it aimed to protect. The most divisive aspect of the rule mandates landlords give tenants in certain areas of the city the first chance to purchase a building. “The question is: you got one or two [tenant deals] but at what cost? At what cost of […]
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