Chicago’s city government is attempting to solve its record-high vacancy rate in commercial spaces with hundreds of affordable-housing units and millions of dollars in new investment. Presented by SiemensUSA ad
Each proposal includes a request for funding from the city to help subsidize the projects. The units — anticipated to take up 1.6 million square feet of space — are intended for tenants earning an average of 60% of the area's median income.
"The subsidized rent they're talking about doesn't cover those truly in need of housing, and this is a bad location for lower-income housing due to lack of green space and parking. Grant Park isn't that close, and there are no other 'pocket parks' nearby. There are no supermarkets within walking distance or easy transit access. They're all south or west. And there's a lack of consumer retail.
Initiatives like this one, she said,"aimed at transforming vacant office spaces into residential areas, represent a promising step towards revitalizing our downtown core."
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