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City council voted this week to extend an ordinance aimed at slowing gentrification and displacement in Pilsen and areas near the 606 trail. The measure imposes a fee on permits for the demolition of buildings with residential units. ....
Housing Commissioner Marisa Novara said the initial imposition of the fee in April 2021 had helped slow gentrification-fueled displacement happening along the popular biking and jogging trail and in Pilsen, one of the city’s most in-demand real estate markets. ....
The surcharges, being extended for two more years, are $15,000 for demolishing a house, townhouse or two-flat and $5,000-per-unit for tearing down multi-unit residential buildings. Critics have said such fees steal equity from residents who “stuck it out through tough times.” ....
Ald. Daniel La Spata (1st) said early figures show the pilot ordinance has helped cut demolitions in Logan Square along the 606 trail area by 90%. ....