A proposed ordinance designed to boost the supply of affordable units in market-rate condominium and apartment developments was deferred without discussion at Wednesday’s Chicago City Council meeting.
The changes to the city’s Affordable Requirements Ordinance would require some for-profit developers to build affordable housing rather than opt out of the requirements by paying in-lieu fees, as most have done. In some cases, developers would be able to reduce the number of units they would have to build by paying a fee, but that fee would be higher in more desirable areas of the city.
A joint City Council committee approved the measure Jan. 14, despite concerns expressed by developers, architects and the real estate community that the measure would thwart residential development and job creation.
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