CAA letter-to-editor: Public Officials, Don’t Harm Apartment Growth
Living in or near the Loop has never been more popular; high-rise apartments are booming across Chicago. Virtually all the construction cranes we see soaring above our heads are expanding our world-class skyline with new apartment homes.
As the city and state wrestle with extremely difficult budget decisions, the expansion of Chicago’s skyline is a perfect reminder that we need to protect our golden goose. A steady stream of new high-rises translates into a larger
tax base and thousands of jobs. The apartment industry already generates $30 billion of economic activity annually in Chicagoland and supports more than 300,000 jobs.
Whether new revenue generators are significant such as property tax surges, or relatively minor such as increased real estate transfer taxes or higher sewer and water fees, all of these cost increases would affect Chicagoans. As our elected officials search for the best ways forward, we urge them to carefully weigh the risks of jeopardizing the affordability of living in Chicago.
Michael Mini, Executive Vice President, Chicagoland Apartment Association, Chicago