The Chicago Pipeline recently covered a community meeting discussing a proposed new rental development along Winnebago Ave, just steps from where we shot the above video on Wabansia.
Homeowners often have crass economic motivations behind the apparently principled and altruistic concerns that they voice in objecting to new developments.
We all know the truth of J.P. Morgan’s dictum that a “man always has two reasons for doing anything: a good reason and the real reason.” On rare occasions a homeowner confuses the two and blurts out the real reason.
“It’s tough when I’m a homeowner, and I’m watching units get rented out because people can’t sell,” Melissa Hellstern said.
“It’s affecting my home value, and now you’re flooding the market with more rental units. I think it’s unrealistic what you think you’re going to rent them for,” Hellstern said. You’re double hurting homeowners who’re trying to rent their units when they can’t sell.”
In the video, Sergio & Banks‘ Melissa Govedarica tells me that the Noah Properties project sold out prior to completion, and explains the reasons for the quick sales.