“Uptown and Edgewater are definitely having a problem with high-rise low-income housing broken up into small units. The only thing that will EVENTUALLY start to limit this type of housing stock is that these types of buildings are VERY expensive to maintain in the long run. You can see what high-rise condos and co-ops charge for monthly assessments, and all of the Low Income Housing Tax Credits and HUD subsidies can’t keep up. The buildings will eventually deteriorate, become a public hazard, and be raised, though it will take decades. In fact, that Gill Park Cooperative in Lakeview looks like it may be ending it’s useful life without a multi-million dollar re-hab soon. That building is a firetrap nightmare with a crumbling facade. Most condo buildings can’t even keep up with those types of repairs without socking their owners with huge special assessments.”
—UptownR, identifying some inauspicious trends in the North Side housing stock
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Comment of the day: high-rise maintenance
“Uptown and Edgewater are definitely having a problem with high-rise low-income housing broken up into small units. The only thing that will EVENTUALLY start to limit this type of housing stock is that these types of buildings are VERY expensive to maintain in the long run. You can see what high-rise condos and co-ops charge for monthly assessments, and all of the Low Income Housing Tax Credits and HUD subsidies can’t keep up. The buildings will eventually deteriorate, become a public hazard, and be raised, though it will take decades. In fact, that Gill Park Cooperative in Lakeview looks like it may be ending it’s useful life without a multi-million dollar re-hab soon. That building is a firetrap nightmare with a crumbling facade. Most condo buildings can’t even keep up with those types of repairs without socking their owners with huge special assessments.”
—UptownR, identifying some inauspicious trends in the North Side housing stock
AUTHOR: mark boyer