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Poor families use 'supervouchers' to rent Chicago's priciest buildings
CAA has been monitoring the CHA Housing Choice Voucher (HCV) "Supervoucher" program for months and working with members to identify and address concerns. We provided background to Crain's for the following story that questions the policy of subsidizing luxury apartment rents at the expense of those applicants still on the HCV waiting list.
Crain's Chicago Business
The high-rise at 500 N. Lake Shore Drive is the second-most expensive in Chicago, with rents for a one-bedroom apartment approaching $3,000 a month, well beyond the reach of most Chicago residents. But that's not too much for the Chicago Housing Authority, which has used federal tax dollars to pick up most of the tab for four lucky residents in the year-old building, with its sweeping views of Lake Michigan, a concierge and a dog-grooming center.
Working group appointed by Mayor Emanuel recommends a $13 minimum wage by 2018
Chicago Mayor's Office
The Minimum Wage Working Group of community, labor and business leaders
appointed by Mayor Emanuel to develop a balanced plan to increase the
minimum wage in Chicago submitted its report recommending that the City establish a minimum wage of $13 by 2018. This increase would raise wages for approximately 410,000 workers and add $800 million to Chicago's economy over four years. The Working Group also recommended that an effort to increase the local minimum wage should follow an opportunity by the Illinois General Assembly to increase the Illinois minimum wage during the veto session at the end of this year. The full report is available here.
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Save the date to Preview 2015
Let's get social
Join us for this end of summer networking event (the Summer Social) on Wednesday, Sept. 17. The three hour event is only $40 per member and will take place at Rebel Bar & Grill in Wrigleyville. Click here for more details and to register. We look forward to seeing you there!
Only 1 month until the Business Exchange
Have you forgotten to sign up for the Exchange on Aug. 13? Now's your chance. Register today for the opportunity to participate in this high-value event!
Welcome new members!
Thank you to speakers
A big CAA thank you to Courtney Denton and Michael Lojas from dkliving for rocking our Mastering Basic Leasing Skills class last Friday!
Don't delay — Register today!
Apartment All-Stars registration early bird discount ends Aug. 1
Guns, Marijuana & Multi-Family Housing ... the Legal and Practical Policy Considerations
8:30 a.m.-11 a.m.
Register/More Info Here
205 W. Wacker Drive #202, Chicago, IL
EPA Multifamily Energy Reporting
8 a.m.-10 a.m.
Register/More Info: Here
East Bank Club
500 N. Kingsbury, Chicago, IL
Certified Apartment Manager (CAM) and Certified Apartment Supplier (CAS)
8:30 a.m.-4 p.m.
Register/More Info: CAS | CAM
557 W. Randolph, Ste 201, Chicago, IL
Home rental firms Wall Street built say grow or go
Bloomberg via Daily Herald
Alexander Philips joined the rush to buy foreclosed U.S. homes four years ago, spending $40 million on houses in California and Nevada to operate as rentals. Now his firm, Twinrock Partners LLC, is getting ready to sell. The U.S. home-rental industry, transformed over the past two years by Wall Street-backed companies that were built on the rubble of the housing crash, is poised to be reshaped again as landlords like Philips get out.
Freddie Mac predicts multifamily home shortage by 2023
By 2023, there could be up to 4.7 million more renter households due to demographic forces, according to Harvard University's report, The State of the Nation's Housing 2014. But the supply of multifamily rental housing will likely be far less than demand, writes David Brickman, Freddie Mac's executive vice president for multifamily business. Rental demand is rising due to younger generations who want to rent as they start their careers, those who face certain financial situations and more interest in urban living, which will lead to higher rates of renters.
Rental market stabilizing but renter profile is changing
Mortgage News Daily
While the magnitude isn't clear, that the growth of renter households has risen far above average in recent years is. The Housing Vacancy Survey reports that the number of these households increased by half a million in 2013 while the Current Population Survey reports nearly double that number. In the fifth part of its report on The State of the Nation's Housing, the Harvard Joint Center on Housing Studies said either number exceeds the 400,000 annual increase of the last few decades. The report also notes that this increase appeared to slow at the end of 2013 along with the drop in homeownership rates.
Missed last week's issue? See which articles your colleagues read most.
Chicago slowly, but steadily, increasing construction activity
Although not as strong as the robust economic recoveries experienced in Texas and along the West Coast, Mathew R. Dougherty, P.E., executive vice president and regional manager at Midwest at McShane Construction Company, says Chicago and the Midwest Region has experienced a slow, but steady increase in construction activity over the past 12 months.
What's better: Buying or renting a home?
As the cost of renting and owing a home in Chicago continues to rise, the question being asked by many first time potential home owners is obvious: rent or buy? FOX 32 News spoke with Dennis Rodkin, he covers residential real estate for Crain's Chicago Business. FOX 32 asked him about renting versus buying. He said that if you have the funds available, it's a no brainer. "Now is a very good time to buy. It's difficult to buy because inventory is so low, but it's a good time to buy because you are locking in prices that are going to continue to go up," Rodkin said. However, if you have to rent, Rodkin said options in Chicago for young people on a budget are far and few between.
In the rental market, Craigslist may be undisruptable
San Francisco Chronicle
At a recent dinner party, Pete Flint, CEO of the online real estate empire Trulia, expressed exasperation with one of his company's largest competitors. While Trulia is better known for real estate sales listings, the rental market has been a growing slice of the company pie since it launched the rental side of its business in 2010. And in many markets — notably the dense, high-profile rental markets of San Francisco and New York — the classified listing site Craigslist is its only real competitor.
CAA In Focus
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