September 19, 2019
The Chicago City Council has voted to approve an ordinance that increases the majority of residential condominium owners needed to approve a bulk sale of all of a property’s units. The ordinance raises the threshold to 85%, up from the 75% minimum required under Illinois state law.
The ordinance was introduced in July by 42nd Ward Ald. Brendan Reilly and 48th Ward Ald. Harry Osterman, and approved last week by the City Council’s Committee on Housing and Real Estate. It has been expected to slow the trend of condo deconversion sales, in which investors buy out condo associations in order to convert the units to rentals.
Connect Media has reported on a number of deconversion deals, mainly downtown and on the North Side, over the past year. Check back in the next few days for an expert’s take on the new ordinance’s ramifications.
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