I can’t even begin to understand the real estate market in this town…
$1,750 for a 471-square-foot studio?
$2,800 for a 928-square-foot two-bedroom apartment?!?!?!?
EITHER of those is more than I pay in mortgage for a 2-bedroom modern condo with all the fixings in a beautiful, safe neighborhood where I can see my local El stop from my front door, and it’s a Brown Line stop, not the overcrowded hellhole of a Blue Line stop this development is nearby and touts as a central benefit (because you do not get parking with that price, the development HAS no parking because lol “TOD”, and good fucking luck parking on the street within a half-mile of that place once it’s occupied. Or, hell, even NOW. Logan Square’s a bitch to park in already).
And, of course, these projections are all WAY over what the developer promised the rents would be… can today’s renters afford this shit? Like, if somebody legit had two grand to drop to housing, why wouldn’t you… buy a bigger condo than this, and spend what would certainly be leftovers from a cheaper mortgage payment on something else?
I get that buying a place is a colossal pain in the ass; maybe you’ve got high income now but no down payment saved up. Maybe you’re not planning to necessarily live in Chicago or Logan for more than a few years and just don’t want to put down hard roots yet. But, damn… spending THIS kind of money on a rental, tiny ones at that, even in a cool (well, formerly cool, currently fucking insufferable) neighborhood… it just seems like such a colossally bad idea.
Also… why is there no penalty for these insanely evil developer ghouls when they straight-up lie to the city and the community about what they’re going to build and how it will be priced for market? Like, the promise was “we’ll be able to add youth and vitality to the neighborhood by offering a ton of micro units at these rates” and instead we’re getting regular-assed apartments at rates 30-60% higher than promised before the fucking place even opens.
I look forward to the post-2019 real estate crash, when this monument to hubris, this gigantic white elephant, will emptily hulk over its corner in Logan Square, a grim reminder of the era when shithead real estate monsters honestly thought that our economy would produce enough millennials with real jobs and incomes to support their demanded amount of gold to live in this jumped-up dorm.