10 Reasons Current Edgewater Residents Stand To Lose With The Broadway B3-5 Rezoning
The upzoning of Chicago’s Broadway corridor, encompassing parts of Edgewater and Uptown, is intended to stimulate development and increase housing density. However, many Edgewater residents are concerned that this initiative will on the contrary reduce overall housing affordability in their community. Here are ten ways in which the upzoning will negatively impact Edgewater neighbors:
Escalation of Property Values: Permitting higher-density developments makes land more valuable, leading to increased property prices. This surge will render homeownership unattainable for many residents, thereby reducing housing affordability.
Insufficient Affordable Housing Provisions: While the upzoning plan mandates that 20% of new units be affordable under the Affordable Requirements Ordinance, this percentage may not suffice to counterbalance the overall rise in housing costs. Consequently, the majority of new units would be priced beyond the reach of average residents.
Displacement of Existing Residents: As property values and rents escalate, long-standing residents will find it increasingly challenging to afford their homes, leading to displacement and a loss of community cohesion.
Loss of Naturally Occurring Affordable Housing (NOAH): The redevelopment of older buildings, which often provide affordable housing, into upscale units will result in a net loss of affordable housing options.
Gentrification Pressures: The influx of higher-income residents attracted by new developments can drive up local prices, making it harder for existing residents to afford goods and services in their own neighborhood.
Limited Community Input: The rapid progression of the upzoning proposal has raised concerns about inadequate community engagement, leading to developments that do not align with the needs and desires of current residents.
Strain on Infrastructure: Increased density may overburden existing infrastructure, such as transportation, utilities, and public services, thereby diminishing the quality of life for residents.
Alteration of Neighborhood Character: The construction of taller, denser buildings will disrupt the architectural harmony and historic character of neighborhoods like Lakewood-Balmoral, affecting community identity.
Parking and Traffic Challenges: Higher population density leads to increased traffic congestion and parking shortages, causing inconvenience for current residents.
Economic Disparities: New developments typically cater to higher-income individuals, widening economic disparities and reducing the availability of affordable housing for current residents.
While the upzoning proposal aims to modernize and densify the Broadway corridor, it is crucial to consider and address these potential negative impacts to preserve the affordability and integrity of the Edgewater community.