Whether luxury developments are dense or not, they increase rents – not decrease them. Charging $1,000 for a studio and $1,500 for a one-bedroom sets a dangerous precedent in our neighborhood.
In cities like Oakland and San Francisco, similar developments have opened the door to rampant real estate speculation and displaced thousands of long-term residents.
When Alderman Joe Moreno touts the new “affordable” apartments in the “L” building and the Two Towers, he’s talking about 33 apartments, primarily studios and 1-bedrooms that will rent for upwards of $700 a month.
Since 2000, Logan Square has lost more than 19,000 people – mostly working-class and Latino families. In comparison, these “affordable” apartments are few in number. Their size is small. And their price is out of reach for the thousands of families who can no longer afford to live in Logan Square – and for hundreds more who are at risk of displacement in the coming year.
While it may be true that developments like The “L” and the two towers will increase property tax revenue, they also increase costs for homeowners and renters around the neighborhood – meaning that the people who made Logan Square so wonderful to begin with, who have lived here for decades, won’t be around to enjoy it.
