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>For this to be true you'd have to believe that there are building owners out there who want to use their buildings as SROs but only if they can easily evict ev
by BobaFloutist 11mo ago
>For this to be true you'd have to believe that there are building owners out there who want to use their buildings as SROs but only if they can easily evict everyone and sell it.
Another way of seeing this is "Sure, I'll give it a shot, but if it turns out to be a bad business I want the option to bail, rather than getting trapped slowly going bankrupt with a 90% empty building because I'm not allowed to evict 4 tenants and do something else with it."
- jordanb 11mo agoIt's possible to concoct a theoretical landlord who has that thought, although in your example it would cost $8000 to evict those people under the law ($2000 per). The bigger problem is that no SROs were created in recent history before the law was passed. To say that there's some demand by landlords to create SROs but for the law you would have to show SROs getting created before the law, and that stopping after the law. The law was written to preserve the existing SROs with the understanding that the era in which SROs were an attractive investment was already past. Secondly the OP claims without evidence that the law didn't slow the rate that SROs are being redeveloped. But gentrification in Chicago has accelerated so even if that's true the law is doing its job if the rate of SRO destruction didn't likewise accelerate.