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by cerebralheadtrip_Archive
ldopa\_chicago wrote:154 wrote:Hah, AP has a long way to go to get to hipster..You say that, but once (young white) people start moving there (or wherever- Garfield, perhaps) to escape high rents in Logan, Avondale, etc, it doesn't take long. Five years for noticeable demographic changes, ten years for full-fucked. Without any means of controlling rents it'll happen. All I know is that it took Logan a lot less time to gentrify than it took Wicker Park. The process is only accelerating.moral of the story: buy if you can and plan on sticking around.while the process is accelerating, chicago is fairly unique in the amount of underutilized land it has, and just how large it is. we also do a better job about building new housing/density to meet demand. while most of these are luxury developments, they help keep the pressure off the remaining housing stock.the bigger concern is actually de-densification, which has actually happened in places like Lincoln Square, where wealthy buyers are acquiring 2 flats and converting them to SFHs. no one really protests this, but everyone protests anytime anything is upzoned. at the end of the day, renters are the one who get squeezed out. the ironic thing is, the vast majority of Chicago is illegal under current zoning laws. courtyard buildings could never be be built today. even blocks that today are filled with 3 flats, are zoned for SFHs, meaning you could demolish a 3 flat but not replace it with one. thats insane.as far as East Garfield, if youre willing to take a risk it may work out in the end. its just too close to downtown not to see re-investment some day and there are already artists with live/work spaces there. that said, its seen WAY worse decline that areas like Logan or Pilsen which even at their worst were still somewhat solidly working class and had semi vibrant commercial corridors. EGP is only attractive if you dont mind A) living in one of the most violent neighborhoods in a very violent city, and B) in a neighborhood that still has gaping open wounds from race riots 50 years ago, and a severely fractured urban fabric that will take a generation if not longer to repair.