Millennial Homeownership in Chicagoland
According to Chicago Agent Magazine, millennial homeownership declined in Chicagoland from 2005 to 2015. In summary, the article cites declines in millennial income and the millennial population in Chicagoland during the same period. Get all the details at:
Chicago home-sharing rules
Chicago home-sharing rules passed by Chicago City Council in a 43-7 vote. The rules allow condominium and homeowner associations to ban short-term rentals. In addition, the rules permit residents of single-family home areas to ban short-term rentals via petition. The ordinance also limits the number of units leased to short-term guests to the lesser of six per building or a quarter of the units in the building.
Airbnb is the primary target of the new rules. However, Airbnb supported the rules, in part, because the rules do not limit how many times a year short-term tenants can rent a unit.
More details at Crain’s Chicago Business: http://www.chicagobusiness.com/article/20160622/BLOGS02/160629932/tapping-his-inner-boss-emanuel-pushes-airbnb-uber-rules-through-city-council