Posted by: union03g | March 27, 2010

Teachers’ Non-Residency Requirement Will Hurt Chi – Real Estate

There might be a local shock coming to Chicago real estate after the state Senate voted 40-to-7 to lift the residency requirement for teachers in the Chicago Public Schools. Think about the implications for a second. If teachers (and their families) get the green light to move outside Chicago then you will see a lot of migration from areas like Humbolt, Avondale and Uptown to places like Elk Grove Village, Bensenville and Western Springs. These families will sell their homes in the city and landlords will find it that much more difficult to fill vacancies after the exodus (lower rent = lower prices on properties).

Think about Humbolt specifically – I’m assuming a lot of Clemente teachers live in this neighborhood that would love to get a traditional house with a yard. All they have to do is move NW off of the Kennedy to find that dream. I’m not arguing morality here, just what the impact might be.

Mayor Daley is vehemently against this idea as Chicagoans will see taxes rise and a widening of the gap between lower and upper class. The teachers union argues that it’s not fair to keep teachers in the city because housing is expensive? Really? You can rend a nice place in many neighborhoods for 600-800 dollars/month – that’s really cheap in my opinion.

ARTICLE HERE

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