New condo conversion ordinance
The Elgin city council is discussing a new condo conversion ordinance.
[Elgin Mayor Ed Schock] said that in general he is looking at the ordinance as a way to both keep people safe and "to make sure that the price points aren't so low that it's an invitation for a problem." (source: Elgin Courier 4/11/06)I would love to hear the mayor elaborate on how low price points, or affordable housing, are an invitation for a problem. I'm sure Elgin taxpayers would love to know exactly why they are subsidizing luxury condominiums and townhomes.
Posted by rick at 9:39 PM
1 Comments:
I can't believe this. Now the city wants to stop a development that would offer affordable housing opportunities. Instead they would rather run the conversion company in the ground because of sprinkler systems? In Schaumburg and Arlington Heights, there were many legitimate conversion projects that didn't have sprinkler systems, which kept the costs down in order to attract people starting out, thus affording them the opportunity to build equity with their new real estate purchase.
That, according to Schock, invites a potential problem? Who is this man? Is he for development for all people, or just what he deems appropriate to the grand master plan, which forces the Elgin taxpayer to pay more and more in subsidies? You can't have it both ways.
What Elgin leaders need to do is get out of the way and promote opportunities when they become available.
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