Under a recently proposed ordinance, condo owners in Chicago would have to persuade more of their neighbors to sell all building units to a developer.

For the past five years, developers have been buying up entire condo buildings in bulk in neighborhoods like Lakeview, Lincoln Park, and Gold Coast, with the intent of switching them to apartments. In that time, owners who are opposed to selling have complained about a “tyranny of the majority” in which everyone is required to sell if three-quarters of a building votes in favor.

Under this newly proposed ordinance, the percentage of association owners who would have to vote in favor for a bulk sale to go through will increase to 85%.

According to attorney, Craig Capilla, raising the bar for a vote to approve a sale might reduce the number of condo associations that try to sell in bulk.

The ordinance will not go anywhere until the next Chicago City Council meeting on September 18.

To learn more, click here.

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