Lately, investors have been buying up condo buildings as Chicago rent has increased. However, this has negatively affected the condo owners who don’t want to sell.

On September 18th, the City Council passed an ordinance that gives more power to condo owners who want to keep their homes. Now, condo owners will need to persuade more of their neighbors to sell all units in a building to a developer.

This new ordinance increases the votes of ownership in a condo from 75% to 85% in favor of a bulk sale.

To learn more, click here.