[remote or in person] Joint Committee: Finance; Housing & Real Estate

Chicago City Council

Housing

Finance

Politics

Wednesday, May 7, 2025
10:00 a.m. — 12:00 p.m. CDT

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121 N LaSalle St Chicago 60602 (Directions)

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Reporting

Edited and summarized by the Chicago - IL Documenters Team

Live reporting by Samuel Lisec

Samuel Lisec

Hi! Chicago City Council’s finance & housing committees are meeting today for a joint-session that I’ll be live-reporting for #CHIdocumenters @CHIdocumenters, an organization created by the Chicago nonprofit newsroom City Bureau. citybureau.org/documenters

citybureau.org/documenters

10:25 AM May 7, 2025 CDT

Samuel Lisec @smllisec 2/22

Today’s agenda shows the committees plan to vote on sending the Green Social Housing ordinance (GSH)—a new proposal aimed at creating more affordable housing in Chicago—to City Council for final approval.

Samuel Lisec @smllisec 3/22

If approved, GSH will establish a "Residential Investment Corp" (RIC) to operate as a nonprofit developer of permanent mixed-income housing in Chicago. This RIC will be led in part by city staff, but ultimately be an independent legal entity from the city.

Samuel Lisec @smllisec 4/22

The committees met thrice last month to vote on the GSH, but alders voiced concerns it doesn't provide enough oversight over the RIC and whether its funding model is realistic. But alders were also adamant the city desperately needs to address its housing shortage.

Samuel Lisec @smllisec 5/22

Chicago currently has a shortage of 119k housing units. The GSH is projected to create 400 additional housing units per year—its "mixed-income" design means 70% of these new units will have market rate rent and 30% will be available in-line with the area's median income.

Samuel Lisec @smllisec 6/22

The city set aside $135 million approx one year ago to launch the GSH. That money came from a $1.25 billion housing bond that itself came from the Chicago's now expiring TIF program. But city staff claimed that GSH will become financially self-sustaining by 2030.

Samuel Lisec @smllisec 7/22

Today’s joint session started a little late at 10:17 a.m. on May 7, 2025, in the downtown City Hall Chambers. There’s 25 committee members here in person, about 24 in the public audience, and the usual crowd of city staff in attendance.

Samuel Lisec @smllisec 8/22

During public comment, four people claimed the city is prioritizing migrants over its other residents. Two expressed support for President Trump and said it was “RICO time” for the city/committee members. There’s “foreigners in these seats... y’all are going to jail,” one said.

Samuel Lisec @smllisec 9/22

Otherwise, six people voiced support for the GSH in public comment. A handful came from the One Northside nonprofit—one of whom said the private housing industry is broken, too many residents are in tents and “climate change will push more folks out” so Chicago needs to prepare.

Samuel Lisec @smllisec 10/22

A city staff member outlined latest amendments to the GSH after last month's feedback, including bankruptcy protections, voucher acceptance and clarification on how the ord will accommodate a range of area median incomes—from extremely low to very-low, low and moderate income.

Samuel Lisec @smllisec 11/22

This city spokesperson also described the GSH ordinance as urgently needed as the Trump Administration just announced federal funding cuts to Chicago that will impact/jeopardize 2,500 affordable housing units currently in the development pipeline.

Samuel Lisec @smllisec 12/22

Vice Mayor Walter Burnett Jr. gave a strong endorsement of the GSH to help fix the city’s housing market: “If not now, than when? That’s my question.” Though some neighborhoods think they don’t need mixed-income housing now, they might need it later, he argued.

Samuel Lisec @smllisec 13/22

Alder Raymond Lopez (Ward 15) asked Chicago’s Inspector General what she thinks of the GSH amendments added to address oversight. Deborah Witzburg said “important improvements have been made” for her office’s authority over the RIC and enforceability of the ord’s ethics rules.

Samuel Lisec @smllisec 14/22

IG Witzburg noted that the GSH structures oversight of its RIC by designating it as a city contractor, but the RIC is unique from other contractors because it is governed in-part by appointed city staff. Still, revised language clearly affords her office jurisdiction, she said.

Samuel Lisec @smllisec 15/22

Alder Lopez had more questions over whether the RIC will be held accountable to future amendments but was unsatisfied with the answers from city staff and indicated he will vote against the ord: “None of my concerns were addressed," he said.

Samuel Lisec @smllisec 16/22

Alder Nicole Lee (Ward 11) noted that if the city spent $135 million on a single development, it would only net about 69 housing units. She said she still has concerns about the GSH but “we can’t paralyze ourselves into inaction… I will be a yes on this today.”

Samuel Lisec @smllisec 17/22

At least five more alders voiced support for the GSH ord before Alder Brendan Reilly (Ward 42) highlighted his unaddressed concerns, like the the 4-year instead of 3-year terms for RIC board members and the six-figure salaries of some RIC’s administrative staff members.

Samuel Lisec @smllisec 18/22

Echoing Alder Lopez, Reilly said he’s still worried the RIC won’t have enough oversight. Reilly also supports the idea of market-rate housing units effectively subsidizing affordable-units, but he's aware of “too many anecdotal examples” that design hasn't worked when tried.

Samuel Lisec @smllisec 19/22

Ald. Leni Manaa-Hoppenworth (Ward 48), GSH’s co-sponsor, was lauded by other alders for championing the ordinance. She’s proud of all the work and rigorous discussion that’s gone into addressing this affordable housing shortage Chicagoans need relief from, she said.

Samuel Lisec @smllisec 20/22

With that, the joint-session voted on the GSH ord and… It passed! A total of 25 alders voted in support and 13 voted against it. Folks in the gallery cheered and clapped. “Today is a good day for the city of Chicago,” Byron Sigcho-Lopez, chair of the housing committee said.

Samuel Lisec @smllisec 21/22

GSH needed four vote attempts before it finally made it across the finish line. Alders expressed many concerns, city staff drafted many amendments, but just about everyone agreed Chicago must treat its housing shortage. Now time will tell if this unique new design will work.

Samuel Lisec @smllisec 22/22

Meeting adjourned at 12:05 p.m. This concludes the May 7 joint session between Chicago City Council’s finance and housing committees. The next meeting is scheduled for May 14, 2025, in the City Hall Chambers. For more public meeting coverage, check out . documenters.org

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Attachments

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Notice

May 7th, 2025

Agenda

May 7th, 2025

Summary

May 7th, 2025

Agency Information

Chicago City Council

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The Chicago City Council is the legislative branch of the government of the City of Chicago and consists of the Mayor and Aldermen elected from each of the City’s fifty wards. Source

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At this link, scroll down to “Meeting Notices.” Look for “Watch now” and click on the link with the meeting title to go to a livestream page. If you don’t see a link for the meeting, you may be early or the meeting may be starting late. Wait a few moments and try refreshing your Internet tab.

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