When Housing Becomes a Commodity

M. Fishman and Co. currently owns 80 properties in Logan Square–most of them multi-unit buildings.  One of his most recent purchases in December 2015 is 2700 N. Milwaukee Ave.  Now, long-time residents whose current leases are set to expire are receiving 30-day notices announcing steep increases in their rents–going up as much as 70%.  Residents either have to pay it or move.  This practice [of raising rents] has occurred in other buildings purchased by M. Fishman. One person has described Mr. Fishman’s practice of “flipping” as “a way to evict people without evicting them.”

On Saturday, March 26, a number of housing rights groups and local clergy will rally in support of residents trying to fight the excessive increases.  The rally will begin at 11:00 am at Palmer Park (Palmer and Sacramento).

In the meantime, some of the residents have draped a banner on the building that reads “Mass Eviction in Progress”.

For more information, link to the DNAinfo article HERE.

 

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One comment

  1. This happened to me when I was renting a room in Evanston. The building was sold. I so enjoyed living near downtown Evanston. I still resent it. However, there is nothing to be done. The building is now a Jewish fraternity. It is my understanding that the new owners were relatives of Rahm.

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