CHICAGOBUSINESS.COM I OCTOBER 2, 2023
Johnson still crafting limits on natural gas An ordinance that would effectively prohibit the use of the carbon-emitting fuel in new buildings is expected to move this fall By Justin Laurence
This house on Lincoln Avenue in Arlington Heights sold in mid-September for $750,000. I PARKVUE REALTY
It hasn’t been this hard to afford a house in 15 years Thanks to the double whammy of rising home prices and rising interest rates, Cook County’s affordability hasn’t been so bad since 2008. In the surrounding counties, it’s even worse. I By Dennis Rodkin
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he double whammy of home prices and mortgage interest rates both going up has made buying a house harder to afford in much of the Chicago area than it’s been at any time in the past 15 years, according to a new report. In some parts of the region, it’s even longer. Attom, a property data firm, put out a report out Sept. 28 that compares home affordability during the third quarter of the year with historical averages, county by county across the country. In 99% of
MORE: Chicago’s home price growth is the stongest among major U.S. cities. I PAGE 4 the U.S. counties that Attom analyzed, affordability was below the historical norm in the past year, continuing “a two-year pattern of homeownership getting more and more difficult for average U.S. See AFFORDABILITY on Page 30
Legislation brewing at City Hall that would set carbon emission standards effectively banning the use of carbon-emitting gas in most new buildings in Chicago has yet to be introduced amid opposition and competing priorities, but it is likely to move forward later this year. The Illinois Clean Jobs Coalition, a group of environmentalists, community groups and labor unions, is working with the administration of Mayor Brandon Johnson to craft a proposal that would set emission standards for all new construction and current properties that undergo “extensive renovations” after July 2025. The proposal would deliver on a campaign promise of not only Johnson, but many of his allies in the City Council, to meet the city’s climate goals by moving away from gas and toward electric and other renewable energies to heat homes and commercial buildings. But the ordinance has yet to be introduced as Johnson has focused on other efforts, such as phasing out the city’s lower wage for tipped workers and raising the tax on high-end property sales. The coalition hoped to have it in-
Mayor Brandon Johnson
troduced at the Oct. 4 City Council meeting but concedes it will not move until later this fall. Jason Lee, a senior adviser to Johnson, told Crain’s there is “only so much bandwidth in the council at any time . . . for big-ticket items” and that additional conversations with trade unions and others who opposed the legislation is needed before it’s introduced. But Lee said Johnson is still committed to the ordinance and believes the legislation, paired with other efforts to combat climate change, could position the city as a “leader on climate policy,” which could be marketed to See GAS on Page 28
NOTABLE LEADERS IN DIVERSITY, EQUITY AND INCLUSION Meet 86 leaders entrusted with making sure their organizations create and maintain a workforce, supplier chain and ecosystem that represents all people. I PAGE 15 VOL. 46, NO. 39 l COPYRIGHT 2023 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED
DAN McGRATH The search for a bright spot in the trifecta of Chicago sports sadness. PAGE 2
END OF AN ERA The Signature Room restauant in the former John Hancock Center has closed. PAGE 3