An insightful analysis of the high-rise construction boom in Chicago’s Loop includes this claim about what all this new development means:
“It’s the re-urbanization of America,” said John Lahey, chairman of Solomon Cordwell Buenz, a Chicago-based firm that specializes in residential high-rises.
It’s also a shift in the urban map: The once-frayed edges of downtown, home to the poor and working-class, are now the glittering home of the affluent. Rental rates, while less expensive than on the coasts, still leave many priced out. City officials last month proposed a pilot program to generate affordable housing in gentrifying areas of the Near North and Near West sides as well as along Milwaukee Avenue. But changing the trajectory of the marketplace won’t be easy.
This is an interesting claim to make in Chicago. The “Super Loop” is indeed growing in population and tall buildings. But, the city as a whole is not doing so well. See the population loss. See the persistent problems – meaning, decades-long concerns – in numerous poor neighborhoods. See the slow population growth in the suburbs within the metropolitan region and also the emerging presence of urban issues (affordable housing, poverty, exclusion) in suburban areas.
A better description might be this: what is happening is the concentration of wealth in urban cores while outlying areas of cities and suburbs are suffering. The same process is happening in New York City, Miami, Seattle, San Francisco, and other major cities.