Dear Editor:

Certainly Mayor Daley has the right to form a task force on any issue he wishes, including the one he recently announced to explore limiting the loss of affordable housing in Chicago (Crain’s, “Daley seeks to slow condo conversions,” Oct. 23). 

But to suggest, as your story implies, that a moratorium or other impediments to condominium conversions are ways of resolving the problem is misguided and unwise. Condominium conversions are not the problem – in fact, they can be part of the solution.

Much of the concern stems from the erroneous assumption that once a building is converted to condominiums, the units will no longer be available for rent. In recent years, many individual investors have purchased a unit or group of units with the intent of renting them for several years and then selling them. There are hundreds, perhaps thousands, of investor-owned condominium units in the rental market, many of which are available at a moderate monthly rate.

To his credit, the Mayor said that more funds will be made available for affordable housing, including $150 million of tax exempt bonds, to support first time home buyers and encourage and promote home ownership. Let us remember that many first-time buyers prefer to purchase condominiums which are the most reasonably-priced housing option they can afford.

Instead of looking for ways to discourage condominium conversions, the Mayor’s task force should encourage them and, in fact, look for ways to provide even more financing for both owner- occupied and investor-owned affordable units.

BRIAN MELTZER
Meltzer, Purtill & Stelle LLC
Schaumburg and Chicago