Chicago North Shore Living

As of last week, Illinois is one step closer to remedying racial bias when it comes to home appraisals. HB 4410, a bill that passed the IL House on March 4th, would set up a “real estate evaluation task force” that would investigate if there are patterns of racial bias in appraisals and recommend solutions.

Lowball appraisals of Black-owned homes are “directly connected to the disinvestment, the poverty and the lack of interest” in majority-Black communities, said Rep. Lamont J. Robinson, D-5th, one of five House sponsors of the bill.

We must work towards true equality in the real estate industry.

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While the general real estate market is booming, the commercial real estate market is still lagging behind-- especially in the hospitality industry.

The recovery from COVID is happening much more slowly in Chicago than other cities. The main reason is that the Chicago hotel industry relies heavily on business travelers and convention attendees. Unfortunately, people are still not working in person, and while McCormick place is back open for business, convention numbers are still lagging.

Add in increased crime in the city and leisure tourists may also be deterred from paying Chicago a visit.

Here's to hoping 2022 is a better year!

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