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lderman Carlos Ramirez-Rosa is seeking a delay in enforcing Chicago's anti-gentrification ordinance, which aims to safeguard renters in vulnerable neighborhoods. The Northwest Side Housing Preservation Ordinance was approved in September and targets areas like Humboldt Park, West Town, Logan Square, Avondale, and Pilsen.

    To address concerns from tenant advocates and real estate professionals, Ramirez-Rosa proposes delaying the enforcement of a key provision until March 2025. This change will give stakeholders time to understand the program's mechanics and potential unintended consequences.

    The revised ordinance includes amendments aimed at ensuring fairness for both tenants and property sellers. For instance, tenants must demonstrate their financial capability to purchase properties by providing mortgage pre-approval letters or lender intent letters, depending on the building size.

    Additionally, the proposal offers tenants a second chance to buy the property if its price drops by 10 percent or more after their initial decision. The program will run for a limited time, from March 2025 to December 2029, allowing the city to study its impacts before making further decisions.