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Hancock Renter Saga gets a Welcome Reprieve

Surprised to see another litigious large-scale beef involving renters? We're not. This beef, embroiling residents of The John Hancock Center for months now, may be nearing a tenuous conclusion. Back in September, two residents sued the condo board for attempting to institute a strict limit of 145 rented units at any one time. That suit has been dismissed, but owners, divided over their desire to lease in a rent-happy market and the unsavory aspects of allowing more and more unruly renters in their midst, had been awaiting some sort of compromise. And now they've got one: The condo board has proposed a 'soft' cap of 160 rented units or 23% of the tower's condos, reports Crain's, which permits exceptions for family members and during renovations. The current lease rate is 20.8%. At a certain nearby threshold, insurers raise premiums and mortgage lenders grow tight-fisted. In the end, it's mainly about sending the desired message: "The board is trying to be as flexible as possible to put a soft limit in place, so to speak, to give people flexibility to lease when they need to," says Mr. Pearlstein, councel to the condo board. But the measure also sends "a signal to the marketplace that the Hancock is a residence building with resident owners and not an apartment building." The amended proposal still requires two-thirds of owner votes.
·Hancock board relaxes proposal to cap rentals [Crain's]
·John Hancock Center Coverage [Curbed Chicago]

John Hancock Center

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