Housing investors flock towards Obama Presidential Center causing gentrification woes: Investigation
South Shore has experienced largest share of homes for sale
CHICAGO (WLS) -- For years, housing advocates warned of gentrification encroaching in Chicago's South Side neighborhoods spurred by the incoming Obama Presidential Center.
The Illinois Answers Project took a closer look at who is buying property in the nearby South Shore neighborhood. It found investors are flocking to the area a higher rate than ever before.
Across the country, corporate investors are buying larger market shares of homes, and that trend has only grown during the global pandemic. That trend is more pronounced in low-income and predominantly Black neighborhoods.
In the zip code covering much of South Shore, investors bought up 32% of homes for sale in the third quarter of 2022 - that's tied for the most in the city, according to Redfin data.
