CHICAGO—During the last residential real estate boom, developersand owners across the Chicago metro area converted thousands ofapartments into condo units. The crash exposed the fact that manyof these projects were not really suitable as condos. Andthe recent apartment boom has made it possible to“de-convert” some projects back into rental units.
But the pendulum may swing back a bit in 2018, as statelegislators seem likely to approve rules that will require a higherpercentage of ownership votes in order to complete de-conversionplans.
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