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CHICAGO-The booming housing market lacks affordable single-family and multifamily homes, according to a report by the Metropolitan Mayors Caucus and Chicago Metropolis 2020. Instead of single-family homes built on large lots aimed at an upper-income bracket, the area faces a shortage of affordable single-family homes, as well as townhouses and condominiums, the civic groups say.

The Metropolitan Mayors Caucus and Chicago Metropolis 2020 suggest the city and suburbs review its zoning and building codes with an eye toward allowing more types of housing. They also urge communities to develop housing plans, including local residents in the process. And they recommend finding money to preserve and build affordable housing.

“Our region will become less attractive to the business community and to our workforce if we continue to limit the range of available housing whether by type, price or location,” predicts Chicago Metropolis 2020 senior executive King Harris. Already, 730,000 households in the six-county area pay more than 30% of their income toward rent or mortgage payments, and that number could rise to 870,000 by 2030.

“The mayors of our region recognize that the future will not be like the past,” says Metropolitan Mayors Caucus executive director David Bennett.

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