Starting January 1st, a new law in
The housing bust has left neighborhoods pockmarked with vacant condo buildings. This new law lets cities petition a court to take over a troubled condo building and then sell it to one buyer to be turned into apartments. Ellen Sahli of the Chicago Department of Community Development says the city lobbied for the so-called distressed condo property law.
SAHLI: Distressed condo buildings include a high number of foreclosures, physical deterioration, absentee owners, squatters, crime, and in some cases, fictitious units or owners. So we really did need to have better tools to tackle that issue.
The department estimates about 180 condo buildings in