Chicago residents are growing increasingly concerned about the impact of the Obama Presidential Center on their community. Despite promises of a positive economic impact, many longtime South Side families fear that they will be priced out of their homes due to soaring rent prices and unsustainable living costs.
The $500 million project, which is still under construction, has reignited fears among residents that it will gentrify the community rather than provide much-needed economic benefits. The Washington Post published a report on Monday examining the center's impact on neighboring communities. According to the report, median home prices have more than doubled since plans for the center were first unveiled.
In February of this year, nearly 90 percent of voters on the South Side urged city officials to take action to create affordable housing and provide aid to protect renters and homeowners near the Obama Center.
Residents worry that they will be displaced by rising property values as developers move in to capitalize on the new development. The fear is not unfounded; similar projects in other cities have often led to displacement and gentrification.
While supporters argue that the center will bring jobs and investment into an underserved area, critics say that these benefits may come at too high a cost for many longtime residents who are struggling with high rents and other living expenses.
As construction continues on one of Chicago's most ambitious projects in recent memory, many residents wonder whether they'll be able to afford living there once it's complete.