Conclusion

The seven counties and 283 municipalities of Northeastern Illinois are all experiencing the impacts of 3 recent phenomena: decreasing real incomes, increasing housing costs and subprime lending. All of these phenomena have left the region a surplus of newly built, high-cost, ownership housing stock.

This report has shown how housing preservation strategies can reduce housing costs and maintain the uniqueness of our communities. Strategies that maximize the utility of the region's existing housing stock can also have positive environmental benefits, including reducing stormwater runoff, mitigating demolition waste and preserving embodied energy. Finally, investments in preservation have greater returns for the region's economy than demolition and new construction in terms of units and jobs created.

In a region of seven counties and 283 municipalities, it is likely that a combination of the strategies described in this report will need to be implemented in order to realize maximum benefits. A one-size-fits-all approach is unlikely to be plausible or effective, considering the diversity of these jurisdictions in terms of housing stock, reliance on different revenue streams and constituent preferences. However, CMAP believes this report will provide necessary space for inter-jurisdictional dialogue to advance the preservation of our region's housing stock for future generations.

CMAP has no regulatory authority over issues like preservation, but can give advisory recommendations and promote best practices. What should CMAP's role be in regional housing preservation strategies? What would be the overall effect of preserving the existing housing stock in your neighborhood? What positives and negatives would come from this? What regulations or incentives, if any, would be most appropriate? If municipalities across the region chose to preserve their existing housing stock, what would be the regional positive or negative effects of such a policy?