The solution offered by Joseph Mathewson in his article ”Solving Chicago housing problems” is A solution but I`m not so sure it is THE solution.
Yes, it does ”unleash the free-enterprise system`s desire for more close-in commercial and residential development” (translation: finally give real estate developers the highly desirable land occupied by Cabrini-Green).
But what does it do for the residents of these high-rises? Not much, it seems. It displaces them from their neighborhoods and moves them farther south and west-where they are no longer a problem for the developers and Near North residents.
According to Mr. Mathewson`s calculations, 7,300 units would be needed to house these displaced residents at a cost of $25,000 per unit ”for either extensive renovation or new construction.” I think he is being very unrealistic in his projections. When was the last time any extensive renovation or new construction was done at a cost of only $25,000? Such low- balling on construction costs is a bandage approach to a situation which requires major reconstructive surgery.
