New deconversion threshold to combat corporate investors
With the hopes of making it more difficult for corporations to buy up units to eventually take full control of the property, an HOA in Skokie, IL has voted to raise the condo deconversion approval threshold from the state’s required minimum of 75% to 85%. This makes Skokie the first Illinois municipality outside of Chicago to increase the percentage of condominium unit owners in a building who must consent to the forced sale from individual ownership to an apartment building with a single owner. This process will help keep Skokie affordable for potential renters. Let us know your thoughts on deconversion, by leaving a comment.