ABSTRACT
This chapter explores the deconversion process, which has received little scholarly attention. Chicago’s condominium deconversion wave raises questions about the reflexive reliance on condos as entry-level housing and for seniors on fixed incomes, and indeed about the very future of condominium housing for people of moderate income, unless public support is provided. Owners indirectly control their own assessment levels through their elections of board members, and they are incentivized to underfund reserve accounts. Condominium property acts across the United States (US), including in Illinois, provide for termination of the condominium and sale of the property, such as when the property is destroyed by fire or other disaster, or when the residents for whatever reason wish to sell the entire property and go their separate ways. Chicago is seeing a wave of condo deconversions as investors look to add supply in a tight rental market. Chicago’s deconversion waves illustrate several concerns that merit comment and deserve further study.
