In Cook County, which contains the city of Chicago and some of its suburbs, property values have been manipulated to disguise the value of homes, helping the rich at the expense of the poor (particularly poor minorities).
Lakeview, located north of Lincoln Park and adjacent to Lake Michigan, leads the city by a wide margin in residential teardowns over the past five years. Local developers are selling new homes for four times the original price paid.
Lakeview, on the North Side of Chicago lost one percent of its total households between 2000 and 2011, while its population grew 11 percent. That means more families, but according to a new report, the neighborhood might need new zoning to keep up.