Residents of South Side neighborhoods in Chicago are growing increasingly concerned about the impact of the Obama Presidential Center on their community. The $500 million project, which is currently under construction, has raised fears among longtime residents that it will lead to gentrification and displacement as rent prices soar.
Despite promises by former President Barack Obama that the center would have a positive economic impact on the community, many residents are instead seeing an increase in property values and unsustainable living costs. A report published by The Washington Post on Monday highlights these concerns, noting that median home prices near the center have more than doubled since its unveiling.
In February of this year, nearly 90 percent of voters in South Side neighborhoods called for city officials to do more to create affordable housing and provide aid to protect renters and homeowners impacted by the Obama Center's development.
The fear of displacement is particularly pronounced among families who have lived in these communities for generations. As rent prices continue to rise alongside property values, many worry they will no longer be able to afford living in their own homes.
While supporters of the Obama Center argue it will bring much-needed jobs and economic growth to this area of Chicago, critics remain skeptical. As construction continues at a rapid pace, it remains unclear what steps city officials or developers plan to take to address concerns around affordability and displacement.