The rate for a 30-year fixed-rate mortgage surpassed 7% for the first time since January 2025 last week, according to federal lender Freddie Mac. That’s after the Federal Reserve’s first rate hike since 2023, raising rates by a quarter of a percentage point earlier this month.

The two long-in-the-works developments will get city subsidies totaling $57.6 million, including the first large chunk of funds from Mayor Brandon Johnson’s signature economic development effort.

Here’s a breakdown of what the two proposals to rewrite Chicago’s 40-year-old landlord-tenant law would do and what’s at stake.

Once slated to be part of the Lincoln Yards megadevelopment, the 31-acre site along the Chicago River is now set to be more than 3,700 homes and 970,000 square feet of office, retail and hotel space as part of the $3 billion Foundry Park.

The Committee on Zoning, Landmarks and Building Standards voted 12-6 Thursday to advance a revised measure that was crafted by critics of Mayor Brandon Johnson on the City Council and is supported by landlord groups and the city’s business community.

The Committee on Housing and Real Estate voted 12-9 to advance a revised measure designed by Mayor Brandon Johnson to shift the balance of power toward renters from landlords.

The median sale price for homes in Chicago hit $425,000 in July, according to data from Illinois Realtors. That’s a 13.3% increase from last year. Across the state, the median price of $338,000 represented a 6% increase in a year.

The mayor’s proposal drew swift and vehement opposition from landlords and business groups, with whom he has long been at loggerheads.

President Donald Trump has so far declined to sign the measure, calling it a “big yawn.” The housing bill will automatically become law on July 10 unless the president decides to veto it.

President Donald Trump ratcheted up tensions with Senate Republicans on Wednesday, abruptly canceling plans to sign a bipartisan measure that could help spur more home construction.

The agreement also calls for the city to build or rehabilitate 2,000 new affordable units accessible to those with limited mobility as well as an additional 840 new affordable units accessible for Chicagoans with limited hearing and sight during the next 12 years, officials said.

The Bontemps Apartments project was awarded federal low-income housing tax credits through the city of Chicago. The award was part of a broader $300 million investment from the city going toward 15 affordable housing developments.

Ald. Gilbert Villegas (36th Ward) was recently chosen to lead the City Council’s Committee on Zoning, Landmarks and Building Standards, putting him at the center of decisions that shape everything from residential housing to billion-dollar developments.

Chicago’s lack of affordable housing impacts thousands of residents across the city. This problem is exacerbated when accessibility accommodations, such as needing a wheelchair, are also necessary.

An ordinance allowing 34 of Chicago’s 50 wards to build additional dwelling units, or ADUs, took effect April 1. The ordinance permits Chicagoans to build small homes in their backyards, basements and attics and rent them out.

Facing a projected $2.2 billion gap and massive uncertainty over federal funding flowing into Illinois, Gov. JB Pritzker on Wednesday proposed a $56 billion state budget plan for fiscal year 2027 beginning July 1.