An Open Letter from a Chicago Landlord

By Sal Becovic, President of Becovic

I recently had a candid conversation on the Real Estate Chicago Style Podcast that captured what drives us at Becovic: Service. We’re not just managing properties. We’re caring for the people who live in them, the neighborhoods we’re invested in, and the long-term future of Chicago.

This isn’t a press release. It’s simply what I believe, from someone who’s lived this business, one building, and one home at a time.

OUR NORTH SIDE ROOTS: MORE THAN BUSINESS

Our roots in Chicago go back more than 50 years. In 1968, my parents emigrated from Yugoslavia (now Montenegro), by way of Paris, and rented an apartment in the Uptown neighborhood. My father, Husein, was a union painter who worked in Lake Point Tower. My mother, Ese, cleaned offices downtown at 307 N. Michigan.

Husein and Ese didn’t have formal education, but they had a vision, and a ton of determination. In 1973, they scraped together enough to buy a 17-unit building in Albany Park. It wasn’t about building wealth. It was about stability. They lived in the building, took care of it themselves, and even made a hand-painted “Becovic Management” sign to hang outside. It stood for pride, responsibility, and showing up for your neighbors.

That spirit still guides us today.

HOUSING ISN’T ROCKET SCIENCE. IT’S “STOMACH SCIENCE”

Managing hundred year old buildings isn’t glamorous. It takes resilience, patience, and a strong stomach. We call it stomach science. Things break. Taxes rise. Pandemics happen. Replacing a single metal porch can cost over $120,000. That is the equivalent of wiping out 18 months of income from that building.

The truth? Property ownership is not a high-margin business. To continue providing safe, quality housing, rent must rise in step with costs, just like wages do for workers. If owners can’t afford to maintain buildings, the quality of housing suffers. And so do neighborhoods.

SMART POLICY, NOT “GOTCHA” POLITICS

We’re seeing a troubling rise in performative policymaking. These are rules that may sound good on paper but punish small, mission-driven owners and add layers of complexity that larger corporate landlords can absorb. These policies risk squeezing out the very people who built and maintain much of Chicago’s housing stock, and who are best positioned to preserve affordability with care and accountability.

Becovic is here to be part of the solution. When a property in Uptown became unlivable, we worked with the Preservation of Affordable Housing (POAH) to house 34 families in beautiful apartments nearby. This allowed them to remain in their community with dignity while their home was being renovated.

We also welcome and appreciate voucher programs like Section 8. In our experience, these residents are often deeply committed to their homes and communities. The market rent supports reinvestment in those very buildings.

The progress of neighborhoods takes more than good intentions. You can’t ‘Kumbaya’ better housing. It takes real investment, real partnerships, and a willingness to do hard, expensive work when it’s the right thing to do.

NO FALSE CHOICES: EVERYONE DESERVES SAFE HOUSING

Becovic rejects the idea that people must choose between unsafe housing or no housing. We’ve taken over properties so neglected they were uninhabitable, inheriting them from non-for-profits that couldn’t keep up with costs because of artificially low rents. Yes, hard choices must be made. But we handle them with compassion. We provide months of free rent to help residents transition, offer new housing options, and make major investments to transform buildings into safe, healthy homes.

No one should ever have to choose between homelessness and unsafe bad housing.

THIS ISN’T A TRANSACTION. IT’S A CALLING

Becovic is not here for quick wins or quick flips. We’re in it for the long haul. We believe in reinvesting again and again because housing is about more than shelter. It’s about community, dignity, and stability. This work is personal to us. We want the next generation to see housing not just as business, but as a chance to serve, protect, and build something lasting.

We’re proud to be doing this work in Chicago. A city full of resilience, culture, and community. We remain committed to investing in its people, its neighborhoods, and its future.