Chicago is facing a shortage of 120,000 affordable homes, with Gov. JB Pritzker's housing package focusing on increasing construction. However, Rafael Leon argues that too much attention is being paid to building new subsidized affordable housing. He argues that the city is losing affordable housing nearly five times faster than replacing it. The Institute for Housing Studies at DePaul University found that Chicago's affordable rental housing has declined from 45% of all rentals in 2012 to 37% in 2023, a loss of roughly 5,000 units per year. Leon's organization acquires and rehabs existing buildings on the open market at a cost of $150,000 to $200,000 per unit, about one-third the cost of new, low-income housing tax credit construction. Federal policy favoring new construction over preservation exacerbates the problem. The preservation advantage is also time-consuming, as new construction can take three to five years from concept to occupancy, and many preservation projects can be completed within a year. The city can use this model to meet its obligations and meet its mission without public subsidies.