Limiting Banks through Zoning in Lincoln Park

The Sheffield Neighborhood Association recently reported on a zoning amendment passed by the Chicago City Council and introduced by alderman Vi Daley.

Essentially, the ordinance creates a subcategory of the new "pedestrian street" designation in the recently reformed zoning code for purposes of this ordinance only: pedestrian retail streets. A bank, savings bank, savings & loan association or credit union is permitted on lots abutting these streets within 600 feet of another only if reviewed and approved as a "special use," which requires a public hearing before the Zoning Board of Appeals.

More on page 8 of the above reference report. Fewer banks? Hmmmmmmm. What's the catch?