Chicago Mayor Lori Lightfoot’s $16.7 billion budget, which she unveiled Monday, includes a focus on new housing and economic development investments, drawing both praise and criticism from some aldermen.

Alderman Pat Dowell (3rd), who is chairman of the City Council’s Budget Committee, said the city is committed to more community development that ultimately would benefit the city.

“The city’s economic development strategy recognizes the importance of investing in specific areas, communities,…

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