The CAR Board of Directors has made the decision to endorse Mayor Lori Lightfoot’s Chicago Housing Solidarity Pledge, which was unveiled at a press conference at 1:00 today. The pledge states that Chicago’s leading residential housing lenders and landlord associations stand with all Chicagoans by affirming they may provide deferred payments and other relief for eligible renters and mortgage borrowers who demonstrate a significant financial impact from the COVID-19 pandemic. Many of you have already been communicating and working with your tenants.
As you know, mortgage forbearance, while easing the burden slightly, doesn’t eliminate ongoing property taxes, maintenance and utility fees. We know you need help. By signing on to the Mayor’s pledge, we hope to provide you the creative flexibility needed to work with your tenants by counteracting some of the truly damaging legislation that has been proposed, including last week’s proposed ordinance calling for 12 months of rent deferment and ongoing calls for city-wide rent strikes and rent control throughout Illinois.
It is in the interest of everyone – renters and landlords, homeowners and lenders – to provide a clear solution to ensure the stability of housing in these unprecedented times. The Chicago Housing Solidarity Pledge brings the City’s lenders and landlords together to help address the housing challenges that the City faces during this emergency period.
We think it’s important to stress that those who can pay rent, should – as this will provide greater opportunity for property owners to work with tenants who are facing financial hardship and that those who are facing financial hardship must reach out directly to their landlord to work out a plan that suits their needs on a case by case basis. This Pledge just does that.
We are committed to ensuring our communities are healthy, vibrant and diverse places to live, work and play. Property owners are a key part of ensuring our communities’ vibrance and provide a vital resource. Rest assured, we will always be fighting to protect private property rights.
We believe the best way for us to navigate this crisis is by working together. We are working collaboratively with lawmakers and community stakeholders for positive outcomes for private property owners and Chicago’s neighborhoods. A greater diversity of voices at the table allows us to have a greater impact in all our communities moving forward.