The Chicago Association of REALTORS®, the “Voice for Real Estate” in Chicago since 1883, represents over 17,000 members from all real estate specialties including commercial sales, development, property management, appraisal, auctions and residential sales.
There have been many cautionary tales about how destructive rent control is in neighborhoods across the nation. Now, with the introduction of House Bill 255, it’s a threat to Chicago. We need you to take immediate action.
House Bill 255 (Guzzardi) is the first of four pieces of legislation introduced thus far this legislative session that would repeal the Rent Control Preemption Act (a 1997 Illinois REALTORS® initiative which prohibits local governments from enacting Rent Control). By repealing the preemption, House Bill 255 would allow ALL home rule units in the state to impose rent control. HB 255 is scheduled for a committee hearing on Wednesday, February 20, 2019.
The Chicago Association of REALTORS® strongly opposes lifting the ban on rent control because, simply put, rent control doesn’t work. Rent control appears to be a quick fix to provide “instant housing affordability,” but there are many negative, unintended consequences, including a significant reduction of affordable rental housing. Rent control is widely discredited by most economists and housing advocates.
Rent control will:
Decrease the supply of affordable housing, now and in the future
Increase rents for non-controlled rental units
Deflate property values
Increase property taxes on homeowners, including condo owners
Rent control is destructive and counterproductive, in addition to being complicated and expensive to administer.