Recent advisory referendums suggest that the 22-Year Rent Control Ban in Illinois may be repealed in the near future. Three advisory referendums throughout the state overwhelmingly voted that Springfield should remove its law preventing rent control, which would allow local governments or the state to regulate the amounts charged for rented housing.
Illinois is not the only state that has considered lifting its rent control bans, as Oregon has recently repealed its law, joining California, New York, New Jersey and Maryland, which all allow the state or city to implement rent control.
Advocates for the ban lift state that it prevents gentrification, so that tenants already living in certain neighborhoods cannot be pushed out by wealthier individuals as the neighborhood develops. Landlords on the other hand, oppose rent control as it often time prevents them from charging the fair market value for housing. Some landlords believe that they are disincentivized from owning properties in rent-controlled areas, as it may deplete their ability to make profits.
A rent-control bill has been proposed to the Illinois Assembly, which would portion the state into six areas, each governed by an elected rent control board. To express your views on the recently proposed bill, call your local state representative.
For counsel on complex real estate law, whether residential or commercial, contact the attorneys of Rock Fusco and Connelly, LLC.