Chicago Rent Relief Ordinance

[Ivy Pierce]

I was just notified 47th Ward Alderman, Matt Martin, is introducing an ordinance in City Hall to “follow Los Angeles’ lead, and ensure that renters who are impacted by COVID-19 have 12 months to make rent payments without fear of late fees or eviction.” His video on his social media only asks for 90 days of forbearance for homeowners. Please contact your alderman offices tomorrow to ensure they hear from property owners!

[Brian Ploszay]

The real estate community has already acted on this aggressively.  Rent relief without giving any relief to landlords is not in the best interest for Chicago.  Lots of buildings will end up in default, marginal tenants will have very limited ability to find an apartment in the next year, no one will invest in repairs in their buildings, etc...

Not likely this will have enough support to pass.

For landlords, do expect foreclosure court to possibly be closed a bit longer.  But not for a year.