Please Take Action NOW - Rent Control bill scheduled for a commit

[Brie Schmidt]

Please Take Action NOW - Rent Control bill scheduled for a committee hearing on Wednesday

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) is scheduled for a hearing in the House Judiciary - Civil Law Committee on Wednesday.

We need to make sure the voice of Illinois REALTORS® is heard LOUD and CLEAR on this legislation!

PLEASE CLICK ON THE LINK BELOW TO ASK YOUR REPRESENTATIVE TO VOTE "NO" ON HB 255!

By repealing the preemption, House Bill 255 would allow ALL home rule units in the state to impose rent control.

At first glance, Rent Control appears to be a quick fix to provide “instant housing affordability.” But a closer examination shows there are many negative unintended consequences which can result in a significant reduction of affordable rental housing, and many other problems.

Allowing rent control to be enacted would do the opposite of what it intends.

RENT CONTROL WOULD:

• 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 widely discredited by most economists and housing advocates. Rent Control is destructive and counterproductive and is complicated and expensive to administer.

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This doesn't just effect Chicago but all parts of IL

[Scott Steffek]

Ray,

It will impact landlords because they'll tell you how much you can charge for rent. So let's say you have an SFR and you're currently charging $1200 a month. They could very well come back and tell you that you can only charge $1000. That's a $2400 loss to you in just one year. So what do you do when they raise your taxes and you can't raise the rent? You lose! IMO, this bill will stop investors from buying investment properties, which will leave a "glut" of properties on the market and will also decrease the supply of rental properties. It's a no win situation. Government needs to keep their hands out of the real estate business.