City moves forward on “Keep Chicago Renting” Ordinance

rentbadgeThe Chicago Tribune is reporting that the Keep Chicago Renting Ordinance has passed out of committee and will be voted on by the City Council on June 5.  The text of the ordinance has been changed slightly to reduce the originally proposed relocation payment of $12,000 to $10,600.  The aldermen seem to believe that this measure will make banks “partners” with the City.  My guess is that it will have a major chilling effect on bank foreclosures in bad areas and will lead to an increase in illegal tenants and squatters who take up residence in foreclosure properties in hopes of making a quick ten grand.  It will also make it much more difficult to sell multi-unit post foreclosure rental properties to third parties.  I will be interested to see how this plays out.

About Richard Magnone

Co-founding member of Reda | Ciprian | Magnone, LLC, attorney at law and Illinois licensed lawyer since 1996.
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