We warned you it might happen. The House version of Rent Control (House Bill 0255), Will Guzzardi’s Rent Control Preemption Act, is back. The bill was assigned to the house Judiciary committee today. As a reminder, this version of the attempt to lift the long-standing ban on rent control simply attempts to repeal the Rent Control Preemption Act. That’s the law that bans rent control within the State of Illinois. Presumably, once the ban is lifted, municipalities like Chicago stand ready to impose their own rent control ordinances.
If there is one thing in this world that pretty much every economist agrees upon, it is that rent control is a disaster. Landlords, this fight is real and it is not over. Talk to your representatives and let them know that rent control is unworkable.