A day after CNN reported of the death of a New Yorker who had been paying $28 per month in rent as a result of a rent controlled property she rented from 1955 to 2018, reports come out of Springfield that the Illinois legislature seems to be stalling in attempts to overturn the Illinois’s Rent Control Preemption Act. The Real Deal, a Chicago real estate web news organization, indicates that legislation to repeal the law that protects Illinois landlord’s from municipalities seeking to impose rent control policies has stalled with only a few weeks left in the summer session.
Rent
Update: Rent Control Talk Continues
Back in March, I discussed the proposal by Chicago-based state legislator Will Guzzardi (39th District – D) to repeal the law prohibiting rent control in Illinois. That bill is currently in the rules committee and only recently, on August 29, 2017, added legislator Theresa Mah (2nd District – D) as another co-sponsor. Both Chicago Magazine … Read more
Look out landlords, rent control may be coming
Rent control bill introduced
Chicago-based state legislator Will Guzzardi (39th District – D) has introduced House Bill 2430 which seeks to repeal the Illinois Rent Control Preemption Act. That law, discussed in a previous blog entry, was passed in 1997 and prohibits local governments or home rule units from enacting any law, resolution, or regulation that controls rent. At the time of its passage, then Illinois state senator Barak Obama voted against the law.
Landlord’s need to pay careful attention to City budget negotiations
Rahm’s budget will impact landlords
As we get moving on the new rental season (lots of Chicago landlords like to rent from October to September), Chicago area landlords need to keep their ear to the ground regarding the recent developments coming out of City Hall. Savvy landlords will hedge their bets by building some of the risk of major cost increases into rents for the new year. Those who don’t might get caught off guard.
Acceptance of rent after expiration of 5 day notice
I recently received a question from a reader of this blog about the acceptance of rent after the expiration of a five day notice outside of Chicago. The question was as follows:
I accepted full payment after the five days. Did i waive my right to sue for possession? My unit is in Elmwood Park. – David