I was alerted to a new issue on the City of Chicago website. The Residential Landlord and Tenant Ordinance Summary is NEW. However, it looks unformatted. Frankly, it looks unprofessional. I’m not sure why. The new summary doesn’t even have a date on it. This will surely add to confusion for Chicago landlords.
Yesterday, the Illinois Department of Financial and Professional Regulation’s Division of Banking announced the new rate of interest for security deposits governed by the Illinois Security Deposit Interest Act 765 ILCS 715 (and other local laws that utilize the Illinois rate). The rate was explained to be “paid by the largest commercial bank with its … Read more
It seemed like things were getting better with the City of Chicago, however, the last two years haven’t been great when it came to the timely release of security deposit interest rates. It is January 3, 2024 and the page that was updated on January 5, 2023 remains up (see below in case they change … Read more
This week, Governor Pritzker signed SB1817 which amends the Illinois Human Rights Act and adds “Immigration Status” as a protected class under State of Illinois fair housing laws. The law becomes effective on January 1, 2024. This law answers a question we get all the time – “do I have to rent to someone who … Read more
The Swedish economist Gunnar Myrdal wrote “Rent control has in certain Western countries constituted, maybe, the worst example of poor planning by Governments lacking courage and vision.”
Well, the people trying to “lift the ban” on rent control are back at it
Cook County Court Halts EvictionsOn November 25, 2019, Circuit Court of Cook County Judge E. Kennth Wrights, Jr. issued the expected General Order 2019-01 which sets out the annual eviction moratorium for the enforcement of Cook County eviction orders for December 2019 and January 2020. As usual, the order applies to residential (not commercial) eviction in Cook County.
HB0255 defeated A number of sources, including Capital Fax, are beginning to report that Rep. Will Guzzardi’s HB0255 intending to repeal the ban on rent control has been defeated in committee. Other bills remain in both the House and the Senate but this is a major victory for landlords in Illinois. Landlords need to remain … Read more
He’s Baaaa-aack!The 101st General Assembly began work yesterday (January 9, 2019) and on the first day in session, 309th district state representative Will Guzzardi (D) once again introduced House Bill 255 (HB0255) to repeal the Rent Control Preemption Act that prohibits the imposition of rent control laws in Illinois.
As I mentioned a few days back, there was a meeting in downtown Chicago of the Illinois Special Senate Committee on Housing to discuss rent control legislation. So what happened? Predictable things happened. Community organizers and tenants’ rights advocates filled the room with folks with yellow signs demanding rent control. Landlord and real estate agent activists spoke about the perils of rent control. You can read all about it in an article published in Crain’s Chicago Business.
I’m routinely asked by some of Chicago’s biggest and best brokerage houses to give seminars for their agents on the topic of Chicago leasing procedures and the Chicago Residential Landlord Tenant Ordinance. This is one of my favorite things to do – I really enjoy talking about landlord-tenant topics and meeting agents who are working … Read more