Illinois REALTORS® issued its first Call for Action of 2019 late Monday as the association seeks to have its more than 50,000 members tell lawmakers in Springfield that Rent Control is a bad idea for the state.

Members can participate by going here.

Four bills filed in the General Assembly in recent weeks would ultimately allow governments limit what could be charged for rent, regardless of how fast taxes, maintenance outlays and utility costs increase. Research shows the effect of the bills would  be to decrease affordable housing options, kill off investment in new affordable housing units and even significantly decrease the prices of many condos.

“Rent Control would do exactly the opposite of what proponents argue,” said Illinois REALTORS® President-elect Ed Neaves, managing broker of Berkshire Hathaway HomeServices Snyder Real Estate in Bloomington. “It ultimately hurts tenants and would drive investors out. Adopting this policy would send a clear signal that Illinois is not serious about addressing housing affordability in a meaningful way, and it would firmly establish a housing market where those seeking good, affordable rental options would be at an even greater disadvantage.” 

The Call for Action comes as HB 255 could be called for a committee hearing on Wednesday. The bill, initially filed by Will Guzzardi, D-Chicago, seeks the repeal of the 1997 Rent Control Preemption Act. The 1997 law prohibits Rent Control in the state, and was a result of work by Illinois REALTORS® at the time to codify into law the consensus of a super-majority of the legislature and the governor that Illinois does not want Rent Control ever enacted by local governments in in the state.

Learn more about Rent Control with this Illinois REALTORS® Podcast.

SB 2063 is essentially a carbon copy of HB 255. Two other bills, HB 2192 and HB 3207, would eliminate the Act, and they would set up elaborate bureaucracies to oversee price controls on residential rental properties statewide.

Illinois REALTORS has a number of resources for those interested in learning more about Rent Control and its possible impact on the real estate industry and those seeking affordable housing at www.affordabilityforall.com, or on the association’s website athttps://staging.illinoisrealtors.org/advocacy/rent-control/.

Make your voice heard on this issue: Take part in the Call for Action today!