How Do Chicago Residents Feel About Rent Control?admin / 0 Comments /
If you have ever rented or try to rent real estate in Chicago, you have seen first-hand how rental rates have increased. Pricing many, wishing to rent property, out of desirable neighborhoods. What you may not be familiar with is the 1997 Illinois state law, prohibiting rent control in the state, has allowed landlords to significantly raise rental prices and create “rent-burdened” residents.
However, changes to this law could be considered soon. If a recent advisory referendum vote is an accurate indicator of how most Chicago residents feel about rent control, ending the ban on rent control will be welcome by Chicagoans.
According to an article published by Crain’s Chicago Business, written by Dennis Rodkin, the advisory referendum was placed on almost 80 precincts’ ballots. The result was that in each of the 76 precincts, “at least 60 percent of the votes cast were in favor of lifting the ban, and in most the figure was above 75 percent.” Its seems that lifting the ban is widely supported. Only time will tell if change to this ban will come as a result.
Read the entire article.