06 Feb IL REIA Opposes Repeal of the Illinois Rent Control Pre-Emption Act
IL REIA is opposed to Legislation that would repeal or overturn the Rent Control Pre-Emption Act. If this law is repealed, it will allow local municipalities to establish rent control.
Local municipalities can make bad decisions
IL REIA is strongly opposed to House Bill 2430. It was submitted by Representative Will Guzzardi a Democrat. He serves as a representative of the 39th District of the Illinois House of Representatives. His district includes parts of the Avondale, Belmont Cragin, Hermosa, Old Irving Park, Portage Park and Logan Square.
We are also opposed to Senate Bill 2310 sponsored by Senator Daniel Biss, a Democrat. He serves Illinois Senate District 9. His district includes Chicago’s northern suburbs of Evanston, Glencoe, Glenview, Golf, Morton Grove, Northbrook, Northfield, Skokie, Wilmette, and Winnetka.
The goal of these two bills is to repeal the Illinois Rent Control Pre-Emption Act. This would allow cities and towns to enact local rent control policies.
Support for rent regulation has gained momentum among certain groups. They follow this ill advised path in an effort to achieve affordable housing. A non-binding referendum concerning Rent Control is on the ballot of the March 20th primary in several Chicago wards.
Illinois REIA is working with other investor Groups.
We are working with other investor associations across the state to educate members of the General Assembly. They need to know that rent control is bad public policy.
Rent Control Creates Shortages
The problem with Illinois Rent Control is that it discourages investment in new and existing rental housing, Additionally, rent control erodes property values, and ultimately leads to a shortage of quality, affordable apartments.
Rent Control Does Not Benefit Low Income Renters
We reject the notion that low-income renters benefit from Illinois rent control. Rent Control actually hurts lower-income residents instead of helping them. Rent control benefits higher-income renters while it causes larger economic disruptions in the affordable housing market.
Other Policies Work Better
Illinois REIA supports other proven policies to sustain affordable housing options like increased density bonus allowances, relaxing of building codes and other expensive regulations not to mention developer incentives.