Affordable Housing is a real issue in the Chicagoland area that needs real solutions.
Unfortunately, short-sighted proposals like Rent Control are repeatedly brought to the table as the answer. HB 116 is now proposed to repeal the rent control moratorium in Illinois and allow local municipalities to enact rent control. Make no mistake, if this passes at the state level, Chicago would very quickly adopt rent control.
While many supporters believe it is a good way to limit the cost of rental housing, history shows that rent control does not actually accomplish the goal it sets out to achieve. Rent control makes housing as a whole cost more. It decreases the supply of affordable housing, pushing up pricing on non-controlled units, cuts into maintenance and renovation budgets, decreases property values and ultimately increases taxes on property owners. This reduces the incentive to own and maintain property to higher standards. There are also studies that show rent control increases segregation within cities, which undermines years of progress on diversity and fair housing. While affordable housing should be a top priority for all of us, rent control is not the solution.
Please take the time to reach out to your local reps about House Bill 116. Sign the petition for rent control here.