Keep Chicago Renting Ordinance Text

We have obtained the text of the recently introduced “Keep Chicago Renting” Ordinance that would protect a tenant’s right to remain in a rental unit after a foreclosure.  A number of aldermen and the Cook County Sheriff are in support of the proposed ordinance.  The law would effectively turn foreclosing banks into landlords.  The problems of tenants in a post-bubble world are real and need to be addressed, but this law may not be the answer.  The law has not yet passed.

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3 Responses to Keep Chicago Renting Ordinance Text

  1. JDS says:

    Hello,

    I’m wondering if a tenant has the right to file for an eviction stay extension AFTER the date in which they are supposed to be gone.

    And if they DO get that hearing for a stay extension, how do we as landlords find out when/where the trial will take place?

    Thanks!

  2. Truth and Justice says:

    I agree with this. It is unfair to tenants that the landlord is in foreclosure.

    The leases, the contracts, must be honored.

    I almost thought my alderman in the 19th Ward did not support this, then I saw the signature on the top right. Way to go, O’Shea!

    • Richard Magnone says:

      These issues are complex and they have many sides to them. Many lenders make loans that are “of record” and have priority to any leasehold interest. These leases, under general foreclosure law, are foreclosed with the previous owner’s interest. It is only recently that laws have been enacted to extend tenant’s rights.

      It is an interesting concept to make a lender into a landlord just so that they can be repaid the money they loaned out on a piece of property. It might also increase lender “walk-away” and leave the city with properties that have no owner around and which fall into serious disrepair. It is not an easy issue.

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