Chicago-based state legislator Will Guzzardi (39th District – D) has introduced House Bill 2430 which seeks to repeal the Illinois Rent Control Preemption Act. That law, discussed in a previous blog entry, was passed in 1997 and prohibits local governments or home rule units from enacting any law, resolution, or regulation that controls rent. At the time of its passage, then Illinois state senator Barak Obama voted against the law.
The Chicago Association of Realtors and the Illinois Realtors Association have issued a “call for action” for members of the public to oppose HB 2430.
Rent control laws are usually borne of a desire to keep housing prices reasonable. Unfortunately, rent control has a number of unintended consequences. The most common of which is that they usually create a black market for housing where tenants reap the benefits of rising rental rates rather than the landlords who own the building. In a recent editorial, the Chicago Sun Times argued against the rent control law as well.
How long will it take for elected representatives to realize that the over-regulation of the rental business will lead to less, not more, clean, safe, and affordable housing as landlords leave the business?