In the wake of the report issued by Lawyer’s Committee for Better Housing indicating that crime has increased in vacant lots and buildings, the Housing Committee of the Chicago City Council plans to conduct a hearing and possibly vote on the “Keep Chicago Renting” ordinance today (Mayday). Originally introduced in July of last year, the ordinance has been kicking around for about a year in various forms. In its current form, the City proposes that banks or other entities that take title to foreclosed real estate at a foreclosure auction must pay (yes, you read that right) tenants who are forced to vacate the premises or offer them leases with rent restrictions.
Chicago renters foreclosure protection law passes housing committee
Yesterday, the City of Chicago Housing Committee passed the Keep Chicago Renting Ordinance which will now go on to the City Council for a full vote. Before that, the committee is “holding” the ordinance to give lenders time to respond.
