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Could Rent Control Measures Be in Chicago’s Future?

Rent control is a very hot topic in Chicago. Illinois governor J.B. Pritzker wants to repeal the statewide ban on rent control, while Lori Lightfoot, the newly-elected mayor of Chicago seems to be in favor of some kind of relief for the city’s renters.

The issue really took off after Oregon became the first state to enact statewide rent control. But that doesn’t mean rents were frozen in place. The law enables landlords to raise rents up to 7% (plus inflation) per year. So, if you were paying $1,000 for a single-family rental in 2019, you could be paying approximately $1,100 next year.

Advocates of rent control argue that it is the most efficient way to protect poorer and working-class families. Opponents disagree, citing statistics that show landlords foregoing the rental market altogether and turning their properties into condos.

It’s a battle with no end in sight.

Read on HERE:

Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience.

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