More REALTORS® need to speak out against rent control bill through Call for Action

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More Illinois REALTORS® need to voice their displeasure with House Bill 2430 so the proposal is stopped in committee or defeated by a vote.

Since March 6, more than 5,200 Illinois REALTORS® have said “no” to HB 2430 through the association’s Call for Action. The bill will repeal the Rent Control Preemption Act of 1997. Although its intent is to create rent control in Chicago, repealing the act would, by default, make rent control an option for all home rule units in Illinois, not just Chicago. To join your colleagues and tell House members HB 2430 is a threat to private property rights, click here.

Rent control is widely discredited by many – if not most – economists and many housing advocates. Rent control is counterproductive, is very complicated to administer and would have many unintended consequences. For a summary of reasons why REALTORS® object to HB 2430, go here.

 

5K REALTORS® need you to join fight against rent control too

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More than 5,000 members of Illinois REALTORS® have submitted emails to their state representatives in the last eight days, asking them to reject House Bill 2430. But even more members need to join in if the bill is to be stopped.

The bill will repeal the Rent Control Preemption Act of 1997. Although the intent of the bill is to create rent control in Chicago, repealing the act would by default make rent control an option for all home rule units in Illinois, not just Chicago. To join your colleagues and tell House members HB 2430 is a threat to private property rights, click here.

Rent control is widely discredited by many – if not most – economists and many housing advocates. Rent control is counterproductive, is very complicated to administer and would have many unintended consequences. For a summary of reasons why REALTORS® object to HB 2430, go here.

On March 6, Illinois REALTORS® initiated a Call for Action regarding the bill. In one day, about 1,800 members responded, and participation has continued since then.

Join 3,800 Illinois REALTORS® and voice your concerns about Rent Control bill

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Approximately 3,800 Illinois REALTORS® have asked their state representatives to reject House Bill 2430 since Monday afternoon because it will repeal the Rent Control Preemption Act of 1997.

The intent of the law is to create rent control in Chicago but repealing the act would by default make rent control an option for all home rule units in Illinois, not just Chicago. To join your colleagues and tell House members HB 2430 is a threat to private property rights, click here.

After less than 24 hours, 1,800 members of Illinois REALTORS® participated in the Call for Action regarding the bill. Since then, 2,000 more have joined the cause.

For a summary of the reasons REALTORS® and clients object to HB 2430, go here.

REALTORS® join US Rep. Kelly at 4th Annual Housing Expo

(L to R) Ken Holland, Tom Joseph, Larissa Jones, FPC Tonya Corder, US Rep. Robin Kelly and Jim Sim.

Illinois REALTORS® joined lenders, social service agencies, utilities, Cook County government officials and a variety of other organizations at U.S. Rep. Robin Kelly’s 4th Annual Housing Expo last week in Lansing.

Local Government Affairs Director Tom Joseph, Jim Sim and FPC Tonya Corder led a group of local and state REALTORS® that answered questions and passed out information to area residents who attended the expo. They used handouts such as: “What You Should Know About Property Taxes in Black & White,” “Don’t Go It Alone: Choose a REALTOR® as Your Real Estate Partner,” “The Consumer’s Guide to Real Estate Agency in Illinois” and “Homeownership: How Much Mortgage Can I Afford?”

In addition, Joseph and Corder relayed to U.S. Rep. Kelly (District 2) the REALTOR® perspective on several important issues, such as: the Mortgage Interest Deduction, 1031 Like-kind Exchanges, tax reform ideas presented to Congress, the health of the housing market and foreclosures.

“We have not let Congresswoman Kelly down in the four years she has held this event,” says Joseph. “The members of the Mainstreet Organization of REALTORS® and Illinois REALTORS® are there for her.”

For consumers, the expo featured presentations about:

  • estate planning,
  • loan modifications,
  • foreclosure prevention,
  • first-time home buyer programs,
  • property tax appeals,
  • Bettering Your Finances Through Financial Literacy,
  • Scam Prevention & Foreclosure Options (Hardest Hit) and
  • Understanding Your Property Taxes.

 

Illinois REALTORS® urges members to tell House members to oppose rent control bill

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Illinois REALTORS® is encouraging members to contact their state representatives and voice opposition to House Bill 2430 which would repeal the Rent Control Preemption Act.

The intent of the law is bad enough: Create rent control in Chicago. But by repealing the Rent Control Preemption Act of 1997 the proposal would by default open up rent control as an option for all home units in the state, not just Chicago.

To tell House members that this is a threat to private property rights, click here.

Illinois REALTORS® has a summary which lists the myriad of reasons REALTORS® (and their clients) should be concerned about rent control. You can find summary here.

Here are a few of the many reasons this is a bad policy:

  • Rent control is a disincentive to rental property investment because it caps returns on investments.
  • It will reduce the number of rental properties.
  • It sends the message that Illinois doesn’t want to develop, rehabilitate or improve its housing stock.
  • Property owners will be discouraged from maintaining and upgrading their properties because costs will rise but revenues will be fixed.
  • Chicago will lose property tax revenue it can’t afford to lose when property values go down.
  • Administration of rent control will require more bureaucracy.
  • The bill could encourage an illegal black market for rental property.

The bill is sponsored by state Rep. Will Guzzardi, D-Chicago.

According to Illinois REALTORS®: “Rent control is widely discredited by many if not most economists, and many housing advocates. Rent control is destructive and counterproductive in many ways, is very complicated to administer and would have many unintended consequences.”

Illinois REALTORS® is sending out an email to members with a simple, two-click way to tell lawmakers not to back this bill. If you don’t get the email, click here.