I see in today's (9/11) New York Times that a bill to impose rent control state-wide is advancing in California (increases capped at 5 percent plus inflation, only "just cause" evictions). Will this affect the push for rent control in Chicago if it passes?
Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
7y
In Chicago there are dozens of safe neighborhoods where low income families can rent a 2br apartment for $1100 or a 3br for $1300 that is not an affordable housing shortage.
This is very different situation to places like New York or San Francisco where low income families can't afford to live anywhere safe if it's not subsidized.
Rental Property Investor · Chicago, IL · Member since 2011 · 73 posts · 48 votes
7y
@John Clark Why do you feel rent control in CA will affect rent control in IL? In my opinion, there are not a lot of strong parallels between CA and IL and the income-to-housing ratio not as dire here as it is there. Rent control was voted down in the House a few months ago (see here), but if it were to ever gain steam here and pass, I think it will be independent of what happens in CA.
Would be curious to hear other peoples opinions though...
Rent control is thankfully restricted by state law. Even if Chicago voted in rent control it would be illegal to enforce it.
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hy do you feel rent control in CA will affect rent control in IL? In my opinion, there are not a lot of strong parallels between CA and IL and the income-to-housing ratio not as dire here as it is there.
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I am thinking of the political momentum, as in "they did it in X, therefore we can do it here!"
Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
7y
In Chicago there are dozens of safe neighborhoods where low income families can rent a 2br apartment for $1100 or a 3br for $1300 that is not an affordable housing shortage.
This is very different situation to places like New York or San Francisco where low income families can't afford to live anywhere safe if it's not subsidized.
Rental Property Investor · Bay Area, CA · Member since 2018 · 29 posts · 15 votes
7y
I'm a Cali resident (Bay Area) who used to live in Chicago. Own properties in both and rent one in Chicago - @Henry Lazerow, FGR manages it..
This is a really complex issue but I'd argue that there are many things outside of rent control that drive prices up in California, making it very expensive. That in turn makes some people big supporters of rent control. For example, most cities don't allow anything but single family homes (reducing supply), many projects can get derailed for years by just one person (also reducing supply), etc etc etc. Also we have mountains and oceans that limit the space that can be developed. I don't think these factors are applicable in Chicago.