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Prospect of Rent Control Has Owners Wary Statewide
“Rent control has been seen as a Chicago issue, but it really is a statewide issue,” said Illinois Realtors’ Brian Bernardoni at a rent control forum last week.
Whether it’s in Chicago or Illinois generally, though, many owners and investors are wary of the chilling effect that repealing the two-decade-old statewide rent control ban would have on the market.
“Rent control does not increase the affordability of housing,” said Anderson Economic Group’s Jason Horwitz. “It increases the affordability of the homes that still happen to be rent-controlled, but as you can see in San Francisco and New York, that is a smaller and smaller share of units over time.”
Anderson conducted a study funded by Illinois Realtors. Among other findings, it concluded that a rent control ordinance would lead to a 10% decrease in supply of rent-controlled units by 2029, as rentals were converted to condominiums.
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- ◦Economy
