PENDING LEGISLATION ATTACKS HOUSING PROVIDERS
Do you have residential real estate investments in Illinois? If you do, you should be worried. The State of Illinois may take control over your ability to operate rental property.
A proposal for Rent Control is working its way through our State Legislature. Rent Control is much more than regulating rent increases. It is a broad proposal that will strip away your property rights and eat away your profits.
RENT CONTROL MEANS
- You may no longer set the rent amount for your property. That decision will be decided by a Rent Control Board, primarily made up of tenants and tenant attorneys.
- You may no longer raise rent without permission of the Rent Control Board
- You may no longer use the profit of your business as you see fit. 10% of your profit must be escrowed for a repair fund.
- You may not refuse to renew a lease unless you pay the tenant’s moving expenses.
- Who pays for the Rent Control Board? You do. You must pay an annual tax for each unit that you own.
Property rights are a fundamental value. Capitalism has made our country strong. Encouraging economic growth benefits all the citizens of Illinois.
But now these principles are under attack.
When do we say enough? What will it take for you to act? The time for action is now!
WHAT SHOULD YOU DO?
- Contact your State Legislator. Go to www.illinoispolicy.org/maps/
- Explain that IRPOA represents 1500 property owners in Illinois.
- Our organization needs to know who will stand with us to protect property rights and oppose rent control, and who is against us.
Don’t wait to act. Organized groups are pushing this assault on your rights. Don’t assume this issue will go away. Each one of us must do our part.
Thank you for your help on this urgent issue.
IRPOA Director of Legislative Affairs