A new podcast gives REALTORS® numerous reasons to contact members of the Illinois General Assembly and lobby against Rent Control legislation. Hear the podcast now.
Not only will Rent Control reduce the amount of rental housing, it will shift the tax burden to homeowners, reduce the attractiveness of property as investments and have multiple negative impacts on the condominium market, says Greg St. Aubin, Senior Vice President of Governmental Affairs.
“The frustrating thing about this issue is that Rent Control is the last thing lawmakers should do to address affordable housing issues,” he says. “It’s unfortunately seen as a quick and easy fix. But it’s not a fix at all. In fact, it will be extremely destructive to the rental housing sector if it’s enacted. And the negative impacts of Rent Control would be widespread.”
Condo market will face ‘triple whammy’
Research commissioned by Illinois REALTORS® reveals that Rent Control will cause multiple problems in the condo market. St. Aubin calls it a ‘triple whammy’ that will:
- initially flood the condo market as owners convert rental property to condos to avoid Rent Control,
- increase property taxes for condo owners and homeowners, and
- devalue condos near rent control units by an average of more than $21K over 10 years.
With nearly a third of the General Assembly composed of new legislators, St. Aubin says educating those legislators about the negative consequences of Rent Control is critical. Listen to the podcast.