Two of the state’s largest newspapers roundly rejected rent control as a path to creating more affordable housing in Illinois.

On Wednesday, the Chicago Tribune and the Chicago Sun-Times ran editorials noting the policy of setting price controls on what private property owners can charge for rent would benefit only a few.

According to the Tribune editorial:

The cost of rent control would be borne throughout the city in ways that, over time, would leave Chicago worse off. Even for many renters.

According to the Sun-Times:

Rent control is an overly blunt tool. It could do more damage than good.

Ware

Illinois REALTORS® Local Government Affairs Director Brian Bernardoni attended both editorial board meetings. Illinois REALTOR® Sarah Ware attended the Sun-Times editorial board on behalf of the Chicago Association of REALTORS®.

Both editorials acknowledged that affordable housing in certain areas of the city was a challenge that needed to be addressed. But, as Illinois REALTORS® has argued all along, better zoning and building regulation, public-private partnerships and incentives for development would do a better job of meaningfully addressing the issue.

Bernardoni

Rent Control is the focus of at least four bills before the General Assembly this year. All seek an overturn of the Rent Control Preemption Act of 1997, which prohibits price controls on rental housing.

As the Tribune editorial notes, the financial fallout for communities large and small would be significant.

In Chicago today, price controls on housing would allow some renters to stay in place, but it would tighten supplies by enticing landlords to convert units to condos or sell to owner-occupants. Apartment owners also would be less likely to invest in their properties, spending less on upkeep because rising overhead costs wouldn’t be offset by rising rents. Investors would look elsewhere. As the value of rent-controlled apartment buildings stagnates, property tax revenue would decline.

Illinois REALTORS® issued a Call for Action last month on the Rent Control bills. More than 5,000 members have already answered the call, telling lawmakers that the policy would do significant harm to private property rights in the state. At least one of the bills could be called for committee debate as early as this week.