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Chicago Encourages Renting Foreclosures

by Chicago Agent

If you can't own it, rent it! Chicago has a new ordinance that encourages consumers to rent foreclosed residences.

If you can’t buy it, rent it. That might be an appropriate slogan for recent proposed ordinance in Chicago that aims to put renters in buildings going through foreclosure.

Chicago aldermen are expected to introduce an ordinance today that would allow renters to rent foreclosed buildings, according to WBEZ, instead of banks kicking out renters once a building is foreclosed upon, which is what happens now.

The ordinance seems to make sense – why kick renters out who are responsible tenants, pay their rent and can also maintain the property? In addition, vacant properties bring down home values, and renters in these properties solves that problem, as well. Under the proposed ordinance, banks would have to let renters stay in their units until the property is sold to a third party.

“Is it not common sense?” said First Ward Ald. Joe Moreno, one of the co-sponsors of the ordinance. “We’re not asking for people to stay in their properties for free. We’re not asking for people who are in there doing nefarious things to stay. We’re talking about everyday Chicagoans that are paying their rent and have paid for years and sometimes decades.”

This is not the first time an ordinance such as this has been suggested; in fact, there is still ongoing litigation between the FHFA and the state of Illinois over this very ordinance.

 

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