On May 20th, Chicago Mayor Lori Lightfoot introduced a proposed ordinance that would impose new requirements on property owners in regard to lease renewals.
The proposal increases the amount of days notice landlords would have to give renters if they aren’t renewing the lease from 30 days to 90 days. (The current 30-day requirement is in Chicago’s Landlord-Tenant Ordinance.)
And it requires owners of buildings bigger than six units who are removing tenants in order “to substantially rehabilitate or demolish such dwelling unit” to make a one-time $2,500 payment to tenants whose leases were not renewed.
REALTORS and other property owner groups are concerned that this proposal would present new costs and new complications for leases. For example, “month to month” leases (usually not written) could be jeopardized. These arrangements are agreed to by both parties and exist in many rental situations. This proposal would change contractual rights after an agreement has already been made. In addition, property owners question the $2,500 figure and why it would be required even with renters who are not low-income.
The City’s Housing Committee could consider this proposal in June.