“State Sen. Mattie Hunter, a Democrat from the South Side, is one of several lawmakers who introduced bills aiming to lift the ban on rent control, which would allow the local municipalities to more tightly control how much landlords can increase rents annually. Hunter’s version would establish elected rent control boards in every county that would adjust rents every year.
The bill would limit increases to 1 percent above the Consumer Price Index for renters making up to 60 percent of the county’s median income. It would be capped at an annual increase of 5 percent.
For renters making up to 120 percent of the median county income, it would limit increases to 2 percent above the Consumer Price Index, for a maximum increase of 6 percent.
Opponents of the measure, including real estate and landlord trade groups, say it will hit landlords in the wallet by preventing them from charging market-rate rents. They’ll have less to spend on upkeep of the buildings, causing them to deteriorate, critics of the measure to end the ban said.”