Rent control causes the supply of affordable housing to become reduced due to a lack of investment in new development and after units are removed from the market following condo conversions. Plus, quality becomes reduced after improvements and modernizations are deferred because they are unaffordable. In addition, studies indicate too many people without financial need draw rent control’s benefits, leaving the neediest to sometimes search for housing options. And finally, rent control lowers property values, shifting a heavier burden of property taxes to homeowners.
Illinois requires a balanced housing approach to increase our supply of housing -- not the harmful, unintended consequences of rent control.