A rally was held at Chicago City Hall on Wednesday in favor of a bill that would protect renters whose buildings or homes slip into foreclosure. Their demonstration falls on the same day as an aldermanic committee holds a hearing on the legislation.
“Keep Chicago Renting Coalition” led the rally.
Mayor Rahm Emanuel, Ald. Richard Mell and the group are supporting a measure that would require banks that take over buildings following foreclosures to either act as landlords and let compliant renters stay in their homes, or pay a relocation fee to the compliant renters. It would also require that banks give notice to their renters explaining that they are the new owners.
“If they keep somebody in the building, and keep the neighborhood viable, it’s a better opportunity for them to sell the propery at a much higher price than they’re going to get a year and a half later after the building is completely vandalized and worth hardly anything,” said Ald. Richard Mell, 33rd Ward.
WGN News Writer C. Hayes published this story.