File image
File image
Landlords in the Chicago area are worried about COVID-19's effect on rent payments as proposed laws and ordinances propose either canceling or postponing rent payments in the wake of the pandemic.
NBC Chicago reports Chicago Real Estate Investors Association (REIA) founder Andrew Holmes said that while rent collection is down by 70% to 75%, landlords still have to pay their mortgages, taxes, utilities and other expenses.
While the state is looking to provide rent and utility payment relief, there are several possible laws and ordinances that have been proposed that would cancel rent payments completely for a certain amount of time. Holmes told the news agency REIA opposes those proposals, saying the plan needs to be equitable.
“The people who want to kind of respond to this crisis need to take more of a balanced approach, both to really help the landlords as well as the tenants,” Holmes said.
Alerts Sign-up