As we explore policy initiatives to tackle housing affordability challenges, a crucial question arises: "how will we fund it?" The Chicagoland Apartment Association (CAA) remains committed to collaborating with policymakers at all levels to address affordable housing solutions. However, we strongly oppose the proposal to increase the real estate transfer tax, as it poses negative economic consequences for both residential and non-residential segments of our communities.

Like most of America, Illinois is adversely impacted by a significant shortage of housing. The Chicagoland region alone requires tens of thousands of new apartments to satisfy our anticipated housing demand. The Chicagoland Apartment Association (CAA) recognizes an immediate need for the state legislature to continue developing strategies aimed at a balanced housing approach – policies that will encourage the construction of an additional supply of market-rate, affordable, and workforce housing.

The global pandemic has created an urgency in Illinois to ensure that housing is affordable and plentiful, but I’m not certain this next statement is widely understood: Advocacy groups from both the landlords’ and the tenants’ perspective absolutely agree there is a shortage of viable affordable housing options in many neighborhoods across the state.

Beyond the significant areas where we concur, our differences of opinion stem from how to accomplish our shared goals of increasing affordable housing, with rent control remaining as perhaps our widest disagreement.