rahm emanuel: Mayor of Chicago is trying to implement his own “Cash for Keys Program” - 05/02/13 02:02 AM
There’s lots buzz running around our fair city; City of Chicago’s Mayor, Rahm Emanuel, has proposed a bill that would require real estate investors that purchase multi-unit buildings from a foreclosure auction to pay renters to move.
According to the Chicago Tribune, He is proposing that in order for the new owner to be fair to the current tenant, that the tenant receive $12,000 to move.  The other option is to provide the tenant with a long term rent-controlled lease.
Benjamin De Los Monteros, of Cherry Picker Investments said, “It was quite the stir yesterday sitting in the auctions yesterday.  Many … (2 comments)

rahm emanuel: Chicago City Council Says Lenders Liable For Vacant Homes - 08/04/11 03:35 AM

Just this week, it was announced that Chicago City Council voted on a local statute that makes lenders liable for vacant properties, even when they don't have title.  Granted, Chicago has a major issue with vacant properties in blighted neighborhoods and they are making efforts to address this.  The quantity of bank-owned, foreclosed, and abandoned properties in Chicago is not a pretty sight.  Yet, making a lender liable for a vacant property that they don't even have ownership in seems like a well-intended action that will likley be overturned if and/or when appealed in court.  The new statute applies to homes … (0 comments)

Michael Hobbs, SRA, LEED GA, RAA (PahRoo Appraisal & Consultancy)

Michael Hobbs


Chicago, IL

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