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Daley Proposes Condo Conversion Protections

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Daley Proposes Condo Conversion Protections
Daley Proposes Condo Conversion Protections

NBCChicago.com

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Mayor Richard Daley wants renters and condo owners to have more protection from developers.

Among the recommendations included in the proposal the mayor announced Thursday, renters would be entitled to nine months warning when a developer plans to turn rental units into condos, and developers would be required to disclose all taxes and assessments to condo owners.

They would also be required to give tenants at least $1,500 if their building convets.

The proposed law is based on recommendations from a task force the mayor created three years ago.  While the proposal would do little good for those already affected by the recessed housing market, the mayor said it would it would be beneficial when it bounces back.

"These proposals will serve residents and neighborhoods now, and when the housing market begins to rebound, so there's no better time to enact them into law," Daley said Thursday at an event on the city's Northwest Side.

Daley plans to introduce the proposal at next week's City Council meeting.

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