CHICAGO, IL – Interra Realty Senior Managing Partner Joe Smazal recently was quoted in an article by CoStar discussing the new ordinance in Chicago that will impact property owners in the NW side of the city.

Smazal said in addition to single-family rentals and two-to-four flats, there are at least 350 properties in the pilot area that have five or more rental units. He said most are owned by people who own one or two properties, not larger entities.

“These are individuals or families that own a building or two and often own them for a very long time,” Smazal said. “This would be really punitive for a mom-and-pop owner. We’re often selling properties where there’s a time consideration, whether you have a loan maturing or there’s a divorce or death in the family or you’re trying to retire. It could be really problematic if you can’t control that timing.”

Read the complete article at CoStar.

Learn more about the consequences of the ordinance here.