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CAA Legislative Update
Read CAA lobbyist Mary Kay Minaghan June summary
City of Chicago Bed Bug Ordinance passes Final Ordinance
The City of Chicago Bed Bug ordinance passed unanimously and goes into effect 180 days after passage. Section 3 of the bed bug ordinance is where a tenant's obligation to comply with the tenant responsibilities is tied back to the RLTO 5-12-040. Landlord/owner remedies are also tied to current landlord remedies 5-12-130 in the RLTO. CAA is planning two education sessions on Bed Bugs; one specific to Chicago and the other for suburban members and guests.
City of Chicago Keep Chicago Renting Final Ordinance
The Keep Chicago Renting ordinance supported by the Mayor passed City Council by a vote of 45- 5 with the following Aldermen voting NO;
Aldermen O'Shea, Zalewski, P. O'Connor and M. O'Connor
Cook County Proposed Amendment to Use Tax (Proposed amendment)— no date yet on hearing
The proposed amendment would lower the tax from 1.25 percent to 0.75 percent and provide for a credit for sales taxes paid elsewhere. Some improvement, but does not address complaints alleging the county does not have the authority to impose a nontitled tax. Two pending lawsuits have been filed.
State of Illinois Wrap Up — Read CAA lobbyist Joan Parker summary
The governor has recently called the Legislature back to Springfield to address the pension situation.
CAA Business Exchange
Registration opens July 19
On Aug. 16 we will host our highly anticipated second annual speed networking event. The event is free to property management member company owner/manager executives and $350 per associate member individual. Visit our website for important registration information/rules.
Owner/Management CAMME judges needed
CAMME is a peer to peer judged program and we could not accomplish this without the support of members like you. Please consider volunteering to judge some of our members’ finest this year. Click here for a Judges Commitment Form or here for the 2013 judging dates.
America's housing story: 1 size does not fit all
The Huffington Post
June is traditionally designated National Homeownership Month. This year, we're calling it American Housing Month. Homeownership is an important part of America's housing story — most Americans prefer it — but the percentage of Americans who own their own homes fell to 65 percent earlier this year, the lowest level since 1995. The falling rate is a reflection of Americans' many housing choices. It means people are choosing the housing that works best for them.
Student housing intent on making the grade
Real estate experts and journalists from around the country gathered in Chicago recently to discuss such weighty matters as the perceived rosiness of the housing market and trends in green building. But perhaps the most arresting takeaway had to do with that 20-something son of yours who has moved back into your house: Brace yourself — he's probably not going anywhere any time soon.
Tight credit, better economy meant rising rents in May
Summer, the season of pricier rentals, is coming. And recent trends continue: Rents are rising, concessions are falling, and there aren't many bright spots in the data for tenants. The May 2013 Elliman report on Manhattan and Brooklyn rents is out, and in Manhattan, the median rent rose 3.5 percent above the levels from a year ago.
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Move over apartments, here comes retail
Crain's Chicago Business
Apartments have been the talk of the market since the crash, but it's local retail properties that are giving investors a bigger bang for their buck.
The one-year total return rate for retail properties in Chicago was 13.2 percent in the first quarter, compared with 12.7 percent for apartment buildings, according to data from the National Council of Real Estate Investment Fiduciaries, a Chicago-based trade association.
Developers supersize condos to meet demand in city
For some urban dwellers, starting a family often means pulling up stakes and heading to the suburbs for a roomy single-family home. But demand is driving the development of larger condos and town homes in Chicago that are designed not only to appeal to younger couples but also to empty nesters, move-down buyers and those who want to maintain a city address.
California, US housing boom could save the American dream
Our tepid economic recovery has been profoundly undemocratic in nature.
Between the "too big to fail" banks and Ben Bernanke's policy of dropping free money from helicopters on the investor class, there have been two recoveries, one for the rich, and another less rewarding one for the middle class.
Viewed in this light, the recent run-up in home prices, the biggest in seven years, offers some relief from this dreary picture.
Missed last week's issue? See which articles your colleagues read most.
As short-term rentals boom, regulation an issue
Popular short-term rental websites like Airbnb, FlipKey and HomeAway are making it easier for property owners to rent out their homes to travelers looking for a place to crash.
Those three companies now have more than a million listings for everything from spare bedrooms to luxurious oceanfront villas. But the surging popularity of these casual short-term rentals is generating an array of complex questions for state and local lawmakers. Among them: Should these hosts pay licensing or registration fees?
10 top cities for college grads to rent in
College graduates are hitting the streets this summer looking for a good job in their chosen field and a good place to call home when the workday is done.
The job part of that equation is tough enough. According to The Wall Street Journal, the unemployment rate for Americans 25 and under is 22 percent, adjusted for the decline in the labor force since the start of the Great Recession.
The "place to live" part of the equation is easier, but only marginally.
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