CITY HALL — Despite the support of an overwhelming majority of the City Council, an ordinance to "Keep Chicago Renting" in foreclosed properties has stalled in committee.
"We deserve a hearing," Ald. Proco "Joe" Moreno (1st) said this week.
"Our patience is coming to an end," he said. "Action needs to happen now."
The ordinance, which basically would allow renters to remain in foreclosed properties until the properties are sold by a bank to a new owner, is sponsored by Ald. Richard Mell (33rd).
"The banks should understand they're the one that caused the problem," Mell said.
"Banks, where are your conscience?" he added. "Step up and do the right thing."
Courtney Eccles, policy director at the Woodstock Institute, said Chicago foreclosures rose 53 percent from 2011 to last year, when there were 9,632 property auctions in the city, 2,279 involving multifamily buildings. She said 91.5 percent of those auctioned properties wind up back in the hands of banks, which tend to remove renters and leave the properties vacant.