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Chicago renters, condo buyers could get protections

John Byrne Tribune
Mayor Richard Daley addresses the media Thursday at Blackhawk Park. (William DeShazer, Chicago Tribune / September 2, 2010)

Mayor Richard Daley addresses the media Thursday at Blackhawk Park. (William DeShazer, Chicago Tribune / September 2, 2010)


Renters and condominium buyers in Chicago would get more protection from developers under a plan unveiled Thursday by Mayor Richard Daley, who acknowledged that it comes too late to protect people who had problems during the real estate boom that preceded the recession.



The proposal, which Daley will introduce at Wednesday's City Council meeting, would increase the forewarning developers have to give renters if they plan to convert apartments into condos from four months to nine months. It also would require landlords to give renters at least $1,500 to relocate if their building is going to be converted.

Developers also would have to give condo buyers a standardized "disclosure summary" about taxes and assessments on the property and the condition of the building before purchase, Daley said.

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