Title
A RESOLUTION APPROVING A TEMPORARY MORATORIUM ON RENTAL PROPERTY REGISTRATIONS
Body
WHEREAS, the Village of Orland Park, a home rule municipal corporation, has adopted regulations requiring the licensing of all rental properties within the Village’s boundaries since 2017; and
WHEREAS, since enacting those provisions of the Village code, Village staff has maintained registration statistics and other information relating to the prevalence of rental properties within the Village; and
WHEREAS, in 2017, the Village was recognized as having one of the highest rates of owner-occupied homes in the nation, with 89.2% of homes in Orland Park being owner-occupied, according to Census Bureau American Community Survey Data and an analysis by 24/7 Wall St.; and
WHEREAS, even though the national rate of owner-occupied homes has increased from 62.4% to 64.8% since 2017, the percentage of owner-occupied homes within the Village has fallen during that same time period, declining to 85.9%, according to 2022 American Community Survey Data; and
WHEREAS, at the same time as this decline in the Village’s owner-occupied housing rate, institutional investors have been entering the housing market at an increasing pace, including in the Village, especially focusing on converting single-family homes into rentals; and
WHEREAS, the Village has determined that this precipitous and statistically unusual decline in home ownership should be studied and the bests interests of the Village’s residents, visitors and businesses be considered; and
WHEREAS, the Village is interested in considering appropriate ordinance amendments to address concerns relating to the Village’s regulations relating to licensure of rental housing, and therefore has determined to impose a temporary moratorium on the issuance of rental housing licenses; and
WHEREAS, the Village has determined that this moratorium will not affect either existing licenses that are being renewed, nor will apply to newly built ...
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