Title/Name/Summary
Ordinance - Rental Property Registrations
History
QUICKFACTS
See also Case 2024-0214
Purpose
In March 2024, the Board of Trustees passed an ordinance approving a 9-month Temporary Moratorium on Rental Property Registrations (Ordinance No. 2401). The main reasons for the moratorium were to address a decrease in owner-occupied housing units, and concerns over large national investors converting single family homes into rentals.
On November 4, 2024, staff presented its analysis and preliminary recommendations as a discussion item. The Committee of the Whole was supportive of the research, preliminary recommendations, and potential implementation processes and tools.
Financial Impact
Short-term costs were not specifically considered. Long-term savings include ease of administration and enforcement of the rental housing program by Village staff, and potential time and cost savings for prospective renters who could be at-risk to potential scams which have occurred in the Village.
Recommended Action/Motion
I move to adopt an Ordinance entitled: AN ORDINANCE AMENDING TITLE 5 (BUILDING), CHAPTER 8 (RENTAL HOUSING), SECTION 5-8-1-7 REGARDING RENTAL PROPERTY REGISTRATIONS.