SPRINGFIELD – A bill sponsored by State Senator Rachel Ventura that would allow current tenants of a rental property the right to make an offer on the residence before an outside party was heard on subject matter in the Senate Executive Committee Thursday.

“With rent prices rising and the high cost of living continuing to place a heavy burden on working Illinoisans, we need to make sure existing housing stock is prioritized for individuals and families, not private equity,” said Ventura (D-Joliet). “Nearly 35% of Illinois residents rent their homes, and in a time of increasing fiscal uncertainty, we must take steps to protect renters from business practices that could see them facing sudden eviction.”

Senate Bill 3674 would give tenants the right of first refusal on purchasing a property they currently occupy before the building can be sold to a third party, such as a private equity firm. It would provide residents with the chance to buy the property outright from the current owner, or to make a joint offer in coordination with other residents in a multi-unit dwelling, such as an apartment building. 

“No one should be taken by surprise by having their property sold out from under them without warning,” said Ventura. “This bill would protect the interests of tenants and keep housing supply out of the hands of private equity at a time when access to affordable housing has become increasingly urgent.”

SB 3674 was heard on subject matter in the Senate Executive Committee Thursday and awaits further action.