Call it the year of the tenant. As housing costs rise and cities search for new ways to slow displacement, some local governments are giving renters more power when the buildings they live in go up for sale.
Chicago is one such city. Under a 2024 ordinance, some tenants in a city pilot program—set to expand this month—have the chance to try to buy their building first, or line up a buyer who will keep them in place.
The law was designed to help protect smaller apartment buildings and help longtime residents in neighborhoods stay in their homes. And now, a group of Logan Square renters is trying to use it in real time…