Eye On Illinois: Every session brings attempts to influence real estate market, housing policy

Wanna buy a house?

Not mine specifically, but real estate signs have started popping up, a reliable sign of spring eventually emerging. Just as predictable is lawmakers and professionals stumping for legislation intended to goose the market. Whether it be incentives for first-time homebuyers, zoning changes to boost affordable housing construction, property tax reform or other strategies, each session delivers new attempts to solve a number of problems all linked to home ownership. A sampling:

Senate Bill 1862 would exempt people who have owned their primary residence for 30 years from paying any property taxes.

House Bill 3552 expands residential zoning to allow accessory dwelling units like apartments above a garage.

SB 148 would allow Illinoisans to put money into special home-buying savings accounts, and then deduct portions of those deposits when calculating gross income on their state returns.

HB 1814 forces local governments to open zoning on single lots of more than 5,000 square feet beyond single-family residential to accommodate “middle housing” like duplexes and townhouses.

SB 2246 would tie assessed valuation increases to inflation, a move intended to keep property tax hikes affordable for people on Social Security.

HB 1436 tasks the Illinois Housing Development Authority with setting up and running a Housing Hardship Program to cover rent or mortgage payments for people facing eviction or foreclosure.

These and other proposals are worth researching beyond surface-level summaries. It’s also important to consider who supports which idea. Not just along partisan or geographic lines, but also industry sectors such as real estate agents, construction companies, lenders and so forth.

Then also consider the reality that many people choose where to live based on proximity to work and school, and that Illinois is deeply entrenched in a system whereby property taxes pay for so much that a high tax bill often equates to quality services and some people actually prefer that approach versus privatized education, recreation, protection and more.

Further true is that a 30-year mortgage is not inherently part of the American dream. And that it’s tough to break into a housing market where people live in one home for five or six decades and then pass it off to their children. In some communities, teardowns are more financially rewarding than renovations, while in others vacant homes simply rot because no buyers can be found. And that an individual looking to buy their first place can struggle to compete with management companies that have the resources to snap up properties to use as rentals.

We can’t entirely legislate consumer behavior, especially when the broader market involves interests far beyond one family looking to settle. But that doesn’t stop lawmakers from trying. The current session has proven to be no exception.

• Scott T. Holland writes about state government issues for Shaw Local News Network. He can be reached at sholland@shawmedia.com.