Committee on Housing and Real Estate meeting, May 4, 2026
- When: Mon, May 4, 2026, 12:30 PM (Chicago time)
- Where: City Council Chamber, 2nd Floor, City Hall, 121 North LaSalle Street - Chicago, IL 60602
- Status: Scheduled & Published
- Committee: Committee on Housing and Real Estate
- Video: https://vimeo.com/1187052202
- Transcript: full text (13,148 words, automatic captions)
Meeting notes
AI-written from the transcript. Speakers are inferred from cues in the recording, so treat names as estimates and check the video at the linked time.
The Committee on Housing and Real Estate held an informational hearing with no votes on state and federal housing measures. State Representative Ford and State Senator Guzman reported that a proposed constitutional amendment for a surcharge on incomes over $1 million to fund property tax relief (HJRCA 21) did not pass, and that a homeowners and auto insurance bill (SB 1486) requiring advance notice of large premium increases had passed the House and awaited Senate concurrence. The director of Illinois PIRG testified that Illinois lacks a standard barring excessive insurance rates, that homeowners premiums rose about 50% from 2021 to 2024, and that insurers use credit scores and other socioeconomic factors in pricing. Members discussed flooding, insurance costs and data requests, and the chair urged members to contact state legislators. In the second part, advocates presented the federal HELPER Act, which would create an FHA-backed home loan product for first responders and educators, and members asked about who the program would serve and requested data.
Topics: homeowners insurance rates, SB 1486 insurance regulation, property tax relief, millionaire surcharge amendment, flooding, HELPER Act, first responder and educator home loans, public comment
Agenda items discussed
- 20:33 Motion to allow remote participation under Rule 59: passed
- 21:31 Public comment
- 38:02 Subject matter hearing on state measures SB 1486 (insurance rate regulation) and HJRCA 21 (property tax relief amendment): discussed
- 1:17:47 Subject matter hearing on the federal HELPER Act for first responder and educator home loans: discussed
Alderpersons who spoke
- Byron Sigcho-López (chair): Said the hearing was informational and would cover state measures on property tax relief and insurance regulation and the federal HELPER Act. (37:48); Said rising homeowners insurance rates and property taxes put Chicagoans at risk of foreclosure and relief is urgent. (39:43); Said insurance companies and the Department of Insurance were invited but did not attend. (55:22)
- Jeanette B. Taylor (alderperson): Asked whether ward-by-ward homeowners and car insurance rate data could be obtained. (56:04); Asked whether the Inspector General could examine how many seniors lost insurance after flooding and what the city spent on flood mitigation, saying flooding is often due to city infrastructure. (57:51); Asked how the city can support state legislation and said consumers are told to get insurance regardless of cost. (58:58)
- Daniel La Spata (alderperson): Asked for the most current text of SB 1486 as passed by each chamber and a one-page summary to use with state legislators. (1:08:18)
- Pat Dowell (alderperson): Asked why the bill uses a 10% premium increase threshold for notice when rent increases are typically 3% to 5%, and what typical annual insurance increases are. (1:09:52); Said annual homeowners insurance increases of 15% to 20% are far too high. (1:10:55)
- Emma Mitts (alderperson): Said she was dropped by her insurer after the 2023 flood and that location-based pricing raises costs for residents. (1:14:01); Said the city or state needs to examine how insurers calculate premiums, and that flood recovery help on the West Side has been slow. (1:14:51)
Exchanges between members
- 57:51 Alderperson Jeanette B. Taylor asked the chair whether the Inspector General could examine flooding and insurance data.
- 58:53 The chair said the committee would be happy to work with PIRG and the Inspector General on the request.
- 1:07:48 The chair thanked Alderperson Jeanette B. Taylor for her questions.
- 1:09:15 Alderperson Daniel La Spata thanked Alderperson Pat Dowell for confirming the bill had not yet passed the Senate.
- 1:09:39 Alderperson Pat Dowell said she appreciated Alderperson Jeanette B. Taylor line of questioning.
- 1:11:02 The chair thanked Alderperson Pat Dowell.
- 1:17:26 The chair thanked Alderperson Emma Mitts for sharing the difficulties on the West Side.
- 1:40:44 Alderperson Jeanette B. Taylor thanked the chair after her questions.