SPRINGFIELD - State Senator Rachel Ventura introduced a package of legislation aimed at addressing the growing role of private equity firms in Illinois’ housing market, which has driven up home prices, reduced housing availability and turned residential properties into high-profit investment assets while many Illinois families struggle to find affordable places to live.

“Across Illinois, we are seeing private equity firms purchase large numbers of homes and apartment buildings, treating housing as a commodity instead of a basic human need,” said Ventura (D-Joliet). “When housing becomes a lucrative investment vehicle, families are forced to compete with corporate buyers, rents increase and pathways to homeownership disappear. These bills are designed to stop predatory practices and help put housing back into the hands of the people who live in these communities.”

As institutional investors continue expanding their footprint in the housing market, residents are increasingly facing rising rents, hidden fees and displacement from properties purchased by large corporate landlords. Ventura’s legislation seeks to restore balance by increasing transparency, strengthening tenant protections and discouraging speculative purchases of existing housing stock.

Senate Bill 3363 would require landlords to include all mandatory service fees in a property’s listed base rent, preventing renters from being surprised by additional charges after signing a lease. The measure ensures tenants have clear and transparent information about the true cost of housing before entering into rental agreements and bans predatory insurance requirements.

Senate Bill 3674 would give tenants the right of first refusal when a property is put up for sale, allowing residents to purchase their building before it can be sold to outside investors, including private equity firms. The legislation would also allow tenants in multi-unit buildings to coordinate joint purchase offers, expanding opportunities for community ownership and long-term housing stability.

Another initiative, Senate Bill 3501, known as Restock the Block, would establish a fee on private equity firms purchasing existing residential properties. Revenue generated from the fee would be directed toward grants for public and affordable housing development, helping rebuild housing supply and reinvest in communities impacted by corporate consolidation of housing.

“Too many families are being priced out of their neighborhoods while corporate investors profit from Illinois’ housing shortage,” Ventura said. “This legislative package prioritizes residents over speculation, increases fairness in the rental market and helps ensure housing remains accessible, stable and affordable for working families.”