Generous Landlord Proves No Good Deed Goes Unpunished

Landlord Francisco Miranda hasn’t raised his tenants’ rent in a decade. His tenants have repaid him by picketing outside the property and saddling Miranda with demands relevant to the sale of the five-unit apartment building. 

Miranda listed the Chicago property for sale in late March for $1.35 million, an asking price about $400,000 above the building’s 2025 assessed valuation, according to Block Club Chicago. That’s not to say that Miranda has listed the building above its market value, which is ultimately determined by how much a purchaser is willing to pay for it. A new Chicago regulation may force Miranda to sell the property below its fair market value.