There’s a question on all Chicago ballots to increase the city’s real estate transfer tax on all properties over $1 million, with the funding to be spent on efforts to address homelessness. Supporters call it “Bring Chicago Home,” while some have dubbed it a “mansion tax” – but what does it really do?
Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly“The people of Chicago voted for me because I said that I’m going to address homelessness,” Johnson said Wednesday. “Bring Chicago Home is an opportunity to address homelessness.” “That’s for a couple of reasons, one of which is that people stopped selling large real estate in Los Angeles in hopes that this measure would be overturned,” Nolan said. “But also, the mayor was afraid that if, again, the ballot measure was overturned, they’d have to pay back the money.”If Chicago’s measure passes, City Council would then have to pass an ordinance deciding how to spend the money. On that, Johnson has not released specific plans.
“There will be a change in how people approach these kinds of transactions and whether or not they start to look elsewhere for investment,” Nolan said. “That’s the big concern, is whether or not this mansion tax is going to have an impact on investment from outside people into building things in the city of LA; it may happen in Chicago.”