"Assessing the Impact of 'Bring Chicago Home' Referendum on Real Estate Markets"

Experts warn that a referendum in Chicago, similar to one in Los Angeles, aimed at addressing homelessness by raising real estate transfer taxes on high-value properties, could have negative impacts on the commercial real estate market. The Los Angeles referendum, which promised to raise $800 million annually, has instead led to an 80% drop in commercial real estate activity. Critics fear that the Chicago referendum may not generate the projected funds and could further burden an already struggling commercial real estate market, potentially leading to increased property taxes for condo owners and renters.