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Real Estate Transfer Tax

All articles tagged with #real estate transfer tax

politicssocial-issues1 year ago

"Chicago Mayor Johnson's Ambitious Plan to Repurpose Downtown Offices for Residential Use Gains Momentum"

Chicago voters rejected Mayor Brandon Johnson’s plan to raise the real estate transfer tax to combat homelessness, but developer Quintin Primo III unexpectedly voiced support for the $100 million-a-year tax increase, emphasizing the need to invest in solving the homelessness crisis. Despite the setback, Johnson remains committed to addressing the city's affordability crisis and homelessness through various housing initiatives, but has not outlined a clear plan for pursuing a dedicated revenue source.

via Chicago Sun-Times|
#affordable-housing#chicago#homelessness
politicssocial-issues1 year ago

"Chicago's Ongoing Battle for Homelessness Prevention and Tax Hike Support"

Despite the apparent failure of the Bring Chicago Home referendum, housing advocates and Mayor Brandon Johnson are determined to continue fighting for homelessness prevention. The proposal to amend the city’s real estate transfer tax to support homelessness programs faced rejection from a majority of voters, with low voter turnout and confusion among neighbors cited as possible factors. While some alderpeople expressed disappointment, discussions are underway to explore alternative revenue streams, such as vacancy taxes on empty buildings. Mayor Johnson remains committed to his progressive agenda, including a $1.25 billion bond deal to build affordable housing. Advocates have vowed to keep fighting for ways to fund more housing programs, while critics argue for exploring other funding options to reduce homelessness and offer more affordable housing.

via Block Club Chicago|
#advocacy#affordable-housing#chicago
politics1 year ago

"Too Close to Call: Illinois Primary Election Results and Cook County State's Attorney Race"

The results of three major races in the Illinois Primary Election remain too close to call as mail-in ballots are still being processed, with Chicago's voter turnout reported as shockingly low. The race for the Democratic Party's nominee for Cook County State's Attorney is still undecided, while the proposed real estate transfer tax and the Republican Congressional race in the 12th district are also being closely watched. Meanwhile, Rep. Danny Davis and Rep. Chuy García have been projected to win their respective Democratic primary races, and both President Joe Biden and former President Donald Trump have secured victories in the Illinois presidential primaries.

via NBC Chicago|
#chicago-board-of-elections#cook-county-states-attorney#illinois-primary-election
politics1 year ago

"2024 Illinois and Ohio Primary Election Results: Trump and Biden Secure Nominations"

The Illinois primary election results are still being tallied, with several races remaining too close to call. Voters can track live results on NBC Chicago's website and app, with mail-in ballots continuing to be processed. Chicago's voter turnout was reported as "shockingly low," and voters will choose nominees for various races including the presidential race, members of Congress, and state representatives. Notable races include the Cook County State's Attorney nomination and the proposed real estate transfer tax in Chicago, while incumbent Rep. Mike Bost faces Darren Bailey in the 12th district Congressional race.

via NBC Chicago|
#chicago#congressional-races#cook-county-states-attorney
politics1 year ago

"2024 Election Results: 'Bring Chicago Home' Referendum Fails, City Council Tax Hike Power Push Trails"

The Bring Chicago Home referendum, aimed at amending the city’s real estate transfer tax to fund homelessness prevention, appears to have failed with 54% of voters rejecting the proposal. The measure sought to raise the tax on high-end properties to create a revenue stream for homelessness programs, but faced opposition from critics who argued it would hurt landlords and commercial property owners. Despite the apparent loss, supporters of the referendum, including Mayor Brandon Johnson, remain committed to fighting for housing justice and await the counting of mail-in ballots.

via Block Club Chicago|
#bring-chicago-home#chicago#homelessness-prevention
politics1 year ago

"Understanding the Impact of the 'Bring Chicago Home' Referendum on Illinois Voters"

The "Bring Chicago Home" referendum seeks to change the real estate transfer tax in Chicago, lowering the tax rate on properties sold for under $1 million while increasing it on sales of $1 million or more. If approved by a simple majority of voters, the referendum would establish a special fund dedicated to addressing homelessness. Critics argue that the referendum improperly combines a tax decrease with a tax increase and lacks oversight on how the funds will be spent, while supporters, including Mayor Brandon Johnson and the Chicago Teachers Union, emphasize the need to help the estimated 68,000 homeless Chicagoans, particularly the nearly 20,000 unhoused students in the Chicago Public Schools.

via Chicago Sun-Times|
#bring-chicago-home#chicago#homelessness
politics1 year ago

"Understanding the 'Bring Chicago Home' Referendum: A Voter's Guide"

Chicago voters will decide on the Bring Chicago Home referendum, which aims to raise real estate transfer taxes for properties over $1 million to fund homelessness initiatives. The measure faces opposition from real estate groups, but proponents argue it's necessary to address the city's affordable housing shortage. The referendum's legal status has been the subject of a legal battle, but if passed, it could generate an estimated $100 million annually. The additional revenue would be used to provide permanent affordable housing and services for the homeless, with the City Council responsible for finalizing the specifics. Similar measures have been implemented in other cities like Los Angeles and Evanston to fund homeless services and reparations programs.

via Chicago Tribune|
#chicago#homelessness#mayor-brandon-johnson
legal-politics1 year ago

"Controversial Chicago Real Estate Transfer Tax Referendum Upheld by Illinois Supreme Court"

The Illinois Supreme Court denied an appeal challenging the counting of votes for the controversial Bring Chicago Home referendum, which aims to increase the real estate transfer tax on buildings over $1 million to address homelessness. The Building Owners and Managers Association of Chicago, which sued to block the referendum, expressed concerns about its potential negative impact on the commercial real estate market and property taxes. However, Mayor Brandon Johnson defended the measure, emphasizing the need for dedicated funding for affordable housing and homeless support services. Homeless advocates praised the court's decision, stating that it gives voters the power to address the housing crisis and hold corporate landlords accountable.

via WLS-TV|
#bring-chicago-home-referendum#chicago#homelessness