One of Chicago Mayor Brandon Johnson's key proposals, a new tax on real estate sales, will raise money to fight homelessness but is already facing pushback.
Dubbed the "Bring Chicago Home" resolution, the Chicago real estate industry has already begun their marketing campaign to fight the plan to raise real estate transfer taxes on high income properties to generate millions for the city's homeless population.
The current transfer tax is a flat rate of 0.75% on all property sales in Chicago. The Johnson administration's revised plans increases the rate to 2% for properties above $1 million and 3% for properties $1.5 million andabove, but Ald. Ramirez Rosa, who is a sponsor of the resolution ,said the selling point to voters is that the rate will decrease for all properties under $1 million.
The Johnson administration also plans to frame the resolution as a tax decrease as if the city council sends it to voters. The real estate industry says the tax increase will detract builders from investing in Chicago and will have a negative effect on renters. The Better Government Association said to look for a well-organized and funded campaign against the tax, similar to the successful fight against the state's graduated income tax.
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