'Bring Chicago Home' referendum goes up for vote
CHICAGO - Chicago ended 2023 with 6,139 people experiencing homelessness on any given day, according to the city’s annual Point-In-Time or (PIT) count. On March 19, primary voters will find a tax referendum on the ballot that aims to mitigate the crisis.
The so-called "Bring Chicago Home" referendum raises the tax on properties sold for more than $1 million with increases implemented on a graduated scale rising 2% on properties selling for between $1 million and $1.5 million and 3% on properties selling for more than $1.5 million.
Property owners who sell structures valued at less than $1 million will see their taxes fall to 0.6%, which is good news for scores of Chicago homeowners.
In its ballot language, Mayor Brandon Johnson's office said: Additional revenue shall be deposited in a fund dedicated to combatting homelessness.
"This is going to address a very important issue that the people of Chicago want to see addressed, which is our homelessness crisis," Johnson told reporters recently.
Bring Chicago Home ballot measure
Proponents of the referendum argue it will generate tens of millions of dollars, ultimately providing permanent housing options for the unhoused, however, there appears to be no detailed plan by the mayor’s office for exactly how the money will be spent.
The referendum comes as downtown Chicago continues to struggle to emerge from the crushing exodus of commercial real estate revenue during the COVID-19 pandemic.
According to real estate services firm CBRE, the central business district ended 2023 with an availability of office space at 23.8 percent, an all-time high.
The Chicago Association of Realtors stands in opposition to the referendum.
"We agree with Mayor Johnson that homelessness in our city is a serious issue that needs to be addressed; however, we do not believe that an increase in the transfer tax is the way to solve it," the association told FOX 32. "The proposed increase in taxes will not only impact residential homebuyers and sellers, but also greatly impact our already struggling commercial sectors and impede future investment in our city."
The issue’s legality was challenged in court and ruled invalid by Cook County Judge Kathleen Burke only to be overturned by the Cook County Appellate Court, which ruled the issue was best answered by voters.