The "Bring Chicago Home" referendum seems to have failed. Approximately 54% of Chicago voters cast ballots against the referendum, which proposed raising the real estate tax on the sale of expensive real estate in order to raise money for homeless programs.
Over 100,000 voters in Chicago opted to mail in their votes, and election officials are still tallying the totals.
The initiative sought approval from Chicago voters to raise the transfer tax on homes valued at more than $1 million. It is an upfront buyer's charge.
At the moment, Chicago charges 0.75% on all real estate transactions. Restructuring the tax system, the plan lowers the rate to 0.6% on properties under $1 million, 3% on homes above $1.5 million, and 2% on properties over $1 million.
Most purchasers of homes in Chicago will spend less since most transactions of real estate there are under $1 million. The proponents' analysis indicates that almost 95% of customers would see a decline.
Advocates of "Bring Chicago Home" projected that the amendment would bring in $100 million a year. Only homeless services, such as mental health and job training, would be eligible for it.
Chicago uses over $50 million in public revenue for these kinds of programs. Proponents said that increased financing from a dedicated source would have a significant impact, especially on prevention.
The Chicago Coalition for the Homeless' executive director, Doug Schenkelberg, said, "It allows us to move the needle in a way we can not do now."
According to the organization, there are racial inequities and around 68,000 homeless people in Chicago. About 50% of them are Black. Whether a person is sleeping on a friend's sofa or on the streets, they are considered homeless if they do not have a stable residence.
Over 100,000 voters in Chicago opted to mail in their votes, and election officials are still tallying the totals.
The initiative sought approval from Chicago voters to raise the transfer tax on homes valued at more than $1 million. It is an upfront buyer's charge.
At the moment, Chicago charges 0.75% on all real estate transactions. Restructuring the tax system, the plan lowers the rate to 0.6% on properties under $1 million, 3% on homes above $1.5 million, and 2% on properties over $1 million.
Most purchasers of homes in Chicago will spend less since most transactions of real estate there are under $1 million. The proponents' analysis indicates that almost 95% of customers would see a decline.
Advocates of "Bring Chicago Home" projected that the amendment would bring in $100 million a year. Only homeless services, such as mental health and job training, would be eligible for it.
Chicago uses over $50 million in public revenue for these kinds of programs. Proponents said that increased financing from a dedicated source would have a significant impact, especially on prevention.
The Chicago Coalition for the Homeless' executive director, Doug Schenkelberg, said, "It allows us to move the needle in a way we can not do now."
According to the organization, there are racial inequities and around 68,000 homeless people in Chicago. About 50% of them are Black. Whether a person is sleeping on a friend's sofa or on the streets, they are considered homeless if they do not have a stable residence.
