The Real Deal: All hands on deck: CRE lobby preps opposition to Chicago transfer tax hike
By Rachel Herzog, July 27, 2023
Instead, they’ve focused on persuading policymakers that a tax similar to the Bring Chicago Home proposal would damage the city’s real estate market while it already faces significant challenges with record office and retail vacancies in the city’s business hubs.
Lobbying groups are also unsure of the potential path that proponents of any legislation arising from Thursday’s discussion would favor taking with the proposal. The previous version was framed as a ballot initiative that a majority of city council could have sent to voters to decide in a referendum before it stalled. After the progressive Johnson’s election this spring, his ideological allies on the council may see promise in trying a similar route.
A spokesperson for Chicago’s Coalition for the Homeless, a group in support of the proposal it says would raise an average of $163 million annually, didn’t respond to questions about any proposed changes to the measure.