A Mansion Tax Could Accelerate Chicago’s Urban Exodus – RealClear Markets
“Downtown office vacancy rates already reached another record high at the end of 2023 at 23.8% – nearly double the pre-pandemic rate – and a hefty tax on property sales will only make Chicago’s commercial real estate less attractive. Without new businesses coming into the city, more and more Chicagoans will wonder why they’re still putting up with high state and local taxes. Fewer jobs and services will give them less reason to stay.”



The latest 2023 Census population estimates show migration and population changes have largely returned to their pre-pandemic patterns across the country. Metro Chicago’s loss of 16,600 people is the 3rd-highest decline among the nation’s metropolitan areas. Only the Los Angeles area (down 71,000) and the New York City area (down 65,000) lost more people than Chicagoland.