-- Connecting the dots between our economy, government and business --
:quality(70)/cloudfront-us-east-1.images.arcpublishing.com/tronc/ZMYH3MALPZHWFBXNPK36I4KP7M.JPG)
The so-called Bring Chicago Home movement has been a yearslong drive to raise the tax on the sale of properties worth at least $1 million and use that money to address the city’s homeless crisis. “I want people to understand: This issue was decided in April, when the voters elected Mayor Brandon Johnson,” the City Council floor leader, Ald. Carlos Ramirez-Rosa, said during the hearing. “So this is no longer a question of if this will happen. It’s how it will happen.”
Audio and summary linked here.
A mess of uncertainty and litigation is sure to follow.
Summary and audio linked here.
With $162 billion more from taxpayers, couldn’t you deliver a few bond upgrades, too
SIGN UP HERE FOR OUR FREE WIREPOINTS DAILY NEWSLETTER
“So this is no longer a question of if this will happen. It’s how it will happen.”
Is he talking about the increased real estate tax on expensive homes or the resultant, increased out-migration of the owners of these homes? Once again, these people with their ideas of increased taxes shortsightedly think the affected properties owners will just sit back and take more abuse.
That dude is just insufferable, ugh
The useless as the come Alderturd Carlos, that is
This is going to pass. Don’t waste your energy fighting it.
Consider da Dems pols in Illinois and Sheeetcago and their masters da public sector unions like a Black Hole.
How do you stop da Black Hole from sucking in more and more of your wealth via higher and higher taxes.
Get as far away as you can from it.
Illinoisans, vote with your feet and flee da Illinois Black Hole!!
Socialist Shit-stains will tax everything they can, as much as they can.
Hmm, a new way to increase the supply of affordable housing…. .
Yup, only a small # of homes are valued over $1 mill but a lot of mom & pop rental 3 flats, 6 flats, etc are valued over $1 mill. Say goodby to any new rental building investment and therefore existing rents to keep skyrocketing.
I do wonder if politicians ever really scrutinize their initiatives on land use and real estate taxation. The homelessness problem is often due to drugs and mental illness, but at the same time there is a shortage of affordable housing stock. The problems won’t be solved by this kind of taxation and throwing money at office building conversions (expensive and a government entity could never afford to scale as required). Los Angeles has raised virtually no revenue with their enhanced transfer tax. Every jurisdiction is different, but people will react to the Chicago transfer tax and in ways that may… Read more »
There’s a shortage of housing stock because hundreds of thousands of illegals have disrupted the delicate balance of lower rent housing choices throughout the region. Your choices are to live either in cockroach invested third world apartment complexes, or in murderous gang neighborhoods…Or PAY UP
I’m beginning to think the Chicago residential rental property market has become the 8th Wonder of the World. It baffles me that so many landlords keep lining up for the treatment they get from TPTB. And rehabs just keep coming….
they will go condo
So, they’re going to see if they can get the majority to vote for the government to take the private property of the minority? That my friend is what Liberal Virtue Signaling looks like. At this point in history, liberals no longer have any redeeming qualities.
This is called REDISTRIBUTION OF OTHER PEOPLES WEALTH at its BEST
Am thinking of running for office. My main proposal is to increase the real estate transfer tax to 110%, and make it applicable to all home sales in IL. I recommend the related proceeds be used to support our state/CHI public workers via salary and pension/medical increases.