'Bring Chicago Home' Real Estate Transfer Tax Officially Defeated

On Friday, the one-time real estate transfer tax referendum, intended to generate revenue to address homelessness, was officially voted down. Chicago voters rejected the referendum, backed by Mayor Brandon Johnson, that would have incrementally raised the city’s real estate transfer tax on properties valued at more than $1 million. The measure would’ve also lowered the transfer tax for properties under $1 million, which comprise the majority of property sales in the city. While the defeat of the measure, referred to as “Bring Chicago Home,” was seen as a referendum on...