Wealthy Residents Selling Properties in Chicago's Gold Coast Neighborhood
Billionaire Ken Griffin and other wealthy residents are selling properties in Chicago's Gold Coast neighborhood due to high taxes and crime, leading to a downturn in the area's real estate market. A proposed 'mansion tax' on homes over $1 million could further impact property sales in the neighborhood.
Key Points
- Ken Griffin and other wealthy residents have sold properties in the Gold Coast neighborhood at a loss
- Proposed 'mansion tax' on homes over $1 million could further depress deals in the area
- Chicago's Gold Coast faces challenges due to high taxes, crime, and changing preferences of wealthy residents
Pros
- Proposed 'mansion tax' could generate revenue to support the homeless population in Chicago
Cons
- High taxes and crime in Chicago's Gold Coast neighborhood are leading to a downturn in the real estate market
- Wealthy residents are opting for more modern homes in trendier areas, leaving Gold Coast properties sitting on the market for months