Chicago's 'Bring Chicago Home' Bill
The 'Bring Chicago Home' bill, aimed at providing affordable housing for Chicago's homeless, faces defeat in Illinois despite support for real estate tax restructuring. Critics fear negative impact on commercial properties.
Key Points
- Bill proposes decreasing Real Estate Transfer Tax for properties under $1 million
- Tax rates for properties over $1 million would increase significantly
- Revenue raised would go towards homelessness prevention and affordable housing
- Concerns about potential negative impacts on commercial real estate
Pros
- Aims to provide permanent affordable housing for Chicago's homeless
- Restructures Real Estate Transfer Tax to generate revenue
Cons
- Faces opposition and possible defeat in Illinois
- Critics fear negative impact on commercial real estate transfers