Vote “yes” to Bring Chicago Home

Bring Chicago Home is a binding referendum on the March 2024 ballot where voters get to decide whether to authorize Chicago city council members to restructure the Real Estate Transfer Tax (RETT), a one-time tax on properties when they are sold to create a substantial and legally dedicated revenue stream to provide permanent affordable housing for people experiencing homelessness.

Here’s the actual text of the referendum, as per the Chicago Board of Election Commissioners:

"Shall the City of Chicago impose:
1) a real estate transfer tax decrease of 20% to establish a new transfer tax rate of $3 for every $500 of the transfer
price, or fraction thereof, for that part of the transfer price under $1,000,000 to be paid by the buyer of the real estate
transferred unless the buyer is exempt from the tax solely by operation of state law, in which case the tax is to be paid
by the seller; AND
(2) a real estate transfer tax increase of 166.67% to establish a new transfer tax rate of $10 for every $500 of the
transfer price or fraction thereof, for that part of the transfer price between $1,000,000 and $1,500,000 (inclusive) to be
paid by the buyer of the real estate transferred unless the buyer is exempt from the tax solely by operation of state law,
in which case the tax is to be paid by the seller; AND
(3) a real estate transfer tax increase of 300% to establish a new transfer tax rate of $15 for every $500 of the transfer
price, or fraction thereof, for that part of the transfer price exceeding $1,500,000 to be paid by the buyer of the real
estate transferred unless the buyer is exempt from the tax solely by operation of state law, in which case the tax is to
be paid by the seller?
The current rate of the real estate transfer tax is $3.75 per $500 of the entire transfer price, or fraction thereof, and the
revenue is used for general corporate purposes. The revenue from the increase (the difference between revenue
generated under the increased rate and the current rate) is to be used for the purpose of addressing homelessness,
including providing permanent affordable housing and the services necessary to obtain and maintain permanent
housing in the City of Chicago.

This is a slam-dunk “yes” for me. Nearly 95% of properties would see a decrease in the transfer tax— the increase only applies to about 4.2% of properties sold every year.

More importantly, this is estimated to generate at least $100 million every single year, and will be legally dedicated to programs that alleviate homelessness, including assistance for children, veterans, and those fleeing gender-based violence.

That is a lot of money, and a lot of impact.

There is no reasonable argument against this referendum. I searched for one— listening to people from BOMA make their case on Fran Spielman’s podcast. All they could come up with was the general idea that the commercial real estate market is currently having a hard time of it.

But according to the City, the Loop is the fastest-growing downtown in the U.S. and the fastest-growing neighborhood in Chicago. People who own buildings in the commercial district have bright, shiny futures.

On the other hand, homelessness is endemic here. Every year, 68,000 people in our city experience homelessness. We have a shortage of 120,000 housing units. Bring Chicago Home is a sustainable, structural solution to the issue.

Let’s vote yes on Ballot Question 1, Bring Chicago Home, on March 19.