The commercial real estate community in Chicago is opposing Mayor Brandon Johnson's proposed transfer tax increase. The Building Industry Association of Greater Chicago and the Neighborhood Building Owner's Alliance are spearheading the opposition. The proposal, Bring Chicago Home, aims to more than triple the transfer tax on property sales over $1M. - Real estate trade groups believe the proposal could be detrimental to the city's commercial real estate and add to existing concerns for global investors — public safety and tax uncertainty.
- Other state organizations that have joined the opposition include the Chicago Association of Realtors, Chicagoland Associated General Contractors, and the Illinois Hotel & Lodging Association.
- Proponents of the measure argue that it could potentially generate annual revenue of $163M, which can be used to fight homelessness.
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