Daywatch: ‘Bring Chicago Home’ hopes to help homeless services. But similar move in LA has struggled.
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Good morning, Chicago.
Earlier this year, Los Angeles hiked a transfer tax imposed on pricey real estate purchases, a move designed to generate revenue to fund homeless services.
The measure, which hits both commercial and residential properties, bears a striking resemblance to the “Bring Chicago Home” proposal up for a citywide vote next March, and has so far failed to fill Los Angeles coffers.
If Chicago voters approve Mayor Brandon Johnson’s request to hike the tax that he hopes will pour more funds into homelessness prevention, it would help fulfill campaign pledges to tackle the affordable housing crisis, ensure the wealthy pay more for city services, and grant more power to grassroots organizations.
But critics worry Bring Chicago Home might encounter the same pitfalls Los Angeles has struggled with. They also fear raising any tax will sabotage recovery in the real estate market, which has been beset by high interest rates and an office market stunted by the pandemic.
Read the full story from the Tribune’s Brian J. Rogal.
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