“Bring Chicago Home,” the controversial real estate transfer tax referendum backed by Mayor Brandon Johnson, officially failed Friday night, according to the Associated Press.
The AP called the race for 6 p.m., explaining that the proposal was defeated by a margin of 53.2 percent to 46.8 percent, with 100 percent of precincts reporting. Although a number of mail-in ballots processed Friday were counted, the results were similar to preliminary numbers from election night.
As of Wednesday morning, results showed that 54 percent of voters, or 166,285, had voted “no” in the referendum, while 143,624, or 46 percent, had voted “yes.” At this point, 98% of precincts were reporting.
The measure, which aimed to increase the city’s real estate transfer taxes on all properties over $1 million and use the funding to combat homelessness, was called by some a “tax on residential homes “.
Rather than taxing property specifically, transfer taxes only apply when a property is sold, whether it is a residential or commercial property.
Currently, all real estate transfers in the city are taxed at a rate of $3.75 per $500 of assessed value.
The Chicago Building Owners and Managers Association, which opposed the referendum, issued a statement announcing its defeat.
“Now that Mayor Johnson’s property tax increase has been rejected by voters, we reiterate our repeated calls for the city to bring all stakeholders together to develop solutions that will move Chicago forward,” said Farzin Parang, general manager of BOMA/Chicago. we must address the critical challenge of homelessness, we must also develop a plan to rebuild our downtown and strengthen our neighborhoods. These challenges are closely linked and we must work together to solve them. »
Supporters of the measure said it would have reduced transfer tax rates for 94% of the city’s properties, but opponents warned it would have had a detrimental impact on commercial real estate transfers, leading to fewer relocations. of businesses in the city.
The Chicago Coalition for the Homeless, which supported the proposal, said the election results did not end its fight.
“So while we are disappointed with the results, we remain focused on what matters most: building a long-term movement for housing justice, with, for and by the 68,000 residents of Chicago without shelter in one of the richest countries. cities around the world,” the group said in a statement. “We invite everyone who shares this vision to join us for the next chapter. The fight for housing justice continues because housing is a human right.”
Another race in the Illinois primary was still too close to call Friday night.
In the race for Cook County State’s Attorney as of Thursday night, Judge Eileen O’Neill Burke held a narrow lead of 8,152 votes over Clayton Harris III.
NBC Chicago
