The NBOA opposes the proposed “Bring Chicago Home” tax increase.
The City Council has voted to place the Bring Chicago Home Ordinance on the March, 2024 ballot: early voting has already begun downtown, and begins on March 4th in all 50 wards.
NBOA’s opposition to the increased transfer tax increase remains as firm as ever.
This measure will discourage investment in Chicago neighborhood multifamily housing.
The NBOA has looked at dozens of apartment buildings across the city and found that the small and mid-sized buildings which neighborhood housing providers own and manage are likely to face the choice of losing value if they sell their building or raising rents—often as much as $100 a month—to recoup that tax penalty.
Learn more about the proposed ordinance, and its impact on Chicago’s struggling downtown, rents, property taxes, and the health of Chicago’s economy:
- read our white paper on the subject;
- watch Mike Glasser discuss the matter on WGN-TV;
- read his remarks about the impact on development in The Center Square;
- read Jeff Weinberg’s powerful letter to the editor in the Sun-Times; and
- watch our Zoom discussion on the subject with top experts (from Tuesday September 26, 2023).