Mayoral Runoff Renews Real Estate Railing Against Mansion Tax
More real estate organizations are raising their voices against a proposal to triple taxes on Chicago property sales over $1 million, an idea brought back to the table as mayoral candidates try to find their footing on thorny issues of addressing homelessness and affordable housing. The measure, called Bring Chicago Home, is backed by mayoral candidate Brandon Johnson and opposed by his opponent Paul Vallas. While its no surprise that Illinois REALTORS is against the proposal as the trade organization represents agents across the state who feel the tax would tamp down prices and deal volume in the high-end market and thus their commissions, some commercial real estate players have spoken out against the idea since it resurfaced on the campaign trail, as well.
Leave a Reply