Mayor Brandon Johnson has signed off on a compromise plan to raise the real estate transfer tax on high-end home sales to generate $100 million in annual revenue to combat homelessness, but in a way that will reduce the tax for homes sold for less than $1 million.
Zoning Committee Chair Carlos Ramirez-Rosa (35th), the mayor’s City Council floor leader, predicted that the 11th-hour concessions would minimize opposition from Chicago developers and guarantee City Council approval of a binding referendum on the March ballot. He also predicted overwhelming voter approval.
