Raising real estate transfer tax would doom renters, businesses and many homeowners

Mayor Brandon Johnson supports raising the real estate transfer tax on properties exceeding $1 million. The City Council will decide whether to put the measure in a binding referendum on the March ballot. (Pat Nabong/Sun-Times)

Be careful what you wish for.

We all share a desire for improved support for Chicago’s unhoused population. However, the Bring Chicago Home initiative, funded through substantial increases in real estate transfer taxes as currently proposed, will have unintended consequences that hurt Chicago’s homeowners, renters and businesses while weakening our already struggling economy.