“Renters like me are unfortunately all too familiar with the struggle for stable housing. My family was homeless for years while we waited hopelessly on different CHA waiting lists. Finally, a social service organization helped us find a Rogers Park apartment, where I lived for over a decade. But in February, my landlord raised my rent by $450/month, forcing me out of my apartment and fearing being homeless once again.”
Anthony Perkins, disabled senior citizen, Edgewater neighborhood.
Bring Chicago Home would create more affordable housing in Chicago and expand essential services aimed at ending homelessness by increasing the one time tax people pay when they buy a property in Chicago over $1 million.
Landlords are saying this tax is going to force them to raise rents.
Anyone who has ever been forced out of a home by rising rents or struggled to get their landlord to return their security deposit, turn on the heat, or fix a water pipe is rolling their eyes right now. Of course the landlords are saying they’re going to raise their rents.
They are raising the rents anyway.
The landlord and real estate lobby are powerful political interests who for generations have raised rents, donated to landlord-friendly politicians, and ferociously fought against any effort to tax any portion of their profits. They are not credible messengers on what’s best for renters.
Evidence suggests BCH will not result in rising rents for the overwhelming majority of Chicagoans.
Most buildings not for sale will not be impacted by the tax. Even in the worst-case scenario where 100% of the increased real estate transfer tax would be passed on to tenants, the impact on rents in buildings that are sold would be $1-$5 per apartment per month. Based on two independent analyses by Kellogg Business School and University of Chicago Harris School.