Chicago voters nix ‘mansion tax’ to fund efforts to reduce homelessness

Chicago voters in March rejected a proposed “mansion tax” that would have funded efforts to reduce homelessness in the city.

Endorsed by the mayor, the tax would have applied to homes sold for $1 million and above and would have raised an estimated $100 million annually. About 53% of voters voted against the referendum.

More than 68,000 people experienced homelessness in Chicago in 2021. The city’s housing crisis has worsened with the arrival of more than 37,000 migrants in the city and area suburbs over the past 18 months.

A fiscal watchdog group criticized the proposed tax hike, noting that Chicago already has high taxes and concerns about public safety. Higher taxes would discourage people from locating to the city, the group says.

Lendlease and joint venture partner Aware Super, one of Australia’s largest superannuation funds, have acquired $4 million in support from the New York State Energy Research and Development Authority to build a geoexchange system at 1 Java Street in Brooklyn. Once completed, the all-electric property will be the largest residential project in New York State to use a geothermal heat exchange system.

Building Tech | Mar 14, 2023

Reaping the benefits of offsite construction, with ICC's Ryan Colker

Ryan Colker, VP of Innovation at the International Code Council, discusses how municipal regulations and inspections are keeping up with the expansion of off-site manufacturing for commercial construction. Colker speaks with BD+C's John Caulfield.

Multifamily Housing | Mar 14, 2023

Multifamily housing rent rates remain flat in February 2023

Multifamily housing asking rents remained the same for a second straight month in February 2023, at a national average rate of $1,702, according to the new National Multifamily Report from Yardi Matrix. As the economy continues to adjust in the post-pandemic period, year-over-year growth continued its ongoing decline.