Affordable Housing

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

The tax on $1 million-plus sales would have raised estimated $100 million annually.

By Peter Fabris, Contributing Editor | April 1, 2024

Photo by Gautam Krishnan on Unsplash - Chicago voters nix ‘mansion tax’ to fund efforts to reduce homelessness — Photo by Gautam Krishnan on Unsplash

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.

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

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