(WBBM NEWSRADIO) – It’s official: Mayor Johnson’s “Bring Chicago Home” initiative that would have raised real-estate taxes on the sale of high-end properties has failed.
The Associated Press and other news organizations on Friday reported enough Chicago ballots had been tabulated to establish the demise of the referendum, which was designed to raise $100 million in funds annually to fight homelessness. This was no surprise because, based on earlier results, it was assumed the initiative was headed for defeat.
With all precincts reporting, the controversial appeared to be defeated by a margin of about 21,000 votes, with the “no” vote prevailing 53 percent to 47 percent, the city's election department reported.
Opponents lobbied vigorously against Bring Chicago Home, saying the real-estate transfer tax hike could prompt landlords to raise rents on tenants.
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