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.
Related Stories
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.
Affordable Housing | Mar 14, 2023
3 affordable housing projects that overcame building obstacles
These three developments faced certain obstacles during their building processes—from surrounding noise suppression to construction methodology.
Affordable Housing | Mar 8, 2023
7 affordable housing developments built near historic districts, community ties
While some new multifamily developments strive for modernity, others choose to retain historic aesthetics.
Affordable Housing | Mar 2, 2023
These 9 novel housing communities offer support beyond affordability
Here are nine specialized multifamily developments designed to assist their tenants’ needs.
Mixed-Use | Feb 23, 2023
7 mixed-use developments that don't sacrifice housing affordability
Here are seven mixed-use, multifamily projects dedicated to providing affordable housing.
Affordable Housing | Feb 22, 2023
Passive House, sustainability standards meet multifamily development
These multifamily developments are not only Passive House (PHIUS) certified, but affordable for tenants.
Affordable Housing | Feb 15, 2023
3 multifamily projects dedicated to 100% living affordability
BD+C editors collected over 20 multifamily projects with a focus on affordable housing. These three developments took it to the extreme.
Affordable Housing | Feb 15, 2023
2023 affordable housing roundup: 20+ multifamily projects
In our latest call for entries, Building Design+Construction collected over 20 multifamily projects with a focus on affordable housing. Here is a comprehensive list of all projects in alphabetical order.
