 |
| Vacant apartment building, Chicago's West Side |
The Bring Chicago Home ordinance was one of the issues they discussed. Widely caused by supporters as a "mansion tax," if passed by Chicago voters in Tuesday's primary election, the municipal real estate transaction tax will be increased on property sales over $1 million. Proceeds from the higher tax will go to fight homelessness, but its chief backer, Mayor Brandon Johnson, isn't providing specifics on how that will happen.
Unfortunately for ordinary Chicagoans, apartment building and retail storefronts often sell for more than that amount. High-rises always do. Which will mean, higher rents and likely, fewer jobs.
Downtown retail vacancy rates are at 30 percent.
But don't worry, Martin tells Joravasky in his March 14 edition of his podcast. It's "okay" if Chicago collects a little less money from downtown, even in the short term.
"But just like, during the great recession we had certain revenue streams that were lower, you have to take a longer view of this," Martin tells Joravsky, "and so I think if we have a little bit less revenue coming from the downtown area over the next year or two after Bring Chicago Home passes, that's okay.
That's okay, Martin adds, because he cares, adding, "But the city will continue to be very mindful of how we support all of our communities including downtown." Yep, leftists always care.
The relevant portion of the podcast begins at the 23-minute mark.
Chicago faces a deficit of at least $500 million.
Well, at least the alderperson didn't tell the host that any downtown Chicago revenue declines, will be "transitory," the infamous comment by Treasury Secretary Janet Yellen that inflation, which still plagues our economy, would be "transitory."
According to leaked Chicago Teachers Union documents, revenue from Bring Chicago Home could be used to provide housing funds for its members.
I'm urging Chicago voters to vote "No" on Bring Chicago Home.
No comments:
Post a Comment