“Bring Chicago Home” real estate tax referendum on its way to losing in the vote.

Chicago residents voted to determine the outcome of Mayor Brandon Johnson’s “Bring Chicago Home” referendum on Tuesday. Despite facing legal challenges, the referendum appeared to be headed for defeat, with “No” votes outnumbering “Yes” votes by over 23,000.

A spokesperson for the Bring Chicago Home campaign expressed disappointment with the results but emphasized their commitment to the cause. They highlighted ongoing challenges from opponents and underscored their coalition’s determination to fight for housing justice.

The referendum proposed changes to Chicago’s real estate transfer tax, aiming to increase taxes on properties valued over $1 million. Currently, the tax is a flat rate of 0.75%, but the proposal would adjust rates based on property value, with higher-valued properties facing higher taxes. Revenue generated would be used to address homelessness, which affects thousands in Chicago, including students in the public school system.

SEE MORE: Chicagoans to Decide on Increase in Real Estate Taxes

Supporters argued that the referendum could generate up to $100 million for homeless initiatives. Alderman Matt Martin advocated for the referendum, emphasizing the importance of informed decision-making.

However, opponents cautioned that the tax increase could impact renters and exacerbate housing costs citywide. They stressed the need for equitable solutions to homelessness without burdening property owners and renters.

Despite public opinion showing some support for the referendum, its fate remained uncertain.If approved, the changes would come into effect on January 1, 2025.

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