CAA Statement on Voters’ Defeat of the Real Estate Transfer Tax Proposal
March 23, 2024
Chicagoland Apartment Association Statement on Voters’ Defeat of the Real Estate Transfer Tax Proposal
CHICAGO — The following statement can be attributed to Michael Mini, executive vice president of the Chicagoland Apartment Association (CAA):
“We’re pleased to see Chicago voters acted to reject the proposed real estate transfer tax increases. The proposal would have hurt renters, homeowners, and local neighborhoods during an already strained housing climate. CAA recognizes the significant challenge of housing affordability in the city, and we are committed to working with policymakers at all levels of government to explore and implement policies and programs to address affordable housing solutions. Our organization encourages prioritizing policy proposals that can facilitate immediate collaboration in tackling affordable housing challenges, such as direct rental assistance, tax incentives to maintain affordable rents, and streamlined development processes. The proposed transfer tax would been another roadblock for new and updated multifamily housing during a time when we need to be bringing more affordable and market-rate housing to communities where it is needed most. We remain committed to working in partnership with Mayor Johnson and his administration to support policies that encourage development of much needed affordable and market-rate rental housing to better serve neighborhoods across Chicago.”
About the Chicagoland Apartment Association
The Chicagoland Apartment Association (CAA) represents more than 6,000 apartment professionals who own and/or manage over 270,000 market-rate and affordable rental units in 1,500 apartment properties ranging from high-rises to two-flats across the Chicagoland region. CAA provides professional development and networking opportunities to apartment industry professionals and advocates on their behalf at the state and local government level. For more information, please visit www.caapts.org.
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