As a Chicago-based real estate developer, I frequently face incredible challenges in convincing institutional capital investors to opt for Chicago over other cities in the country. The high tax burden associated with real estate (mixed-income developments in particular) complicates the financial feasibility of constructing affordable housing, a dire necessity in our city. Therefore, I am advocating for a real estate tax cap on effective gross income to incentivize the construction of affordable housing in Chicago. In turn, this would both attract more investors and lead to increased city and county revenues, providing a clear path for a growth based resolution to our ongoing municipal financial crisis. 

According to a report by the Chicago Coalition for the Homeless, nearly 77,000 Chicagoans were homeless in 2018 (1). Meanwhile, the Chicago Tribune indicates that property taxes in Chicago have increased by more than 60% over the past 20 years (2). A tax cap would help motivate investors to build more affordable housing, reducing the number of homeless citizens. Moreover, the additional investments would help stimulate the economy, generating more revenues for the city and county.

Consequently, I urge you to join me in begging our legislators to harbor a sustainable solution to these problems in the simple form of a real estate tax cap for affordable housing projects. Let's create a more attractive investment environment to construct affordable homes and responsibly address our city's financial challenges. 

Below is a link to an in-depth presentation: 

Presentation Link: EGI Tax Cap

Please, sign this petition today.

(1) Source: Chicago Coalition for the Homeless
(2) Source: Chicago Tribune