If an Illinois worker takes a pay cut during a recession, she knows the state isn’t going to take an even bigger chunk out of her paycheck. That’s because the state income tax rate stays the same. But if her home loses value, too, she could still see her property tax bill go up. Government...View Report
If Chicago wants to alleviate poverty and economic inequality, the city needs to reform its zoning laws to allow more building – not institute a new tax on development.
Affordable-housing mandates are sold to voters as a way to balance development with the need to build housing for the least well-off. In reality, these mandates add to the barriers that prevent developers from making housing more affordable and give rise to corruption in Chicago.