As a Chicago resident and president and CEO of Full Circle Communities, a Chicago-based nonprofit dedicated to increasing access to housing through affordability and resident services, I am committed to economic development throughout Chicago. I'm investing. I am a member of Bring Chicago, an initiative aimed at addressing the city's homelessness and housing affordability crisis by making the real estate transfer tax, or RETT (sales tax paid by real estate buyers), more progressive. I strongly support the Home Initiative.
Politicians opposed to the plan, such as those cited in Fran Spielman's recent article (“Johnson's influence on the Chicago repatriation referendum”), have repeatedly spread misinformation about the proposed policy. It is spreading. I am writing this article to address and dispel these myths.
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Political operative Greg Goldner argues that changing RETT would make it harder to build grocery stores and housing in low-income areas. This is incorrect. Commercial properties and affordable housing in the “Enterprise Zone”, primarily located on the South and West Sides, are completely exempt from paying RETT, making it an ideal choice for small businesses and businesses wishing to invest in low-income areas. You won't face any additional burden. Barriers to doing so.
Restructuring RETT under “Bring Chicago Home” will encourage affordable housing development. By exempting affordable housing from higher tax rates, we protect and encourage investment across this important sector. In fact, requiring wealthy developers to pay their fair share can generate new funding for construction. The proposed policy is estimated to contribute significantly to the city's economy, generating more than $900 million in new construction over the next 10 years and creating more than 1,500 construction-related jobs.
It's disheartening to see critics spreading misinformation about “Bring Chicago Home,” especially when hard data and examples of economic acceleration across the country contradict their claims. . “Bring Chicago Home” represents a thoughtful, evidence-based approach to addressing the growing homelessness crisis. Numbers don't lie. It's time to support policies backed by evidence, not fear. I encourage all Chicagoans to vote “yes” on Ballot Question 1 on March 19th.
Joshua Wilmoth, President and CEO, Full Circle Communities
(Marshall) Field of Dreams
Lynn Becker's recent op-ed on the demise of Marshall Field due to Macy's management incompetence brought back many memories for me. I worked at his State Street store from 1971 to his 1974 heyday, then left to pursue an MBA degree. I was proud to work for the nation's largest department store in the nation's largest city (at the time), with Mayor Richard J. Daley at the helm. It's been an exciting time living and working in Chicago. It's an experience you'll never forget.
I was in an executive management training program (sounds more impressive than it actually is). As an assistant her buyer for “Flooring”, I was able to meet people from all over the world who visit our department to buy specialized rugs. And the carpet that only Marshall Field handled. When Macy's acquired Marshall Field & Company, I think everyone knew it was just the beginning of the end for this storied company.
Ron Carmony, Warner Robins, Georgia
