As Chicago Transfer Tax Vote Looms, Similar Policies In LA And NYC Hint At What Could Come Next The stage is set and the actors are warming up backstage as Chicago’s commercial real estate industry awaits the imminent opening of the curtain on a decision that could reshape how business is done for the foreseeable future. The battle over Chicago’s proposed real estate transfer tax has been escalating for months. Key adversaries on both sides of the issue have been pouring money into trying to sway the city’s voters by the time they head to the ballot box in March. But with much of CRE focused on the struggle for voters’ hearts and minds, fewer are asking the question: What will happen to deal volume in an already struggling market if voters do approve the measure? While it’s impossible to predict the future, the impact of similar tax measures in Chicago’s metropolitan counterparts of Los Angeles and New York City may offer insight into what could be coming down the pike. Los Angeles passed Measure ULA in November of 2022 and New York State updated its transfer tax law in 2019. 
Those who witnessed the fall-out of similar taxes in other metros say the Windy City could see a swift, sharp uptick in deals as key players race to get transactions done in the period between the passage of the measure and its implementation. That's what happened in both New York Read the full story here. | 
