In a surprising turn of events, prominent Chicago developer Quintin Primo III expressed his support for a proposed $100 million-a-year tax increase to combat homelessness. The move comes after Chicago voters rejected Mayor Brandon Johnson's plan to raise the real estate transfer tax, known as the Bring Chicago Home referendum.

During a news conference, Primo III, CEO of Capri Capital Partners LLC, highlighted the lower transfer tax rate in Chicago compared to other major urban markets in the country. He stated that the proposed tax increase, capped at 3%, would still be significantly lower than rates seen in cities like Los Angeles, San Francisco, Philadelphia, and New York, where rates range from 5.5% to nearly 6%.

Primo III emphasized the need for investment to address the homelessness crisis, which he and his wife have dedicated themselves to. He expressed the belief that if Chicago wants to improve its homeless situation and surpass cities like San Francisco and Los Angeles, financial resources must be allocated accordingly.

Mayor Johnson, who has advocated for various housing initiatives, including Bring Chicago Home and the La Salle Street Reimagined project, also stressed the urgency of addressing both homelessness and the affordability crisis in Chicago. He acknowledged the struggles faced by individuals who are barely making ends meet and emphasized the importance of creating affordable housing options to help them remain in the city.

While Johnson did not provide specifics on how or when he would continue the fight for a dedicated revenue source to combat homelessness, he expressed confidence in key developers like Primo III who recognize the growing wealth disparity and the need for action. He vowed to work towards finding alternative sources of revenue or potentially simplifying the referendum to make it more accessible to voters.

The failed referendum has prompted discussions on the best approach to solve the pressing issues of homelessness and affordability in Chicago. As stakeholders evaluate different strategies, the support of influential developers like Primo III has shed light on the need for increased investment in housing initiatives to ensure the well-being and stability of Chicago residents.

Despite the setback with the rejected referendum, it remains to be seen how the city will move forward in its efforts to address homelessness and affordability concerns. With dedicated individuals and stakeholders rallying behind the cause, there is hope for a better and more equitable future for Chicago.