BOMA/Chicago delivered a stunning victory for the commercial real estate industry this year, as a voter referendum on a new real estate transfer tax went down in defeat at the ballot box. The "No" vote won 52%-48%, delivering an upset victory against the proposed tax and a momentous win for BOMA. The referendum, known as "Bring Chicago Home," proposed to significantly raise transfer taxes on properties that sell for more than $1 million, while lowering the rate on properties that sell for less, with the added revenue used to fund homelessness programs. BOMA/Chicago led the opposition effort, expressing concerns on the potential effects on the CRE market and the city, while offering to participate in a more comprehensive effort to address homelessness. With support from the BOMA International Industry Defense Fund, BOMA/Chicago and a coalition of organizations successfully challenged the referendum in court, only to be overturned at the last minute by the state supreme court. But the messaging clearly resonated with the voters, and this result represents a significant reversal in the momentum toward transfer taxes nationwide.