Supporters of the proposal say the change will help the nearly 66,000 Chicagoans who are unhoused by generating approximately $160 million annually.
The Chicago City Council will hold a hearing Monday on a proposal to ask voters during the February election to hike taxes on the sales of properties worth $1 million or more in an effort to fight homelessness in Chicago.Supporters of the proposal say the change will help the nearly 66,000 Chicagoans who are unhoused by generating approximately $160 million annually — enough to address the root causes of homelessness and reduce crime and poverty throughout Chicago.
The measure would not change the share of the transfer tax — $1.50 for every $500 of the sale price — that helps fund the CTA, according to the proposal. State law does not give the Chicago City Council the power to change the transfer tax on its own authority. Without legislation passed by the General Assembly and signed by the governor, the measure needs the support of Chicago voters through a referendum before the City Council can levy the tax and collect the funds.
The debate dropped out of the spotlight when the COVID-19 pandemic hit, even as the economic catastrophe stretched the city’s tattered social safety net to the breaking point. As the pandemic receded, Lightfoot vowed to use federal relief funds to help unhoused Chicagoans.but only $18.7 million was spent in 2022Hadden and Martin wrote that the city must find a dedicated source of revenue to address homelessness in Chicago to make real progress.
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