Chicago's real estate tax proposal aims to raise $163M to tackle homelessness

CHICAGO - The migrant crisis is bringing more attention to the city's ongoing homeless problem.

A new ordinance called ‘Bring Chicago Home’ could get the green light from the Chicago City Council.

This would fund housing and services for homeless people across the city.

Mayor Brandon Johnson says he is in support of this ordinance.

Homeless advocates say there are 68,000 people in Chicago who are homeless, with 20,000 of them being kids and teens. 

The ordinance would increase the real estate transfer tax for building sales over $1 million to raise the necessary money. 

Those who back the ordinance say it would impact less than 4.2 percent of homes sold.

The new tax would generate $163 million annually to be dedicated to combating homelessness.

The money would be legally used for programs that alleviate homelessness, including assistance for children, veterans and women recovering from domestic violence.

Opponents say the measure is a disguise to raise taxes.

If given the green light in City Council, the measure would be on a March 2024 ballot referendum.