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Chicago mayor proposes 'Bring Chicago Home' resolution to tackle homelessness
Mayor Brandon Johnson is reintroducing a resolution called "Bring Chicago Home," which he says is aimed at combating homelessness.
CHICAGO - Mayor Brandon Johnson is reintroducing a resolution called "Bring Chicago Home," which he says is aimed at combating homelessness.
If it passes, the resolution would lead to a ballot referendum, allowing voters to decide whether to restructure the real estate transfer tax, a one-time tax paid when real estate changes ownership.
The restructuring would establish three tiers: a lower tax rate for properties sold for less than a million dollars, a two percent rate for properties above a million dollars, and a three percent rate for real estate transactions exceeding one and a half million dollars.
The funds generated from this tax adjustment would be allocated by the mayor's office to support comprehensive solutions for ending homelessness.