Chicago City Council passed the "Bring Chicago Home" measure on November 7th, signaling a substantial step towards tackling homelessness. The initiative, set for a ballot referendum in March, aims to boost the city's real estate transfer tax on high-end properties. Funding raised will be dedicated to permanent affordable housing and services for the city's homeless population, as detailed by Block Club Chicago.
After years of campaigning by progressive activists and anti-homelessness groups, the proposal has garnered the support of the new mayoral administration, bringing it to prominence and creating an opportunity for change. The effort primarily concentrated on lobbying for a higher tax rate for properties worth more than $1 million. The initiative faced numerous challenges, including procedural obstacles and opposition from various factions inside and outside the city council, as reported by WBEZ.
The strategy to amend the property tax to fund the fight against homelessness faced numerous roadblocks, such as limits on the number of referendum questions permitted on the ballot. Backers of the initiative had to swiftly secure its spot on the March 19th primary ballot to avoid being sidelined by other potential referendums.
Ald. Maria Hadden from the to 49th Ward, a supporter of Bring Chicago Home, highlights its potential to bring positive change. It's anticipated the measure will bring in an estimated $100 million in annual revenue if successful, states Block Club Chicago. The focus will be on how these funds are distributed and how effective they can be in addressing the interconnected challenges of affordable housing and homelessness.
The tiered rate system introduced by Bring Chicago Home aims to generate additional housing funds. It also proposes to ease the burden on lower-end property sales by lowering transfer taxes for purchases beneath $1 million. This move is critical in bolstering the city's ability to address the growing crisis of homelessness, and encourages residents' participation in the city's future by voting in March.
