One in four of them are children struggling to stay in school. It’s a community-wide problem that many cities are tackling. Chicago can, too.
A one-time tax that would affect less than four percent of the homes sold every year—and only those worth more than $1 million. More than 96 percent of homeowners would be exempt.Learn More
The money generated by the tax would be legally dedicated to programs that alleviate homelessness, including assistance for homeless children, homeless veterans, and homeless women recovering from domestic violence.
Two-thirds of likely city voters have expressed support for this solution and are prepared to vote for it on the March 2020 ballot.
A 1.2 percentage point increase to the real estate transfer tax (RETT)—a one-time tax paid when a property is sold.
On transactions over $1 million, impacting 3.6% of residential transactions and 5.2% of all transactions.
To generate an estimated $150 million annually legally dedicated to combat homelessness.
Families and individuals could receive permanent supporting housing in 1 YEAR…
Households could receive resources that would prevent them from being homeless in 1 YEAR…
City Council must vote to include a question on the ballot of an upcoming election asking voters for permission to raise the RETT.
A simple majority needs to vote in favor of the ballot question.
With permission from the voters, the city can then pass an ordinance increasing the RETT.
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