Campaign to create funding to reduce homelessness finally launched in City Council

Taxes on the vast majority of home sales would be reduced under a compromise brokered by Mayor Brandon Johnson’s administration. But taxes would go up on sales of $1 million or more. First, though, a tax increase would have to be approved in a ballot referendum. (Sun-Times file)

To reach the elusive goal of raising the real estate transfer tax on high-end home sales to create a dedicated funding source to combat homelessness, advocates must clear several hurdles.

First, 26 City Council members must agree to put the question on the March primary ballot. Then, a majority of Chicago voters must approve the referendum. After that, the Council must vote again to actually impose the tax.