Chicago Mayor Brandon Johnson’s homelessness plan sparks questions

Mayor Brandon Johnson’s bold plan for Chicago to pour roughly $100 million more a year into programs for homeless services relies on an often-overlooked tax that only buyers of real estate have to pay and has generated inconsistent proceeds for decades.

As members of Chicago’s City Council soon begin examining the nuts and bolts of the Bring Chicago Home proposal with an eye toward deciding whether to ask city voters through a ballot referendum whether it should be implemented, questions abound about the plan’s fiscal structure, its revenue projections, and what impact it will have on the city’s broader real estate market.

The debate about overhauling the real estate transfer tax comes at a time when revenues from it are already falling. The tax will end this year 37% lower than initially anticipated, according to the Johnson administration’s own projections. What’s more, revenues from the tax since 2003 have been fickle and followed fluctuations in the real estate…

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