Proposal to Hike Taxes on Sales of Million-Dollar Homes to Fight Home…

A homeless encampment in Humboldt Park. (WTTW News)

A push to hike taxes on the sales of properties worth $1 million or more to fight homelessness is gaining momentum, as the city’s watchdog endorsed its approach, and a new report found a steep increase in the number of unhoused Chicagoans.

Mayor Brandon Johnson threw his support behind a revised version of the proposal known as “Bring Chicago Home,” which will generate approximately $100 million annually. That’s enough to address the root causes of homelessness by building new permanent housing that offers wraparound services like substance abuse counseling, supporters say, in an effort to combat crime and poverty throughout Chicago.

The final proposal expected be introduced to the Chicago City Council on Sept. 13 would slash the real estate transfer tax paid by Chicagoans who sell residential and commercial properties for less than $1 million by 20%, while hiking taxes on transactions of more than $1 million by as much…