(WBBM NEWSRADIO) – It’s the home stretch for proponents and critics of the “Bring Chicago Home” referendum, so both sides are making their final cases about proposed adjustments in the real-estate transfer tax to help the homeless.
Ald. Maria Hadden, 49th, the lead sponsor of the plan, said the city needs a reliable revenue stream to pay for housing and services.
“Chicago City Council, the mayor can’t use these funds for anything else,” she said.
If successful, the March 19 referendum would end up increasing the transfer tax on the sale of properties worth $1 million more, while the rate would decrease for properties of lesser value.
But Farzin Parang, executive director of the Building Owners and Managers Association of Chicago, said the tax hike would have ripple effects through the real-estate market.
This would mean higher rents and property taxes for everyone, he said, because property values would drop.
The ''Bring Chicago Home'' measure is the topic of the “At Issue” program airing at 9:30 a.m. and 9:30 p.m. Sunday.
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