Chicago is known to have a problem housing people throughout the city. This has been fueled by the increasing population throughout the city, as well as real estate taxes. The city has a population of 2 million along with many who come to see sites and stay in the many places offered throughout the city. Real estate transfer taxes throughout Chicago are roughly 7 percent of the sale price for a single family home.
Ald. Maria Hadden, 49th, has a proposed solution to โreshift the 0.75 percent tax on real estate transactions in the city of Chicago and lower it for transactions under $1 million dollars and raise it for transactions over $1 million dollars.โ
This would allow regular people to have less issues when attempting to buy a house, and tax larger businesses more. Along the lines of selling a house, this would not affect how a seller would be able to sell with less stress, further being able to take weight off the sellers’ and possible buyers’ shoulders. This would allow for more mixed density within housing for Chicagoans, which will help combat homelessness.
Mayor Johnson has agreed with this proposed solution, which also allowed more help with the proposed tax shift. The proposed solution would benefit the tax shift, which would allow for more people throughout Chicago to having proper housing, which would benefit the public safety of everyone through many aspects.