With property taxes on the rise, homes in the Ward are becoming increasingly unaffordable—especially for seniors on a fixed income, working-class families, and recent graduates.
In the Ward and across the City, our property taxes and rents keep increasing, pushing neighbors out of their homes. Since we moved into our current home in Lincoln Square, about five years ago, our property taxes have increased 100%.
By the end of 2023, Chicago will need to find an additional $1 billion dollars in revenue to fund pensions alone, and we can't fund that on the backs of those least able to pay. Instead, we need to phase out our reliance on regressive revenue like property taxes and parking tickets, and instead institute a progressive city income tax, like many other large cities.
WHAT CAN WE DO:
- Scale back property taxes and implement a progressive city income tax, along with other more progressive options, that better addresses the widening wealth gap in Chicago.
- Require that large new developments include at least 25% affordable housing.
- Strengthen the SRO Preservation ordinance to prevent long-time residents from being displaced and ensuring affordable housing for those who need it the most.
- Phase out TIFs, which have not been an efficient way to improve city infrastructure and have instead been used to line developers' pockets.
- Distribute more vouchers to our middle- and low-income neighbors to help offset the rising cost of rents in the area.
- Work with residents and neighborhood associations to develop a master zoning plan to ensure that new developments work for our community, not the other way around.
- Provide protections to renters and ensure just cause for evictions.
- Allow accessory dwelling units, or "granny flats", to increase the supply of affordable housing.