CHICAGO (CBS) — A freshman alderman has joined community groups in predicting Mayor Rahm Emanuel’s proposed property tax increase would create a crisis in affordable rental housing.
A report from the group Communities United said the mayor’s $588 million property tax hike would threaten the affordability of the city’s two-flat and four-unit apartment buildings.READ MORE: Chicago Weather: 2 Rounds Of Severe Storms Possible Sunday
Albany Park landlord Helen Slade said that’s bad news for some of her tenants.
“We can pass on this new property tax increase to our tenants, because we’re below market, but it’s going to impact the tenants who can’t afford that, and we’ll end up losing the working families, and having them be replaced,” she said.
Ald. Carlos Ramirez-Rosa (35th) said there’s a better way to balance the budget.READ MORE: At Least 3 Killed, 25 Wounded In Weekend Shootings In Chicago
“There’s ideas on the table – whether it’s a TIF surplus, whether it’s the revenue ordinances the Progressive Caucus brought forth that are now being held in the Finance Committee – there’s more that we could do to mitigate this property tax increase before October 28th. Unfortunately, I don’t think that we have a partner in the mayor’s office that’s willing to do that,” he said.