Mayor Lori Lightfoot’s 2021 funds will erase a $1.2 billion shortfall with out assuming any substitute income from Washington — however with loads of thousands and thousands of bucks in tax will increase and funds cuts that come with a mixture of layoffs, furlough days and pay cuts, best mayoral aides stated Thursday. Chief Financial Officer Jennie Huang Bennett and Budget Director Susie Park stated a assets tax building up is “last on our list” as householders and industry homeowners combat to pay their mortgages and stave off foreclosures. But it will have to stay at the desk, they stated, as a result of it's the maximum broad-based and dependable income to assist erase a shortfall of historical
Tag: shortfall
Housing commissioner says funds shortfall will make it
A prime mayoral aide Friday bemoaned the funds disaster that can make it powerful for Mayor Lori Lightfoot to make use of an elevated actual property switch tax to scale back homelessness and bankroll inexpensive housing. Housing Commissioner Marisa Novara helped draft Lightfoot’s housing platform whereas serving as a vp of the Metropolitan Planning Council and overseeing a research on the $4.Four billion “cost of segregation” in Chicago. It known as for a graduated actual property switch tax to “create a dedicated revenue stream” to scale back homelessness by 45 % and start to chip away at a 120,000-unit scarcity of inexpensive items now driving Chicago’s inhabitants decline. Lightfoot nonetheless plans to ask the Illinois