Under the proposal, properties sold for over $1 million will face higher tax rates, while tax rates for transfers below this threshold will be reduced to support efforts to address homelessness in the city.

Supporters believe this is a necessary tax reform measure that could bring additional financial revenue to Chicago annually, thereby improving social welfare and providing more support and resources for vulnerable groups.

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However, some critics are concerned that this measure could increase the tax burden on commercial real estate transactions, leading to the risk of cost increases for tenants and consumers, and adversely affecting affluent communities, particularly those in high-end areas where there might be a decrease in demand, and residents might even consider leaving Chicago.

Regardless of the final voting outcome, this proposal will face further scrutiny and challenges. Balancing the benefits and risks of tax reform, and ensuring the city's economic sustainability, will require careful consideration and thought. Chicago will face important decisions that will directly impact the city's future direction and development path. At this critical juncture, it is hoped that all parties can engage in discussions rationally and equitably, considering the city's long-term interests, and collectively find the best solutions to promote the city towards a more prosperous and sustainable future."