The long-stalled ordinance known as “Bring Chicago Home” was designed to bring in millions through more than tripling the transfer tax on Chicago homes sold for more than $1 million. City leaders say the tax could raise roughly $160 million in annual revenue to combat homelessness by increasing the rate from 0.75% to 2.65%.

The tax hike has courted controversy, notably from realtor groups who fear the proposal could place an additional burden on an already-struggling real estate climate in Chicago. Governor J.B. Pritzker and some Democratic legislative leaders oppose the increase, but Johnson is determined to put on the ballot a binding referendum that allows Chicago voters to decide whether to approve the so-called “mansion tax.”

Last week, Mayor Johnson’s City Council allies held a three-hour hearing aimed at laying the groundwork as negotiations continue behind the scenes to determine how to word a referendum question to voters, according to the Chicago Sun-Times.