They should definitely enact a big property tax increase, and maybe introduce a slew of new taxes on business activities. That should fix the problem.
But what if people move out, and businesses move out of the city, to avoid those new taxes? Then you raise taxes even more on those who are still there??? But then the next tax increase could encourage others to move out as well.
It can become a downward spiral if they aren’t careful.
A yes vote on the Pritkzer “Fair Tax” also means they can at a later date tax your pensions WITHOUT your vote.
https://www.illinoispolicy.org/fair-tax-paves-the-way-to-taxing-retirement-income-in-illinois/