"We are disappointed the council has not acted," said Louise Dunlap, another participant in the protest, who criticized the council's "grid-lock."

Toomey said that the council has been slow to act because of the conflicting opinions of the proposal.

"It's just trying to reach a consensus among a very different group of people," he said.

Alternate proposals exist.

Councillor Michael A. Sullivan suggested tapping into the city's savings to pay for housing aid rather than introducing a new tax.

"We could take the excesses from the free cash account and provide a one time major kick-in to housing," he said at the meeting. "We can lump-load it."

This idea was supported by Councillor Anthony D. Galluccio, who said that the transfer tax followed "the wrong rationale."

"I can't see taxing the citizens more when we have the money in our accounts," he said.

Councillor Kenneth E. Reeves '72 said there were other problems with dipping into the free cash.

"The free cash is like our savings account and if we take money out of our savings account, then it becomes harder for us to borrow money," he said.

Reeves was referring to the city's bond rating, which is based on the size of its free cash fund.

Born raised another objection to this method of funding.

"Depleting the free cash reserve will eventually be passed on to an increase in property taxes," she said