RICHMOND, Va. (WRIC) -- While Richmond residents will not see a four-cent real estate tax cut, Richmond City Council voted in favor of a competing tax relief proposal from Mayor Levar Stoney on Tuesday. City Council has tabled the decision between the two competing proposals for quite some time. This update means Richmond's real estate tax rate will remain at $1.20, but there are a few other prongs to Mayor Stoney's plan that he said will help provide relief. "When we lose our population, everything else is lost in the process as well," a city official said at Tuesday's meeting. According to the 2023 American Community Survey, more than a quarter of Richmond renters spent more than half of their income on housing. "Whether it's a student or an elderly person, they need help," a resident said during the public comment portion of the meeting. Tuesday's vote was pivotal as it ended City Council Member Reva Trammell's long fight for a four-cent real estate tax cut, the city hasn't seen this type of cut since 2008. City Council's vote against the idea likely disappointed some residents who took the podium prior to the vote in support of the cut. Some suggested a permanent cut could have been life-changing. "Every penny counts," said one of the residents. "I want to stay here, I want to keep my house. If I have to leave, I don't know where I would go." While the rejection appeared to be disappointing for those in favor, Stoney said the counter proposal is better for the city. At a press event Wednesday afternoon, with a smile on his face, the mayor expressed hope and discussed the approval. "A one-time, four-cent tax rebate will impact the pocketbooks and the wallets of many of the residents here in the city of Richmond," Stoney said. "These targeted proposals are how we provide fiscally responsible target relief to those who need it the most." Dubbed "RVA Stay," Stoney's plan — anchored by the one-time rebate -- maintains the current $1.20 real estate tax rate, but also includes protections for certain community members. One portion of the plan allows residents spending 30% or more of their income on housing to receive extra relief. The plan also protects certain groups like the elderly and people with disabilities from future tax hikes. "Gap grants and the Richmond freeze programs are just a few tools in our toolbox to help some of our residents," Stoney said. Regarding the decision, some current city leaders said a tax cut would have disproportionately benefited the wealthiest property owners, rather than favor helping those most in need. They also feared it could harm Richmond's ability to fund projects moving forward. More information about RVA Stay can be found here.