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Seattle affordable housing goal elusive despite millionaire's tax

On Thursday, Seattle Social Housing Developer officials revealed they will use $133 million in business tax revenue to acquire two existing apartment buildings in June, prioritizing purchasing current rentals over new construction.
Funded by a 5% tax on salaries above $1 million, the developer aims to address Seattle's need for more than 100,000 affordable units over 20 years using a concept pioneered in Vienna, Austria.
Shannon Affholter of the Department of Real Estate at the University of Washington noted that while buying existing properties is faster than permitting new construction, it "doesn't add the new housing units" the city needs.
Although pre-development on new sites begins this year, CEO Tiffani McCoy said the developer still helps by stabilizing rents while new construction takes time to come online, with units hoped for by end of 2028 or early 2029.
Labeling the program a national model, Mayor Katie Wilson continues to support the initiative despite ongoing opposition from the business community and The Seattle Metro Chamber, with a second rental building acquisition expected later this year.

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Seattle affordable housing goal elusive despite millionaire's tax

(The Center Square) -- Seattle’s own version of Washington State's planned tax on millionaires is aimed at businesses with millionaire employees, but the goal of using the money to expand affordable housing is becoming elusive.

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