As new information regarding Seattle's new housing plan emerges, Marc Stiles from The Puget Sound Business Journal says that "Change is coming: Here's what you need to know about Seattle's sweeping new housing plan."
In a "grand bargain" made "between real estate developers and housing advocates" announced Monday by Mayor Ed Murray, developers will now have to build affordable housing when creating multi-family projects. And now, the "Housing Affordability and Livability Advisory (HALA) Committee delivered to Murray 65 recommendations for how the city could greatly increase housing production, especially for lower-income people."
Here are the key recommendations made by HALA that Stiles highlights:
- Real estate excise tax - HALA says it would be useful "to add 0.25 percent to the tax and earmark the money for affordable housing," which will generate an estimated "$15 million to $25 million annually."
- Voluntary employers fund - "Employers could contribute to a city fund that builds and preserves affordable housing so their employees have somewhere to live," which "has been done in other high-cost areas, such as Silicon Valley.
- Multi-family zoning - HALA wants "the city to expand the areas where apartment and condo buildings could be built" and "the idea is to put more apartments and condos in areas near existing transit and other services.