August 17, 2016
In an effort to provide affordable housing in an expensive housing market, the Seattle City Council passed legislation requiring apartment and condominium developers to build or fund housing that the working class can afford. The measure passed 8-0, with developers required to comply beginning at the end of this year.
City officials believe that the new measure will generate close to $200 million. Just as important, it could result in an additional 2,400 units affordable to those who earn 60% of the area median income. This breaks out to approximately $43,380 a year for a two-person family.
The legislation was passed due to a rapid increase in home and rental costs in the Seattle area. Additionally, while housing costs have increased, earnings of lower-wage workers have stagnated.
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