Seattle Revisits Housing Affordability Program
Vancouver News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Seattles Mandatory Housing Affordability program, a key policy for funding affordable homes, is under review due to a significant drop in developer fees and permit applications. The program, which raised over $300 million through 2023, saw fees plummet from $74 million in 2021 to $22 million last year. Developers argue that high interest rates, rising material costs, and labor shortages have made the fees unsustainable. Councilmember Eddie Lin and the mayors office are considering a temporary rollback to restart construction and boost supply. Developers propose slashing fees by 75-90% for up to three years, which could unlock at least 13 ready-to-go projects in the first year. Affordable housing advocates also support revisiting the rules to avoid starving the overall market.
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