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Seattle Mayor Bruce Harrell has formally sent a proposal for a monumental $1.55 billion housing levy to the City Council, aiming for a public vote this November. This ambitious plan represents a significant increase over the current levy and is designed to confront the city’s deepening affordability crisis head-on.
The proposed levy is more than triple the size of the existing $290 million measure approved by voters in 2016. Officials project that this substantial funding boost would enable the creation or preservation of over 3,000 new affordable housing units across the city. The funds are earmarked for a multi-pronged approach, including supporting low-income renters, assisting first-time homebuyers, and providing resources to prevent homelessness.
Mayor Harrell's administration emphasized that the escalating cost of housing necessitates a bolder response from the city. The proposal argues that the expanded investment is critical to keeping pace with rising construction costs and the increasing number of residents struggling to afford housing in Seattle.
If approved by the City Council and subsequently by voters, the levy would result in a property tax increase for Seattle homeowners. The exact financial impact on the median household is a central point of discussion as the proposal moves through the legislative process. Proponents contend that the long-term benefits of a more stable and affordable city outweigh the immediate tax burden.
The City Council is now tasked with reviewing the mayor’s proposal. They have the authority to adjust the total amount before sending a final version to the November ballot. This period is expected to involve intense debate over the scale of the investment and the specific strategies for distributing the funds.
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