This year, Seattle will invest the most it ever has in affordable housing, a total of $110 million, Mayor Jenny Durkan said Monday.
All of that funding will go toward the construction and redevelopment of new units, the most ever generated through Seattle investments in a single year – 1,944 in full – across the city.
Truly good news to see the city step up its investment like this. Check out the Mayor’s blog post for more about the funded projects.
Thanks, Seattle voters! There are many reasons to be pessimistic about our housing situation but the city’s ability to fund, permit, and construct new affordable multifamily housing is a bright spot. Imagine what would be possible if the federal government got back into the housing game, perhaps by passing Rep. Ilhan Omar’s ambitious $1T housing bill .
Meanwhile, in San Francisco, the city seems stuck in a vicious cycle:
Nonprofit developer Mercy Housing relied on federal, state and city financing to build the project at a cost of nearly $500,000 per unit. The per unit price would have been far higher if the city hadn’t donated the land. The cost to build one new apartment or condo unit in San Francisco today — whether market-rate or affordable — tops $700,000, nearly triple what it cost about 10 years ago.
Construction costs are rising, land values are increasing, and construction workers can’t afford to live in the city, so costs rise even more.