The Seattle City Council is considering legislation that would require developers of multifamily housing to include some affordable units in their projects or pay the city to help build the units elsewhere.
The legislation would take effect in conjunction with the council approving zoning changes across the city — mostly in multifamily areas.
Those changes would allow developers to build larger and taller buildings, offsetting the cost of the requirements.
Mayor Ed Murray unveiled the broad strokes of the policy almost a year ago, saying it would help make Seattle more affordable.
But there are a lot of important details for the council to investigate, including some that still need to be hammered out. For the complete article, click here.
As a developer, I know that construction costs and market variables are unpredictable. There are parts of the city where development lags behind because of its riskiness, places like Rainier Beach - exactly where more affordable housing is needed. The city needs to consider encouraging development in these areas, without additional costs and restrictions that impede economic growth and development.
Happy Investing!
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