4 ms·

A levy of 45 cents per $1000, which according to the seattle times: > The bulk of money raised from the new levy, $707 million, would go toward the constructio

by klyrs 3y ago

A levy of 45 cents per $1000, which according to the seattle times: > The bulk of money raised from the new levy, $707 million, would go toward the construction of new subsidized rental homes and improvements to aging affordable apartments. Those programs are focused on housing for people making 60% of area median income or less, about $74,000 a year for a family of three. Nearly two-thirds of the funding would fund housing for those making even less, 30% of area median income or $37,000 for a family of three. The current levy (passed in 2016) is 25 cents per $1000. A tax of a few hundred dollars per year on a million dollar home isn't making an impact on housing affordability. Expanding the availability of affordable housing might. I'm skeptical that $707M is enough to make a dent.

ianburrell 3y ago
The total Seattle property tax is $8.29 per $1000. $.20 is a massive 2% increase.
- WalterBright 3y ago
  $707 million is a massive amount of money.
  - klyrs 3y ago
    That's projected over 7 years, so $101 million per year. The city's annual budget is nearly 6 billion dollars. While $707 million sounds big, it's quite small relatively speaking. If you'd rather criminalize homelessness, build prisons and courts, employ more cops and prosecutors and prison guards, and defense lawyers for the inevitable lawsuits that arise from inhumane treatment, you might want to work up a budget for all that. And tell me where the money is going to come from, in a state with no income tax.
    - WalterBright 3y ago
      The state gets plenty of money in taxes. So does the city - nearly 6 billion dollars.
      - klyrs 3y ago
        Define "plenty." So far your argument has taken the form "this is a big number." It isn't convincing.
  - ianburrell 3y ago
    The tax is $970 million over 7 years, with $707 million for buying and maintaining housing. Remember that each apartment costs something like $200K. That covers acquiring the estimated 3400 apartments plus maintenance for existing ones. The levy is an order of magnitude too small to fix problem. King County has 40,000 homeless. Also, I don't think the levy is for chronic homeless since it doesn't have programs to help them. The problem may be too big for local government and needs federal government to help out.

by klyrs 3y ago

ianburrell 3y ago

The total Seattle property tax is $8.29 per $1000. $.20 is a massive 2% increase.

WalterBright 3y ago
$707 million is a massive amount of money.
- klyrs 3y ago
  That's projected over 7 years, so $101 million per year. The city's annual budget is nearly 6 billion dollars. While $707 million sounds big, it's quite small relatively speaking. If you'd rather criminalize homelessness, build prisons and courts, employ more cops and prosecutors and prison guards, and defense lawyers for the inevitable lawsuits that arise from inhumane treatment, you might want to work up a budget for all that. And tell me where the money is going to come from, in a state with no income tax.
  - WalterBright 3y ago
    The state gets plenty of money in taxes. So does the city - nearly 6 billion dollars.
    - klyrs 3y ago
      Define "plenty." So far your argument has taken the form "this is a big number." It isn't convincing.
- ianburrell 3y ago
  The tax is $970 million over 7 years, with $707 million for buying and maintaining housing. Remember that each apartment costs something like $200K. That covers acquiring the estimated 3400 apartments plus maintenance for existing ones. The levy is an order of magnitude too small to fix problem. King County has 40,000 homeless. Also, I don't think the levy is for chronic homeless since it doesn't have programs to help them. The problem may be too big for local government and needs federal government to help out.