Voters approved a new tax that could bring in $50 million per year for social housing.
Seattle voters approved Proposition 1A in a special election this week, supporting a 5 percent tax on employee compensation over $1 million per year that will fund social housing, reports Kipp Robertson for King 5 News.
“By approving Prop. 1A, voters have also rejected the alternative, Prop. 1B. Proposition 1B, supported by the Seattle Metropolitan Chamber of Commerce, proposed using $10 million annually for five years from existing city funds,” Robertson adds.
The measure is expected to generate roughly $50 million per year for housing projects.
The city’s voters approved a nearly $1 billion housing levy in 2023, which taxed property owners 45 cents per $1,000 of assessed value.
Read the full story: Seattle voters approve Proposition 1A, pledging millions for social housing
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