Any excess profit can be reinvested into building new affordable housing. People’s rent goes toward paying off the construction and operational costs of the building. In Seattle, the homes are rented to people making between 0-120 percent of the city’s area median income, and rents are set according to what people are able to pay. The model is already being used in Vienna, Singapore, and other cities around the world. Social housing is regular rental housing, but instead of being owned by a private landlord, it is publicly owned and operated. Social housing is one way Seattle is trying to address this. This has helped create a housing and homelessness crisis. In Seattle, the price of renting an apartment has gone up more than 90 percent over the past decade. Like many West Coast cities, the cost of housing is skyrocketing. Seattle’s social housing developer is one of the first in the country and is meant to create permanently affordable housing throughout the city. The new board is tasked with overseeing the social housing developer that was created as a result of Seattle’s vote to approve Initiative 135 earlier this year. Eight members joined both virtually and in person.
Morales (District 2, Chinatown / International District and South Seattle) and newly appointed members of the Seattle Social Housing Developer Board gathered for the first time at Councilmember Morales’ Neighborhoods Committee.
Seattle, WA – On Friday morning, Councilmember Tammy J. Seattle's social housing developer is one of the first in the country and is meant to create permanently affordable housing throughout the city. The new board is tasked with overseeing the social housing developer that was created as a result of Seattle’s vote to approve Initiative 135 earlier this year. Morales and newly appointed members of the Seattle Social Housing Developer Board gathered for the first time at Councilmember Morales’ Neighborhoods Committee.
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