Mayor Harrell 'swings for the fences' with big, proposed property tax hike to fund affordable housing

Bruce Harrell wants to triple a Seattle property tax to raise nearly a $1 billion to fund affordable housing.

In making the announcement on Thursday to a room filled with hundreds of affordable housing developers, Harrell admitted it’s a lot of money.

“That's a bold investment that reflects our city's combined urgency and an understanding of the challenge in front of us,” Harrell said.

The anticipated price tag for residents starting in 2024: around $380 a year on the median home, up from the current cost of around $114 a year, based on current home values.

Harrell hammered home his case for the tax proposal with a baseball metaphor to mark the Mariner’s opening day game on Thursday.

“We need to swing for the fences. The housing levy is the tool that we can count on to make a difference, not just by building units but by giving people a place to call home,” he said.

Seattle currently funds thousands of units of affordable housing with the housing levy voters last approved in 2016. That levy expires this year.

Among other things, the new Seattle Housing Levy would fund 3,000 new affordable units as well as pay for supportive housing. It would also provide funding to maintain existing units.

Critics like Councilmember Alex Pedersen say Seattle housing taxes are already too high, and that this isn't the only property tax hike on the table this year.

The Seattle City Council will take up Harrell's proposed levy next. If the council approves it, the housing levy could be on the Seattle ballot this fall.