Description
Title: Seattle Social Housing Developer Update
Summary
The Seattle Social Housing Developer (SSHD) was established following voter approval of Initiative 135 (I-135) in February 2023, aimed at creating and maintaining mixed-income social housing. This initiative ensures that housing remains publicly owned and affordable, with rental rates based on operational costs, not profit. Initiative 137 (I-137), approved in February 2024, imposes a 5% tax on high salaries (over $1 million) to fund SSHD, with 95% of the revenue directed to housing projects. The SSHD prioritizes stable communities by providing housing options across income levels and allowing tenants to remain even if their financial situations change. The legislation matters as it addresses Seattle’s housing crisis by promoting long-term affordability