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Seattle Is Number 1 Ranked Nationwide in Rental Increases

Based on a Zillow Report

King 5 News published a brief report on the increase of rent within the Seattle metropolitan area. This report is based on Zillow's published articleNeed a Raise to Cover that Rent Increase? Seattle is ranked 1 in relation to increase in rent. King 5 reports one needs an income boost of $1248 per year to keep up with the rise in housing cost. Zillow is recommending that individual's petition their employers for an increase in pay to cover cost of living. People are being priced out of the Seattle Metropolitan area; as well as rental increases ripple into other local communities. It is the increase in rental costs that are most likely a contributing factor in Seattle's homeless crisis.

Rents in the Seattle area are rising about four times faster than the national average and have topped $2,000 a month

Rents in the Seattle area are rising about four times faster than the national average and have topped $2,000 a month

Where is the affordable housing?

Under Mayor Ed Murray, a council of Housing Affordability and Livability were to have made a proposal on how the City of Seattle will address the issue of affordable housing. Per the website, we find the following information:

The Housing Affordability and Livability Agenda will chart a course for the next 10 years to ensure the development and preservation of a diversity of housing for people across the income spectrum. The Advisory Committee is charged with evaluating potential housing strategies and delivering a set of recommendations to the Mayor and Council by May 29, 2015 that:

  • Prioritize strategies that have the most powerful and lasting impact on solving the affordable housing crisis
  • Prioritize strategies that create housing opportunities for people least served by the housing market
  • Prioritize strategic actions that can be implemented within 3 years
  • Advance the City’s Race and Social Justice Initiative
  • Are data driven and responsive to targets of estimated housing needs as identified by reliable data sources
  • Are informed by public input from a diverse range of viewpoints
  • Reflect a collective approach that shares responsibility for achieving housing affordability across our community including for-profit and nonprofit developers, the public sector, philanthropic institutions, and employers.
  • Are a deliberate combination of policies and programs for which the individual merits and impacts have been weighed and balanced together in a holistic approach to addressing the City’s housing needs.

The Stranger (a local Seattle Newspaper publication) devoted a series of articles in regards to the housing crisis Seattle is facing:

  1. Hot Money and Seattle's Growing Housing Crisis - Part One
  2. Parasitical and Seattle's Growing Housing Crisis - Part Two
  3. Why NIMBY's and Their Haters Can't Offer a Deep Solution to the Seattle's Growing Housing Crisis - Part Three
  4. Solutions to Seattle's Growing Housing Crisis - Part Four

In the Epoch Times article, published December 2016, writer Emal Akin shares his thoughts on the reason for the increase in housing and rental costs:

Seattle’s booming technology industry is responsible for record population growth. In addition to homegrown companies such as Amazon, Microsoft, Starbucks, and Boeing, many Silicon Valley firms have offices in Seattle. However, the rate of housing construction continues to fall behind the population growth in the city, leading to rising prices.

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Akin also writes:

The number of technology workers in Seattle increased by 21 percent between 2014 and 2015, according to Redfin, a residential real estate company based in Seattle. For every 1 percent increase in the population of technology workers in Seattle, home prices rise by half a percent, Redfin stated in a report.

The reality is that our City of Seattle Council, Mayor Ed Murray, and King County Executive Dow Constantine feel the need to resolve this dilemma by increasing more taxation for local area residents. Mayor Ed Murray decided not to pursue increase in property taxation on homeowners. Instead, he is supportive of a King County wide increase in sales tax, a proposal by Dow Constantine.

The question remains, where is the affordable housing that addresses the housing crisis Seattle is facing today?

What are your thoughts on the housing crisis?

What we know about the housing crisis

Here is the reality we are faced with. Housing costs and rental increases will most likely continue. This will have a continual negative impact on many of those who are being aggressively priced out of housing within the Seattle, and Greater King County Area. King County, the City Council, and Mayor Ed Murray may want to reconsider their public policies and make some hard line choices to benefit all. Otherwise, people will continue to be priced out and the housing bubble will eventually implode.

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