Social housing backers move to put payroll tax before Seattle voters

Backers of Initiative 137 on Monday submitted to the Seattle City Clerk 37,819 signatures on a petition that seeks to levy a payroll tax on high-income earners to fund the new Seattle Social Housing Developer (SSHD).

That's about 11,300 more voter signatures than needed to get the measure a ballot, possibly November's.

The 5% payroll tax on businesses that pay employees more than $1 million annually — including salary, stock options and bonuses — would generate around $53 million a year.

SSHD would own and operate mixed-income apartment buildings, where rents would be permanently affordable. The buildings would be operated with input from residents. The concept has proven popular in Seattle, with voters approving formation of the social housing development authority last year.

https://www.bizjournals.com/seattle/news/2024/06/25/seattle-social-housing-payroll-tax-initiative.html