King County Council member proposes $1 billion workforce housing initiative

King County Councilmember Girmay Zahilay announced on Thursday a plan to create a $1 billion initiative to support regional workforce housing, calling it a bold step in addressing the housing crisis.

This motion directs the county to develop a plan that uses the county’s excess debt capacity to partner with housing agencies and developers to create permanently rent-restricted multifamily housing.

“This initiative is about ensuring that the people who power our economy can afford to live near where they work,” Zahilay said in a news release.

The initiative is designed to combat displacement and provide housing to moderate-income households across. The initiative will focus on using at least $1 billion in excess debt capacity to build and maintain rent-restricted housing units, with rents set to reflect the true cost of development and operation.

https://www.bizjournals.com/seattle/news/2024/09/05/one-billion-dollar-workforce-housing-plan-seattle.html