Microsoft recently announced an unprecedented three-year, $500 million investment to spur housing development across the Puget Sound region.
Since 2011, strong economic growth in the Seattle metro area has boosted overall jobs by 21 percent, but the housing stock has expanded only 13 percent, leading to a massive increase in rental and home prices.
Microsoft plans to devote half the investment-$250 million-to pay for market-rate loans to support low-income housing.
Microsoft's plan does not include Seattle, and Seattle mayor Jenny Durkan was not a signatory to the mayoral statement.
Durkan's office did not respond to my inquiries about whether Microsoft had invited Seattle to participate in the initiative.
The city's hard-to-miss absence from the Microsoft project seems like another illustration of the growing divide between anti-growth, anti-development Seattle and its pro-growth, pro-development suburbs.
If Microsoft's new housing plan delivers results, cities-or their suburbs, at least-will have a fresh lesson in what works.
https://www.city-journal.org/microsofts-seattle-housing-plan
Since 2011, strong economic growth in the Seattle metro area has boosted overall jobs by 21 percent, but the housing stock has expanded only 13 percent, leading to a massive increase in rental and home prices.
Microsoft plans to devote half the investment-$250 million-to pay for market-rate loans to support low-income housing.
Microsoft's plan does not include Seattle, and Seattle mayor Jenny Durkan was not a signatory to the mayoral statement.
Durkan's office did not respond to my inquiries about whether Microsoft had invited Seattle to participate in the initiative.
The city's hard-to-miss absence from the Microsoft project seems like another illustration of the growing divide between anti-growth, anti-development Seattle and its pro-growth, pro-development suburbs.
If Microsoft's new housing plan delivers results, cities-or their suburbs, at least-will have a fresh lesson in what works.
https://www.city-journal.org/microsofts-seattle-housing-plan
No comments:
Post a Comment