If passed this bill will raise $75 million per year, three times what was proposed last fall. The tax will affect only approximately 3% of businesses in Seattle, those with annual revenue of $20 million or more. Of the new funding generated by the tax, fully 75% will go to housing, 20% to shelter and services.
This legislation is a once-in-a-generation opportunity for Seattle to take a real step towards closing the affordable housing gap and addressing a root cause of the homelessness crisis.
The unveiling of this legislation is a great moment for TRU and our many allies in Housing For All who have come together to urge an effective and compassionate response to the homelessness state of emergency. Now we just have to get it passed! Join us for the official public hearing at City Hall: