A new 5% payroll tax on employee compensation over $1M will generate ~$50M annually to fund affordable housing through the Seattle Social Housing Developer (SSHD).
The goal?
Combat rising rents and create 2,000+ permanently affordable homes in the next decade.
Initiative to fund affordable housing for households earning 120% or less of area median income
Employees exceeding $1 million in annual income to see additional taxes
Tax collection begins in 2026
